These are Challenging Times to Hire and Retain Talent.
Businesses are challenged as we flow in and out of Covid restrictions and getting people back to work. Yet, our daily routines at the Credit Union remain the same. We still have members to serve, accounts to open and loans to close.
According to a recent survey, more than half of employees surveyed in North America plan to look for a new job in 2021. Another research shows that over 25% of employees plan on not returning to work. Unable to bring staff back, which can cause others to fill more than one role, we must think how can we serve our members better during these awkward times? That is where a Loan Origination System, that is easy to use, helps with turnover, allowing less experienced staff to step-up and be the solution to a potential problem.
According to Forbes, the cost of an entry level position turning over is estimated at 50% of that employee’s salary. With the difficulty in bringing in new employees, we must shift our focus on the retention and development of our current staff. This approach will save money and even boost company morale and productivity.
The new reality of fewer team members returning to work can have a significant impact on the member engagement.
Continually embracing new technology and increasing the digital presence is the direction Credit Unions need to move towards. For example, working with a Loan Origination System that is easy to use, configurable to the end user, and providing lightening fast approval, to make the member experience exceptional, is imperative to keeping our revenue stream flowing.
While you may not have a full team in the branch, this is a great time to review how you are developing and retaining your current team. Are there some undiscovered rockstars that can help in other areas? Are your systems easy to use and designed to the specific needs of your members?
Your Credit Union is only as good as the team you built. Many Credit Unions are offering a signing bonus and other perks, such as an employee referral system. If a team member recommends a potential new hire and that person stays 90 days, then the referring employee would receive a bonus.