Strange times for credit unions right now. A data revolution and evolving technology have caused a struggle to hire the right talent. Then, just as they increased their manpower to the tune of 2.5% over the last five years, the "Great Resignation" hit. Highly skilled, mission-driven employees are hard enough to hang onto, but starting last year, businesses were hit with a nationwide mass resignation, during which 18 million people quit their jobs.
While the financial industry hasn't been hit as hard as others, credit unions are losing mostly mid-level frontline and back-of-the-house staff, at a time when many were desperately trying to grow their teams with new skills. There are hints that another wave of resignations is still to come. How prepared are you for what may hit next?
Is the Talent Gap Holding You Back? "There is a huge talent gap out there right now among credit unions," explains Karan Bhalla, Trellance Chief Growth Officer. "They are struggling to hire and to retain. Some of our credit unions have 20 to 25 open positions that they can't fill. Projects get abandoned. Future needs are forgotten. It can be a problem. Credit unions are already struggling against the competition. There is a significant need out there to get the trained, highly skilled talent that they must have to remain competitive and take on some necessary changes."
So if credit unions are struggling to hang onto current employees, how can they even think about hiring new more-skilled workers to take on the data revolution, and do they know what skills should they look for?
The answer to many of these questions is outsourcing. Bringing in fresh talent with experience and expertise in the credit union industry can save time and money and also breathe new life into their team and management. It can be a shot in the arm for profit and morale when it's needed most.
Credit Unions Must Get Past the Fear in Order to Survive "Unfortunately credit unions, especially the smaller ones, can be resistant to change, or fearful of taking a risk," Bhalla explains. "Trellance has always understood this and we recognize the need for outside vendors to work closely with their clients to walk them through the process and alleviate those fears. Because if there ever was a time for credit unions to step out of their comfort zone, this is it."
Great Resignation or not, credit unions are facing skilled employee dilemmas every day as they adapt to a data-driven culture – it isn't just about having more employees but properly skilled experts. Data scientists, analysts, software engineers, data architects and SQL coders are positions that credit unions have not had to—but increasingly must—consider. And as more time goes by, the farther behind credit unions fall. With the right partner, they can start reversing that today.
CUNA GAC is February 27 – March 3, 2022 in Washington D.C. Trellance is in Booth #426. Stop by for details on getting your credit union staffed up and running with highly skilled analytics professionals.
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