Do you know who works at your credit union? While you may know their names and how long many have been employed, you may not be aware of some other important demographics. One of the most important qualities in a dynamic, thriving workforce is a diverse age bracket. In these unusual times, it is a good time to ask, “who works at your credit union?”
Today, millennials are still occasionally overlooked for important positions. Hiring officers often deem millennials as too young or inexperienced despite their educational level. If you need some help recruiting millennials to your credit union board or want some tips on retaining the millennials you already have, read on for some smart steps you can take.
Recruiting Millennial Talent
The current median age of those working in credit unions is 39.6. While this is certainly lower than that of other financial institutions, it still shows a need for branching out and finding younger talent if you wish your board to remain viable in today’s marketplace.
To reach younger individuals, the first step is to maintain a strong online presence. Millennials will look for a vibrant website, plenty of social media presence, and a perceived willingness to change. The young generation is not going to accept a position from a credit union that appears stuck in time or even taking a step backward.
Second, your credit needs to be transparent and your transparency needs to begin the instant your millennial prospect walks through your door. Thanks to the ever-present internet, these individuals are used to finding answers quickly for nearly everything. They will require credit unions to be open and honest with them during the interview process as well as during their time on the job. Although transparency has always been a good best practice to follow, it has never been more critical as it is with the members of this generation.
Third, millennials want to know how they will be able to grow in their careers at your credit union. They never want to feel stagnant in their jobs and most will desire to feel they always have a path to better themselves. This can be solved by offering opportunities for climbing the leadership ladder or by offering improved benefits the longer they are with you. For millennials, a great job is not necessarily determined by money but by the atmosphere, the benefits, and the possibility for progress.
Retaining Millennial Talent
With 70% of millennials more familiar with banks than they are with credit unions, it is no wonder it is difficult to recruit them to your board. And even if successful in recruitment, it will be difficult to retain them once they have held their seat for any length of time. Millennials are much more willing than their older counterparts to seek out new positions if they feel other career options appear more promising to them.
Retaining millennials on your board can significantly improve the talent base within your credit union. To keep the amazing board members you already have, you will need to reach out to them and provide them with regular enrichment opportunities. At the top of the list is ensuring the benefits offered appeal to this age bracket. Most millennials are looking for ways to plan for bright futures. While a retirement account is certainly good, many also look for perks like tuition reimbursement or college savings plans. Others are interested in any job offering student loan payback assistance.
Second, millennials want to feel engaged in their jobs. They have a thirst for making a real difference on the boards they sit on and in the communities they serve. By providing plenty of opportunities for personal and professional growth and development, this young group will be far more likely than others to stay well past the critical six-month mark.
Finally, offer plenty of beyond-the-job engagement opportunities. Traditional workplaces separate professional and personal work life. Millennials, however, embrace opportunities for organizing outside of work. This may include low-key meetups with your C-team, community volunteer initiatives, and creative gatherings. Credit unions may consider offering mentorship programs, which have been shown to improve retention rates by over 20%.
Grow with Millennial Talent
Many millennials are incredibly open to seeking new positions and career opportunities in exciting and dynamic fields. While one in five millennials has changed jobs in the past 12 months, once they find a comfortable home both they and their employers can benefit tremendously.
Credit unions certainly have the ability to attract these talented individuals, make use of their extensive talents, and keep them on your board for years to come by using these smart recruitment and retention tactics. With so many other industries taking advantage of the large talent pool, now is your chance to jump in and discover the many benefits for yourself.
