Organizations across all industries are planning for their technology workforce for the future stacked with data analysis, artificial intelligence, business analysis and other sought-after skills. According to the U.S. Bureau of Labor Statistics and Lightcast, the tech workforce will grow twice as fast as the overall U.S. workforce over the next 10 years while the replacement rate for tech occupations will average about 6%, or 350,000 per year through 2034. Attracting and keeping skilled tech talent will continue to be competitive, which may challenge credit unions.

It is the nature of most credit unions to operate with lean IT teams. In these situations, tech workers do their best to keep up with the daily pace of managing applications, infrastructure, compliance and cybersecurity. This is especially true for small institutions, which make up more than half of all credit unions. Stretching day-to-day tasks across a few people leaves little time to invest in automation, AI, cyber defense or upskilling in modern technologies. Overextending IT staff can lead to burnout and leave credit unions vulnerable, but many don't find out until a critical technology staffer leaves or a cybersecurity event happens.