ALBANY, N.Y. (3/24/14)--When trying to retain Millennial workers, credit unions may want to consider conscientious coaching instead of corner offices.
In a guest column for the Credit Union Association of New York's The Point newsletter, Kate Czarnecki of Focal Point FCU, Syracuse, shared insights about what drives this new breed of employee (March 19).
Czarnecki, who is manager of marketing and member services of the $47 million-asset credit union, said it is important to think about succession planning and the next C-level executives.
In the meantime, credit unions have young, energetic employees "who simply want to be trained, coached and nurtured to become masters in their given skill sets," she noted.
To retain the generation of employees, credit unions should consider:
Sharing your vision and goals. A clear vision statement will help credit unions recruit and maintain a dedicated and passionate workforce. They want to know the "why" behind their work and how it affects the members the serve, she noted.
Letting them help. As an industry that puts a premium on "people helping people," credit unions are uniquely appealing to the Millennials who place a higher value on helping those in need (21%) vs. having a high-paying career (15%). "We share our stories with legislators, but it's important to share them with employees, too," Czarnecki said, adding, "They will feel valued and motivated."
Listening to them. Make a point to engage younger employees in conversations.
Bending and stretching. No, not yoga. Consider flexible work schedules or emphasize vacation time over salary to accommodate Millennnials' desire for work-life balance.
Supporting education and development. Let them know the credit union in interested in developing them as people and professionals. Offer opportunities to attend meetings, conferences and training sessions: "Your employees will become professionally well-rounded, and they will feel that you have a vested interest in their success," Czarnecki said.
"Reward their hard work in meaningful ways--and that doesn't always include a promotion or increased responsibility," she said, adding, "Chances are, you won't be disappointed."