Turnover levels at your credit union might be low, but lose just one of your key employees and you’ll feel the impact—and bear the cost.
Employees with skills in accounting, information technology, legal, compliance, or marketing (social media) can be difficult to retain and replace, says Beth Soltis, CUNA’s senior research analyst.
Credit unions’ overall turnover rate remained at 12% in 2012. That’s similar to the two previous years, according to the 2013-2014 CUNA Turnover and Staffing Report. While the turnover rate presents no cause for alarm, the departure of essential employees can be difficult for credit unions to overcome.
Two-thirds (66%) of organizations currently hiring fulltime staff indicate they’re having a difficult time recruiting for specific job openings, according to the Society for Human Resource Management (SHRM). Analysts largely attribute the increase from 52% in 2011 to an improving economy and better prospects for job hunters.
In a survey charting the ongoing impact of the recession, SHRM notes the degree of difficulty human resource (HR) departments experience in filling key positions: u Information technology (IT)/programmers (88% of HR departments report difficulty finding these skills);
“IT positions are hot,” notes Soltis. “These are skills that everyone needs, and the skills are constantly changing. Credit unions need to make sure they pay competitively to retain these key employees.”
Marketing positions are also in great demand, especially marketers with social media skills. Larger credit unions might be able to employ a dedicated social media expert , notes Soltis, but small to midsize credit unions frequently add those duties to other marketing or HR staff .
“Credit union executives need to consider which positions, if vacated, would have a negative eff ect on the credit union,” says Soltis. “Think about how long those positions could remain open, and how difficult it would be to operate with a vacancy in a key position.”SIDEBAR:
Your HR staff might need to convince hiring managers that filling some positions will be more difficult than expected, particularly IT jobs . HR staff should work with hiring managers to develop eff ective compensation packages for hard-to-fill jobs.
NEXT: The IT battle