Navigating Remote Hiring for Your Credit Union During COVID-19

The beginning of 2020 took the world in a completely unexpected direction with the outbreak of COVID-19. Countries all over the world shut down in an effort to slow the spread of the coronavirus as the pandemic grew. We are now six months into this global pandemic and while COVID-19 cases continue to occur, credit unions are eager to resume their daily operations and begin the recovery process. The social, public health and economic challenges created by the coronavirus require a strategic business reassessment for financial service providers like credit unions.

Recruiting During COVID-19: What You Need to Know

According to the Pew Research Center, the COVID-19 unemployment rate is comparable to the one reached during the Great Depression of the 1930s, which is estimated to have reached 25%. Even though overall unemployment rates are at a record high, unemployment for senior-level executives has remained low. During the current crisis, many organizations are finding solid leadership and technical experience more valuable than ever before. This has made executive recruiting a priority for credit unions. Organizations are vying to retain their leaders because they bring stability and unified management to the business.

The right recruitment and hiring measures are critical for credit unions right now because a big factor in a successful recovery process is having the right leadership in place. Your organization needs top-level executives who understand how to navigate uncertainty and lead employees with confidence and determination. Of course, finding and hiring the right people for the job looks very different than it did six months ago. Public health concerns have drastically changed hiring methods as well as altered candidate priorities when considering a company as a new employer. Taking into account the significant changes brought about by the coronavirus, below is a list of current recruiting best practices that all credit unions need to start implementing.

Recruiting Best Practices During COVID-19

The global pandemic has created a unique opportunity for credit unions to showcase their commitment and trustworthiness to members as well as employees. Let potential executive-level candidates know the value of your organization by following a successful, adapted hiring process that addresses concerns in a post-COVID economy.

1. Construct a detailed hiring process. A lot of credit unions have come to a standstill in their hiring process because executives want to meet candidates in person before making a hiring decision. In a post-COVID world, this expectation is no longer realistic. Health concerns have made it incredibly difficult to sit down in the same room for an interview. Instead, the process has to be done virtually. In this digitally-driven climate, a highly structured and detailed hiring process is more essential than ever.

It is important to not only define a clear progression path for each candidate, but it is also vital to ensure your team is on the same page. Make sure everyone knows what qualities, experience and skillsets are needed for the role before the interview. It is also a good idea to provide everyone on the team with a list of credentials and interview questions to review beforehand. Once your team is prepped, select which interviewers will attend which round. It is best to have a maximum of two interviewers per round as technology connections can make it difficult for any more than that to participate smoothly.

2. Focus on the candidate’s experience. To successfully hire a top-level candidate for your credit union, you have to make sure you consider the candidate’s experience throughout the process. Many of the people you’re interviewing have other opportunities lined up, so you need to show how dedicated your credit union is to its employees and members. One way you can do this is by approaching the hiring process with consideration and understanding.

If you really want to bring candidates in for the final round of interviews, keep your decision fair. Start by asking all candidates if they are comfortable with an in-person meeting. If one person is not, then conduct the final meeting virtually for all parties to keep the hiring process equal and objective. If you bring candidates onsite, then you need to show them you are dedicated to safety by having strict sanitation protocols in place. Ensure everyone stays six feet apart, have hand sanitizer available and make sure everyone keeps their mask on.

A current and likely future concern for many potential candidates is the safety measures put in place to protect employees as well as members during these unprecedented times. An organization that has embraced work-from-home policies and recognizes the concerns of employees is a very desirable employer. Many people have left their jobs or are looking for other opportunities right now because they’re unhappy with how their employers are handling the public health crisis. By putting a strong sanitization policy in place at your workplace and addressing other common coronavirus concerns, you can help potential candidates feel safe.

3. Invest in executive recruitment. Part of your COVID-19 recovery strategy should be to locate and recruit leaders who can help your credit union navigate current and future economic difficulties caused by the pandemic. To successfully recruit the right executives, you need a recruiting firm with the skills and understanding of what top credit unions need to be successful.

Finding the right hire for your credit union in a post-COVID world will take some time. Engaging an experienced recruiter to streamline the hiring process and manage virtual interviews and assessments will help your organization adapt to these uncertain times.

Shawn Cole is President and Co-Founder of Cowen Partners Executive Search in Vancouver, Wash.