Millennials will represent almost half of the U.S. workforce by 2020, but few are engaged in their jobs and workplaces. A Forbes article, “Why Retention Will Be the Biggest Talent Challenge Of 2017,” cites data from the U.S. Bureau of Labor Statistics to express it this way: “We're not far off from having a majority generation in our workforce that expects to work with you for less than two years.”

According to the Harvard Business Review article “Talent Matters Even More Than People Think,” “In any organization or group, a few people will make a disproportionate contribution to the collective output. Around 20% of individuals are responsible for 80% of the output and vice versa … Thus, talented people – the vital few – are the main driver of a company's success.”

Since talent is the main driver of success, and almost half of all talent in the U.S. will be millennials by the year 2020, we can't just hope that millennials will assimilate into the credit union space. Attracting and retaining the next generation isn't just an optional way to gain “one up” on the competition – it's a critical imperative for our entire industry's survival. Credit unions must engage Gen Y, and Gen Z behind them, not just as tellers but as current and future leaders. Here are three key ways credit union leaders can support the next generation of talent in the industry.

1. Connect young professionals with development opportunities. The 2016 Deloitte Millennial Survey reported, “While correlation is obviously not the same as causation, it is likely no coincidence that where millennials are most satisfied with their learning opportunities and professional development programs they are also likely to stay longer.” Far from the entitled or lazy stereotype they're often labeled with, many millennials today are quite willing and indeed want to put in the work to develop and grow professionally.

Our industry is full of opportunities to develop new staff members. Connect your young people to The Cooperative Trust, the leading credit union young professional network. Consider sending them to Crash the GAC or to Crash another credit union conference. Check out CUDE training, the NTCUE competition, Filene's i3 program and a host of other opportunities. Encourage mentorship relationships for your young professionals with leaders at your organization or other credit union industry leaders to help them grow and feel supported. What ways can you help your young employees develop?

2. Emphasize where young professionals' careers can take them. In an ideal world, you may have nearly no turnover at your organization – but in the real world, we know that turnover will happen. Top talent may not stay at your credit union forever. According to the 2017 Filene Research Institute publication by Y. Sekou Bermiss and Samantha Darnell, “The Laws of Attraction: Credit Union Recruitment in a Competitive Labor Market,” “The labor market today is such that employees anticipate inter-organizational mobility throughout their careers.”

Keeping talent in the industry is inherently good for all of us. If there are limited opportunities for growth at your organization, consider discussing other growth opportunities in the industry as a whole rather than losing talent from the credit union space altogether. Are you discussing places your young professionals' careers can take them long-term in the credit union world?

3. Develop and implement your young adult strategy. Are you tired of reading and talking about millennials? If so, you're definitely not alone. Move from conversation to action by developing a young adult strategy – and executing it. As the old adage goes, “failing to plan is planning to fail.” With more than a decade of young adult research, Filene has developed its newest Young Adult Advisory program to help credit unions plan and implement successful strategies to reach the next generation. Do you have an effective young adult strategy in place, and is your organization implementing it?

Together, we can encourage young credit union newcomers to put down roots of their own – and help secure the future relevancy of credit unions at the same time. Four months into living in my new town, I've got a favorite coffee shop, new friends and a vague sense of Midwest geography. It will take more time before Madison feels like “home” – but I'm so glad the credit union world is home already.

Lauren Culp is Manager of The Cooperative Trust at the Filene Research Institute. She can be contacted at [email protected].