Candidates for a position Photo: fizkes/Shutterstock

With a low unemployment rate of 3.5% as of March 2023, according to the Bureau of Labor Statistics, the U.S. job market is showing signs of improvement. This figure can be deceiving, however, as the overall labor force participation rate is also low, which is reflective of many things – from a recovering economy and its pandemic-induced conditions to an aging population. Therefore, it’s best to remain agile and opportunistic toward reported conditions as they relate to your industry and community.

As many in the credit union space are aware, the industry is experiencing a generational shift, characterized by ongoing consolidation trends that have resulted in an overall industry reduction over the past decade. According to Callahan & Associates’ Q4 report, total credit unions declined year-over-year from 5,048 to 4,863. That’s a 3.7% attrition in one year. Additionally, as we continue to monitor inflation and the recent bank failures, we are mindful that the candidate pool may be expanding.

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