Opportunity is Knocking to Keep Gen Z and Millennial Employees in Our Movement

I bet many of you reading this month’s blog have heard someone in our industry say they took a credit union job with no intention of staying. We hear a lot of people talk about just sort of finding themselves in our industry...and then never leaving. Like, for example, yours truly! 

The sentiment or feeling that a credit union industry position is temporary or a “starter job” is a bit scarier today than it was several years ago. When I started my career, it was still relatively common to remain with just one or two employers during your entire professional life and job-hopping on a resume would raise eyebrows during an interview. But now, job-hopping is a reality when it’s projected that Gen Z will have around 17 jobs in their career, and Millennials are around 12-15 jobs during theirs.  

When I’ve thought about these stats in the past, my focus had been on the decisions being made by the employee, not the employer. I made assumptions that the younger generations were fickle or wanted accelerated advancement and lacked patience to “put in their time.” While this may be true for some, I am learning, especially during this current environment, that switching jobs in a variety of industries may have less to do with the employee’s wishes than it does other factors, such as economic instability or restructuring by employers. 

Many of my friends and colleagues have kids in their 20s and 30s, and we’re hearing their concerns in real time about what the future of work looks like as artificial intelligence reshapes so many industries. And the news is telling us that the unemployment rate of college grads is driving up. In short, it’s scary out there for our young people. 

The topic for this blog came to me during a discussion with my daughter who is just a few years into her career. She works in the technology/consulting field, and she’s shared with me that several friends have lost jobs and gotten laid off. While contemplating a promotion recently, she was balancing what role would have a longer tenure and not be overtaken by AI. Then she said something that really stuck with me. She commented that in her work experience, and what she hears from her friends, this generation feels increasingly like a cog in a wheel that industry is looking to replace for something artificial. This may explain why less than half (46%) of Gen Z workers feel that staying loyal to one employer is rewarded in today’s job market. If some of these younger workers feel that employers are chomping at the bit to save money by replacing them with AI, I can see how loyalty is taking a back seat. 

This stress about finding work, and keeping it, must weigh heavy on young people given the average cost of a house in Michigan is around $250,000 and the average price of a new car is $50,000. As we still grapple with the affordability of food and now gas, it’s not surprising that younger generations look for supplemental forms of income in streaming, entrepreneurship and (sadly) legalized gambling.  

Back to my conversation with my daughter. When she was talking to me about feeling like her industry didn’t seem concerned about her as an actual person, but more about their bottom line, she told me that it didn’t seem like the credit union industry was like that. She recalls meeting members of my MCUL team over the years, and it left her feeling like they really were happy and enjoyed their careers. She hears me talking about our “movement” and has watched her grandfather, uncle and Mom thrive in the credit union space. She’s also noticed that the general vibe about credit union jobs is more personable and human centric. I was thrilled that she felt this way about what we do and hope that one day she’ll join us! 

So, where does all of this leave us? It leaves our industry with a huge opportunity to retain younger generations who may initially view us as a starting point or temporary job — and to keep them with us long-term. We can ease the fear of being replaced by AI by showing how we’re incorporating it to improve the employee experience. AI should be a tool our teams use, not the heart of our movement, which is people helping people. Technology allows our teams to help people. We stand apart from industries that do not see their employees as integral, but replaceable with tech or someone hungry for a paycheck. We double down on experiences for our younger team members and introduce them into the young professional network that has a stronghold in Michigan. We invest in their development and get them involved in our community outreach efforts and projects to provide financial education to young people and encourage them to participate in chapter and league activities. 

At MCUL, we’re here to help you create an environment where people want to work and develop a career, not just a job. Our Career Finder tool on the Try a Credit Union site shows people how to connect with a career in our industry. I am very optimistic that as long as we are communicating how we are different employers, we can help ease the angst younger workers are feeling in other industries. They do not have to feel like an easily replaceable cog in a wheel. We offer something different and special. We know that employees in our movement make a difference in people’s lives and that is a career worth keeping until retirement.  

Thanks for reading.

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