The Great Resignation: Seizing Opportunities Vs. Facing Threats

Photo: SOMMAI/Shutterstock

As the Great Resignation persists and turnover rates continue to climb, credit unions are challenged to retain and attract top talent. While raising salaries and improving benefits is the kneejerk reaction, that’s not feasible for everyone – and, it’s often only a part of the fundamental employee retention dilemma. It’s time to shine a light on the employee experience, something that has traditionally been overlooked.

Employees should be served with the same vigor that members are. While some believe that putting employees first causes a notable financial burden, it’s actually far more expensive to lose staff than to make the effort to keep them. A study by the Society for Human Resource Management found that employers spend the equivalent of six to nine months of an employee’s salary in order to find and train their replacement.