Given the economic climate over the last two to three years, a number of credit unions have had to seriously consider laying off employees, and some have actually done so. But for many credit unions, layoffs are a last resort.
And, fortunately, given that the worst of the economic crisis seems to have passed, layoffs are now a rarity.
"I think most of the layoffs have already happened," said John Andrews, executive vice president with D. Hilton Associates of The Woodlands, Texas. "I have not been seeing many of them recently."
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