Leigh Anne Terry, director/human resources and administration at CUES Supplier member Callahan & Associations, Washington, D.C., and Christian Booth, CEO of Ooqio, have these tips to help credit unions keep employees:
Have mechanisms (such as a storng onboarding program) in place, enabling the CU to capitalize on the benefits of turnover and maximize each new hire’s potential.
Take your time when hiring. It’s the “most critical component of retention,” says Terry. “Play the long game; hire for all elements of your need. Don’t bring someone on who is 80 percent qualified and believe that through proper training and management you can teach them the remaining 20 percent. You’re starting in a hole at that point.”
Encourage referrals, says Booth. “It’s a well-documented fact that a qualified referral has a much higher retention rate than a candidate who joins the organization through other means.” At the same time, he adds, employees who refer people also tend to stay with an organization longer. “In light of this, it’s important to foster a culture that promotes and rewards referrals.”
Encourage trust and confidence in leadership. “Never undermine the folks at the top by allowing folks a few steps down to not follow them,” says Booth. “Employees have to believe their leaders are competent.”
Pamela Mills-Senn is a freelance writer based in Long Beach, Calif.