Let's Make ‘Credit Unioning’ Part of the Career Search Vernacular

“I want to go into banking.” That’s a common statement among college business and finance majors discussing post-graduation career plans. Those of us who have long-term, fulfilling careers in the credit union industry may think of banking and credit unions interchangeably in terms of a career path – after all, both institutions encompass a share of the financial services sector. But are they interchangeable in the mind of students? If so, wouldn’t they refine their statement to say, “I want to go into credit unioning?” While it doesn’t exactly roll off the tongue, distinctions can be made that could help sway college grads to consider a credit union career as seriously as they would a banking career.

I was thinking of this topic recently when our credit union recently hosted a group of area high school students to learn about personal finance. Beyond that discussion, I couldn’t help but mention to these aspiring professionals that when it came time for career considerations, the credit union industry should be among the job prospects on their list. The diversity of career opportunities is compelling. Of course, there are the traditional roles like accounting, mortgage lending and loan specialist, but there are also greater roles in commercial lending than those that existed in the credit unions of yesteryear. And technology? Credit unions have really had to show their fintech street cred in recent years to compete with a multitude of digital banking platforms, not to mention the onslaught of neobanks.

While those in the credit union community are admittedly biased toward our industry, we do have unique aspects that differentiate us from banking. Namely, our not-for-profit status – which holds the key to attracting Gen Z and millennial job seekers who tend to prioritize their professional career development differently than prior generations. Operating as entrenched members of their communities, credit unions can conceivably appeal to the types of individuals who want to make a difference in the world while still having opportunity and flexibility in their chosen career paths.

In mentoring our next generation of credit union employees, we can have a positive influence on their career decisions in a competitive job market by pointing out the numerous advantages to working in the credit union industry that are not as available when working in other areas of the financial services sector, such as traditional banks. Among these benefits are:

• Direct access to senior leaders earlier in your career. Because credit unions traditionally have flatter organizational structures than banks, employees have increased exposure to upper management and senior leaders – and they don’t have to wait to get a certain position or promotion to gain this valuable learning access.
• Building deeper, lasting relationships. While relationship-building with customers is important at banks, credit unions take it to the next level as their members are really part owners with skin in the game. Because everyone has a stake, the focus on relationships becomes less transactional and more comprehensive, with cooperative teams and individuals working together with members.
• Work culture clout as “member advocates.” Rather than concentrating solely on profits and meeting intense sales targets and profitability margins, credit union employees are positioned as stewards of their members’ capital. As a result, they are more empowered to find creative, and perhaps somewhat progressive, solutions – and making decisions that many of their banking counterparts do not have the flexibility or authority to do.
• Balance in your career. Part-time, full-time, remote, hybrid or in-person – credit unions offer the many options of a modern workplace – depending on the level of growth and leadership individuals are seeking. And you don’t need an Ivy League degree to get started or make it to the top.
• Making a difference in the community is fun! Credit unions are integral partners within the communities in which their members live, work, attend school or worship – so giving back is inherent to their DNA. There are many opportunities for employees to get to know their neighbors in a relaxed environment, while making their community a better, more vibrant place.

Credit unions are keeping up with the times – and sometimes setting the pace. According to the NCUA’s latest financial data, federally insured credit unions added 5.8 million members over the year, and credit union membership in these institutions reached 135.3 million in the fourth quarter of 2022. In a crowded financial sector environment, credit unions have not lost their relevance in providing comprehensive financial services. Indeed, innovative credit unions are upping the ante with full-suite mobile and online services, virtual tellers, smart-sized branches and other technology-responsive changes that will attract the next generation of borrowers and savers.

I first joined the credit union industry when I was in high school, working as a teller. I had no idea where this road would lead – but it’s been a delightful journey that’s taken me from Wyoming to Washington State to Maryland and, for the past several years, Michigan. As ambitious a person as I may be, I’m quite certain that credit unions opened doors for me that would have been bolted shut at traditional banks. To describe my credit union career as fulfilling would be an understatement. I’d have to add adventuresome, rewarding, fun and engaging, and still not sum up the joy I’ve found in credit unions. If you feel the same, share that sentiment with a young person pondering career fields. Be the reason they decide, “I want to go into credit-unioning!”

Carma Peters President/CEO Michigan Legacy Credit Union Wyandotte, Mich.