There have been few moments in American history in which the economy has experienced as much whiplash as the COVID-19 pandemic. After an economic shutdown brought an extended period of turmoil and job loss, we experienced a rapid V-shaped recovery which has brought increased power to job seekers in the labor market.
The Great Resignation, which came on the heels of 5 million job openings from the first year of the pandemic, has increased pressure on companies to hire enough front-line staff to keep operating at the capacity necessary to succeed.
Credit unions are no exception. The industry’s quit rate reached 3% in December 2021, nearly 0.6% higher than it was one year prior. Unsurprisingly, the openings-to-hires ratio rose significantly, reaching 1.77 openings for every hire by the end of 2021. This is more than double what the ratio was in June 2020.
These are drastic developments happening in extremely short periods of time. With no true end in sight to the economic and labor turmoil, it behooves credit unions to make their hiring processes as efficient as possible.
Thankfully, Callahan’s Policy Exchange can help.
The Policy Exchange is flush with hundreds of ready-to-use job descriptions from a variety of fields. Submitted by other credit unions within the industry, these detailed descriptions will save you time as you seek to hire within this competitive environment.
Here are just a few examples of job descriptions currently available within the Policy Exchange:
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- Lead Fraud Investigator
- Ethical Hacking Manager
- Chief Relationship Officer
- Human Resources Generalist
- SVP/Chief Growth Officer
- Enterprise Risk Analyst
These are just six of the hundreds of job descriptions within the Policy Exchange. To learn more about how to gain access to the Policy Exchange, click here.
The turmoil in the stock market and labor market shows no signs of easing. Making sure your cooperative operates as efficiently as possible is the best way to counteract.
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