Tom Sakash, CUNA's manager of small credit union initiatives, addresses the Small Credit Union Roundtable on Sunday. (Photo by EPNAC.com)
Attracting and retaining top talent is a huge challenge for all organizations. But limited budgets and time constraints make this effort even more daunting for small credit unions, says Tom Sakash, CUNA’s manager of small credit union initiatives.
The CUNA Small Credit Union Committee released a talent strategy guide to assist small institutions with this issue.
Some ideas it offers for attracting and retaining talent:
The importance of flexibility. A 2021 survey from Mercer found that 56% of employees would consider switching employers if flexibility wasn’t an option. Employers looking to hire new staff, particularly younger workers, should expect to be asked if remote work is available.
Overall compensation and benefits. As difficult as it is to provide competitive compensation, it’s still important to do so. Supplement your compensation and benefits by connecting with staff on a deeper level and growing their skill sets.
Creativity. Tongass Federal Credit Union in Ketchikan, Alaska, for instance offers a 0%, three-year, $15,000 moving expense loan to help new employees relocate to the island community.
A focus on culture. Work culture, particularly inclusivity, is central to retaining staff.
A focus on diversity, equity, and inclusion (DEI). Prioritize DEI to ensure all employees feel welcome and included.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
