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Credit Unions Adapt to New Labor Market

Some CEOs see the Great Resignation as an opportunity to expand the pool of talent they need to remain competitive.

By Peter Strozniak | January 18, 2022 at 01:41 PM
New employee recruitment. Photo: SOMMAI/Shutterstock

Credit union CEOs have been adjusting to the new realities of the so-called Great Resignation, leveraging it as a competitive advantage to attract talented employees that can drive growth. And while government statistics showed employees in the financial services industry are not quitting their jobs at such high levels seen in other industries, anecdotal evidence and exclusive research conducted for CU Times suggested staffing issues are negatively affecting credit union member services and operations.

On Jan. 4, the U.S. Bureau of Labor Statistics reported that a record 4.5 million people quit their jobs in November for a quit rate of 3%. The quit rates among industries ranged from the lowest of 0.7% among federal workers to a high of 6.4% for employees in the leisure and hospitality industry. In the financial services industry, the quit rate was among the lowest at 1.7% in November, but slightly up from the 1.4% quit rate in November 2020. Related to the financial services industry, the quit rate among employees in professional and business services was 3.7% in November, up from 2.9% in November 2020.

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