6 Tips for Recruiting Top Talent for Credit Unions

In our current competitive labor market, it’s more important than ever to hone your recruiting practices in order to secure the best talent for top leadership positions. In 2018, 90% of S&P 100 companies were competing for talent to fill the same 39 roles, and by the end of the year, there were over a million more job openings than unemployed job seekers. These trends have continued into 2019, and the financial industry is no exception.

Here are six tips for credit unions looking to recruit and win the best candidates:

1. Prioritize Collaborativeness Over Competitiveness

It’s important to find talented, intelligent and experienced leaders, but it’s also important that these candidates can excel in a collaborative environment. Look for high performers who also want to be part of a team, instead of those looking for individual glory. The best leaders are eager to roll up their sleeves and get into the weeds with their team, not the ones who quarantine themselves behind the glass wall of a corner office. Prioritize candidates who are focused on making your credit union better and moving you forward as an organization.

2. Focus on ‘People Helping People’

People want to be a part of something bigger than themselves, and this is what credit unions can offer them. The leaders who will be most successful in attracting talent are those who are excited by the credit union vision and philosophy. At PenFed Credit Union, we never require employees to do charitable work, but we select job candidates who love giving back to our communities. For example, we are raising six puppies who spend their days in our offices as they learn tasks to help people with disabilities. The puppies are like part of our family. Employees can apply to be designated as puppy raisers with the goal of training the puppies to become service dogs. Even employees who aren’t designated puppy raisers can contribute to the dogs’ training, and this joy of service is infectious.

3. Offer a White Glove Candidate Experience

Give your candidates an incredible and memorable candidate experience in every aspect of the recruiting process. Make the process seamless and quick. Treat candidates with respect and consideration of their time and talents. Communicate with them regularly so they know where they stand. When it comes time to onboard a new hire, make sure current leaders at the credit union are ready to welcome them and contribute to their training.

4. Sell Your Benefits

Don’t just sell the role and the salary; sell the whole package. What does your credit union offer that other organizations might not? This could be exceptional health insurance coverage, a robust retirement savings plan, generous paid time off, student loan repayment assistance, a wellness package, loan discounts or voluntary benefits like pet insurance, legal insurance or identity theft protection at a deep discount. Emphasize your strongest and most unique benefits.

5. Appeal to Candidates’ Career Goals

I’ve encountered many candidates who were frustrated by their career prospects at large financial institutions, where they felt they weren’t growing, or weren’t being given the opportunity to grow the organization. Find out what your strongest candidates’ career goals are and explain to them how your credit union can make that happen. Make sure that promotional opportunities for one team member are dependent on his or her own contributions, not whether a team member in a higher role gets promoted. Explain to candidates how they can have an impact on the organization and how their ideas are valued. Work with your talent development team to support, train and develop your leaders by focusing on employee engagement, giving regular feedback on performance, and offering opportunities that help them grow as professionals and individuals.

6. Be Respectful of Candidates’ Time

Time kills all deals, and you’ll lose great candidates if you take too much time. Ensure that your recruiting process is as quick and efficient as possible, including training leaders and interviewers to be responsive and limiting the number of interviews required. Remember that almost all candidates will be open to or actively looking for other opportunities; don’t let the best ones get away.

Amy Stark is Vice President of Talent Acquisition for PenFed Credit Union in Tysons, Va.