Job Outlook at Credit Unions Brightens for 2013
Judging from comments by search firms and credit unions, 2013 may be a pretty promising year for jobseekers looking to land positions with credit unions.
Of course, applications still surge in after each help wanted notice is posted, and certain skill sets are in demand while others are in decline. Some credit unions will ease off after brisk hiring in 2012. But overall, it appears there are definitely opportunities out there.
If there’s a catch, he continues, it’s that credit union salary structures are 20% to 30% below market, with a big falloff below the senior vice president level. He urges credit unions to match compensation to their expectations.
Eric Weikart, senior director at Cornerstone Advisors in Scottsdale, Ariz., sees a couple forces at work influencing both hiring reductions and increases. Regulatory demands are driving additional staffing to meet vendor management, audit and compliance requirements.
Hill noted the credit union’s growth and staffing needs definitely reflect the local economy. Houston has seen unemployment at about 6.4%, notably below the national average. Even so, “We do get deluged with applicants when we post positions,” Hill said. “Unfortunately, it’s volume not quality. We still struggle at times to make sure we hire the right person for the job. We’ve really taken measures to do a lot of pre-screening and testing. We do behavioral-based interviewing. We’ve definitely put more focus on quality in the last year or two than we did previously. A lot of our positions we do fill internally.”
Pentagon Federal Credit Union has also been growing, said Dave Jones, vice president /training and recruitment. He indicated the $13 billion credit union, headquartered in Alexandria, Va., has weathered the economic downturn very well. The northern Virginia area has been sheltered to some extent, and the worldwide membership base has also helped.