The Secret to Talent Recruitment & Retention Lies in Culture

At first mention, the phrase “the pandemic” might instantly conjure up images of masks and global shutdowns. But from a human resources and workplace culture perspective, it’s had a significant impact on the landscape of recruiting and retaining good talent. With the mass exodus of employees during the Great Resignation to the more recent trends of “quiet quitting” and “quiet firing,” coupled with economic concerns, it’s no wonder credit unions are in a state of change with their talent acquisition and retention strategies.

In fact, transformative talent management strategies have become so important that, according to a survey conducted by the Society of Human Resource Management, 77% of responding HR professionals indicated retaining top talent is a top priority for 2023, while 64% said finding and recruiting talent with the necessary skills is also critical. But how does an institution bring these strategies to life and achieve their employment goals?

At Vizo Financial, it boils down to one simple word: Support. If you ask our employees what keeps them engaged in the workplace, an answer we repeatedly hear is that we are supportive. And it permeates throughout the organization, as shown by the Gallup Exceptional Workplace Award we recently won. This is a prestigious award that is earned by only a handful of companies worldwide. It’s this idea of being supportive of our current employees and providing ample support for our newest team members that creates the foundation for our company culture, and it’s rooted in the unique philosophies of the overarching credit union culture.

What Makes Our Culture Unique?

It’s no accident that the culture we’ve developed at Vizo Financial is very much in tune with the same values that built the credit union movement – people first, cooperation, inclusion and continuous education. As such, we created core values and a mission statement that bring these ideals to life throughout our organization. But they aren’t just words on a poster in our lobby or on a page of our website. Rather, we are extremely purposeful in making our mission and values the cornerstone of how we interact with each other.

One way we do so is by holding personal development meetings each month for all employees where we discuss topics like teamwork, our values, well-being, and appreciating the talents and strengths of our colleagues. In addition, anyone who manages people within the organization participates in monthly leadership development sessions to discuss effective leadership strategies that help create an environment where every individual can thrive.

Another key aspect of our culture is that it is encouraged by our executive team. They model a sense of unity within the organization and make it the focus of their weekly, monthly and quarterly team meetings. This is critical to the corporate because the executive team drives the organization’s culture more than any other group. We want our employees to have a work experience that is positive, cohesive and abundant, which derives directly from an executive team that works together for the greater good.

Finally, our company culture is unique because we have a team specifically dedicated to nurturing and preserving our culture. In most companies, if there is someone who is tasked with the development of the culture, it is one part of their job, not their sole responsibility. Our devotion to the culture really emphasizes its importance.

Reassessing Your Approach to Talent Management

Even with all of these insights into our culture, it’s still challenging to overcome the changes in talent management brought about by the events of the past few years. That’s why now is a good time to reassess your credit union’s approach to recruiting and retaining employees.

Attracting New Talent

New trends have emerged since the onset of the pandemic, and these are what will be most critical in attracting new talent, as they appeal to potential employees’ new ideas of work-life harmony.

1. Take care of current employees by providing internal mobility. Perhaps this doesn’t seem like a way of attracting new employees, but it does offer new opportunities for current employees. The right fit for a position may lie in the form of an existing employee. All they need is the chance to step out of their current role and into a new one. Providing openings for internal movement is a great way to create development opportunities and a clear career path for employees while fulfilling your operational needs at the same time.

2. Improve the candidate’s experience. We’ve all heard the adage “you never get a second chance to make a first impression.” That first impression starts the moment a candidate interacts with your credit union, and it must be seamless from the start. Take time to assess your current process and make the necessary enhancements to ensure a smooth and flawless experience. Ask yourself: Is it easy to apply? Does the technology work? Do you keep candidates informed? Does the process reflect the company’s culture? How you manage prospective employees draws a clear picture of how they will be treated if they are hired.

3. Communicate your employee value proposition (EVP). Your employee value proposition should be a brief yet compelling statement that clearly defines what your credit union offers to employees in return for their contributions. It encapsulates how employees experience everything you offer as an employer. Today’s job seekers are not just looking for pay and benefits; they want to work for a company that aligns with their values and purpose. Be sure your EVP tells a story about how they will be treated if they join the company.

Retaining Existing Employees

Another challenge in the current workforce is keeping your employees happy and engaged, so that they aren’t tempted to look elsewhere for new opportunities. Here are some ways to ensure that your organization remains the right fit for your existing employees.

1. Prioritize employee engagement. Seems like common sense, right? That may be true, but how do you achieve engagement? At Vizo Financial, we created virtual meeting places for employees to connect with one another and maintain relationships beyond their roles and responsibilities. Some are educational in nature, like our “Strengths and Snacks” discussions, which focus on how we utilize our individual strengths to enhance our cohesive work culture. Others are strictly social, such as our “Friday Chat and Chew” sessions, which feature games, friendly competitions and a place to catch up on a more personal level. These are always a work in progress, and we look forward to adding more engagement opportunities such as mixers, a mentor program and employee support groups.

2. Commitment to employee development. It’s a simple truth – being stagnant leads to boredom, and boredom leads to discontent. That’s a pattern you don’t want to see among your employees. Instead, provide ample resources for employees to continue pursuing their goals and enhancing their skills. Be their biggest cheerleader because, at the end of the day, development means growth for your employees as well as your institution.

3. Provide workplace flexibility. One of the many lessons learned during the pandemic was that employees can be even more productive and efficient while working on their own time. A hybrid workplace allows employees the freedom of remote work while reaping the benefits of being in the office. Of course, that flexibility depends on your operational needs, roles and people, but working with your employees to achieve true work-life integration can positively impact employee retention.

4. Focus on overall well-being. Employee well-being has entered the spotlight over the past few years, as mental, physical and financial struggles have plagued many people. By offering resources that are within their reach, such as an employee assistance program or financial planning services, you are showing employees they are important as human beings, as well as members of your organization’s team.

The great thing about these strategies for recruiting and retaining talent is that they are more focused than ever on a holistic work experience. Your best employees don’t just want to work for your credit union. They want to feel supported and actively contribute to your purpose, to make a difference and inspire others to share in the vision, mission and values of the credit union movement. With that in mind, we can leverage credit union values and our unique brand of company culture to address hiring challenges in today’s employment landscape.

Janice Appleby (left), Chief HR Officer and Joe Bertotto, Chief Culture Officer Vizo Financial Corporate Credit Union Greensboro, N.C.