Survey Shows CU Turnover is Low (Misc News: January 18, 2012)
The 2011-12 Credit Union Turnover and Staffing Survey shows that credit union turnover remains lower than other industries, but CUNA warns that the industry shouldn’t become complacent.
An article in CUNA’s Credit Union Magazine, says that the survey shows that credit union turnover remained low at 12 percent, but still showed an increase from 9 percent in 2009.
Credit unions need to analyze why their employees leave – and why they stay – so they can determine ways to get employees to stay.
“Analyze how you’re compensating employees that are in positions you find really hard to fill,” said Beth Soltis, CUNA’s senior research analyst. “How can you make them stay? Sometimes there are things other than pay that you can do to keep these quality employees.”
Professional development and retirement benefits are two such incentives, Soltis said.
Like most businesses these days, credit unions are asking employees to multitask and more are working part-time.
Management turnover is even lower in credit unions at 5 percent, according to the survey. But Soltis noted that there are few qualified candidates for management positions, creating a lot of competition for the best management staff.
Click here to purchase CUNA’s 2011-12 Credit Union Turnover and Staffing Survey.