The Unique Challenges, Opportunities for CUs in Attracting & Retaining Top Talent

Attracting and retaining top talent is an ongoing challenge for many organizations, but credit unions face a unique set of obstacles. Unlike larger financial institutions, credit unions often operate with resource constraints and have less brand recognition, which can make it difficult to compete for top-tier talent. Despite these challenges, credit unions have unique strengths that can be leveraged to attract individuals who value a strong sense of community and a supportive work environment.

Being Innovative When Growing Talent

At Affinity Federal Credit Union, we have implemented several innovative strategies to attract and retain top talent. One key approach is our comprehensive benefits program, which emphasizes mental health and caters to the different life stages of our employees. We also offer continuous learning opportunities, including tuition reimbursement and professional development programs. Our employee referral program incentivizes current staff to bring in new talent, and our peer-to-peer recognition program fosters a culture of collaboration and appreciation.

Professional development is a cornerstone of our retention strategy. These programs enhance employees’ skills, improve job satisfaction, and align their career goals with the organization’s objectives. At Affinity, we blend the experience of long-time industry professionals with fresh perspectives from newer employees. We’ve seen this collaborative learning environment foster mutual growth and deepen employees’ connection to our mission and the credit union movement.

Aligning With Organizational Values

Ensuring that our talent acquisition strategies align with our values and mission is important for fostering a cohesive workplace culture. We spend significant time engaging with our employees to ensure that our values are clearly defined and internalized. During the interview process, we use questions designed to assess candidates’ alignment with our mission and values. We ask our candidates questions including what is important to you in order to be successful and fulfilled at work and encourage them to provide an example of a time when they went out of their way to delight a customer. This helps ensure that new hires not only fit the role but also resonate with our organizational culture. Consistent messaging throughout the recruitment process reinforces our commitment to our values.

Retaining Top Talent

Retention in this competitive job market requires more than just competitive salaries. We regularly review each team member’s compensation to ensure it aligns with our philosophy, and we invest in continuous learning and career development opportunities. Posting job openings internally first shows our commitment to employee growth and advancement. We also conduct engagement surveys to identify areas for improvement and make necessary adjustments. Creating a supportive, engaging and rewarding workplace is key to long-term retention. We foster a sense of community through team-building activities, social events and cross-team collaboration. Most importantly, our purpose-driven work environment gives employees the opportunity to make a meaningful difference in our members’ lives, which is incredibly rewarding and a gift for each of us.

Flexible Work Arrangements

Flexible work arrangements have become essential since COVID-19, significantly contributing to employee satisfaction and retention. While some jobs require a fixed schedule, others can be done when it suits employees’ personal needs. Allowing employees to work when it suits them best, supported by key technologies, shows trust and adaptability. We balance remote work with necessary face-to-face interactions to maintain connection and productivity. This flexibility also enables us to extend our member service hours without overburdening our staff.

We plan to continuously review and refine our strategies for attracting and retaining top talent. Employee feedback is a key component in this process, and we are committed to delivering an excellent experience based on their insights. By staying responsive to their needs, we can ensure our strategies remain effective and relevant. By leveraging our strengths and continuously evolving our strategies, we can overcome the challenges unique to credit unions and create an environment where top talent thrives. This not only benefits our employees but also enhances the quality of service we provide to our members and the broader community.

Pam Cohen is Chief Administrative Officer for the $4.1 billion, Basking Ridge, N.J.-based Affinity Federal Credit Union.