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:
-
- 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.
More Blogs
Callahan & Associates and CU Strategic Planning Combine To Increase Credit Union Impact
Callahan & Associates and CU Strategic Planning proudly announce their strategic alliance, driven by a shared vision to empower credit unions to make a meaningful impact on their members and communities.
Insights And Advice For Credit Union Leaders
Are you new to a leadership role or preparing for one? Are you focused on empowering future leaders? Are you a veteran leader looking to be inspired? We recently asked new and established leaders what it means to embrace different leadership styles, encourage culture changes, and what advice they have for the next generation of leaders.
5 Governance Tips for Credit Union Boards
Insights From Callahan Consultant, Chris Howard There’s a growing — albeit misguided — distrust of credit unions today, making effective governance more important than ever … and harder than ever. At its core, good governance is fairly simple, although never...
15 Key Ratios Every Credit Union Board Should Know
There are thousands of data points you can share with your board about your credit union’s performance, the industry, and the economy. The challenge is identifying which key ratios are most important to your credit union. If you’re looking for a list of key ratios and...
Hassle-Free Benchmarking For Credit Unions
At Callahan & Associates, we understand that smaller credit unions often face challenges in benchmarking their performance against their peers due to limited resources, budgets, and time constraints. That’s why we created a simple, streamlined level in our...
Why Great Lakes CU Is Betting Big On Partnerships
Last week, Callahan & Associates hosted the inaugural installment in its "A Conversation With..." webinar series, featuring Great Lakes Credit Union CEO Steve Bugg. In the exclusive conversation, Bugg emphasized the value partnerships can bring to the industry and...
Browse 5300 Call Reports With Ease.
Every CU 5300 Call Report – Instantly And Seamlessly. If your goal is to reach more credit unions with your products and services, you likely know all too well how long it takes to pull 5300 Call Reports for dozens of prospects to fuel your sales pipeline and...
How Sales Teams Work More Efficiently In Peer Suite
Is your team spending countless hours manually pulling reports and compiling data for your credit union prospects? Are you looking for a more efficient way to collaborate with your team and onboard new members? Callahan’s Peer Suite helps credit union suppliers...
Ultimate Benchmarking Guide For Credit Unions
What Is Benchmarking? Benchmarking is the interpretation and analysis of financial information in order to make direct performance comparisons to other credit unions, banks, and customized peer groups. It enables a credit union to track internal goals, identify...
How Interra Is Advancing Its Purpose Journey
Several years ago, the five-member executive team of Interra Credit Union ($1.7B, Goshen, IN) participated in a virtual learning experience from Callahan & Associates offered in collaboration with Harvard Business School Online.