businessman grasping block with faces to symbolize recruitment Source: Shutterstock

The United States is experiencing an unprecedented labor shortage across every sector, and credit unions are regrettably not immune to this unfortunate trend. With 11.4 million job openings in the U.S. and companies using recruitment strategies such as hiring bonuses and highly competitive pay rates, the labor challenges are not going away anytime soon. Furthermore, the population growth rate has been steadily declining for the past 30 years, leaving fewer employable people.

While the pandemic contributed significantly to staffing problems, the industry has struggled with talent for years. Along with workers retiring or transitioning to other industries, many are taking the plunge into the flourishing fintech sector. And with baby boomers exiting the workforce, so goes the most highly skilled and experienced workers. The younger generations and others being hired have less industry knowledge and experience.

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