CUNA Survey: Turnover Up Though Less Than Before Recession
Credit unions had a staff turnover rate of 12% last year, compared with 9% in 2009 and 15% before the recession started, according to a survey released on Wednesday by CUNA.
The trade association reported that the management turnover rate was 5% in 2010, the same as in 2009 and down from 6% in 2008.
By contrast, front-line staff turnover was 18% last year, compared with 19% in 2009 and 20% in 2008.The report concluded that the high turnover among those kinds of staff members is “acceptable because this job classification includes several entry-level positions.
The survey found that many credit unions are dealing with the turnover rate among front-line employees by redefining their positions so they have increased responsibility and are becoming member service representatives.
The CUNA survey was conducted online between January and May. Surveys were sent to 6,017 credit unions with $1 million or more in assets and there were 1,553 respondents.
CUNA Senior Research Analyst Beth Solis said credit unions should use the trends as a basis for ensuring they are desirable places to work.
“With heightened competition for skilled employees, it’s important for credit unions to monitor turnover rates. This is particularly important when it comes to key employees, but turnover in any department or at any level costs the organization time and money for employee training,’’ she said.
The survey also found that 3% of employees were hired for newly created positions; this figure has remained the same since 2008.
The survey found that overall credit unions have an average of 36.9 full-time-equivalent employees.