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Sharing Successes
Employees from the country’s best credit unions report high satisfaction with their institution’s compensation and culture, according to the recently released Best Credit Unions to Work For. The awards program finds that winning credit unions garner 92% employee satisfaction scores, with 77% of employees saying that good work gets rewarded. “Attracting the next generation of young professionals, while ensuring an organization goes above and beyond for its current employees, is a priority for any forward-thinking leader,” according to American Banker.
Effective employee programs are even more important as competition for talent remains high. “While the workforce continues to shrink, top talent is continually drawn to industries like tech and healthcare,” according to Invo Solutions. “The competition for top talent has never been fiercer, making it more difficult for financial institutions to offer competitive opportunities to attract and retain the best candidates.”
Read more about how these credit unions are attracting and retaining top talent.
Data You Can Use
Of community banks and credit unions list staffing as their biggest concern
The Story:
Community financial institutions say they’re challenged to find the find the right staff for the right roles, according to data from Rivel Banking. Given that one out of five staff leave their positions, banks and credit unions must do more to attract and retain top talent, and pay alone won’t make them stay. “Banks and credit unions have been bumping up starting salaries in an effort to lure talent during a time of record-low unemployment,” according to the Financial Brand. “But if financial institutions don’t offer programs that help employees advance their careers, staff turnover may continue to be a problem.”
The Takeaway:
Annual research from Crowe on bank compensation and benefits finds career enrichment essential to retention. “If financial institutions could start to focus on career-development plans for their employees, maybe it would help with turnover, especially since that’s the No. 1 reason employees are leaving,” says Stephanie White, senior manager at Crowe, regarding the company’s compensation research reported in the Financial Brand.
Source: Rivel Banking, “Bank Staffing,” January, 2024; Financial Brand, “Higher Pay Isn’t Enough to Stem Bank Employee Turnover” November 3, 2023; and American Banker, “Best Credit Unions to Work For,” August, 2024
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