Even in this economy, credit unions have been able to maintain a steady level of employment at 240,000, only a 0.2 percent decline from mid-year 2008. Over the last year, 25.2 percent of credit unions expanded their employment rosters while 27.9 percent reduced their workforce by at least one. The remaining credit unions posted no change in total personnel.
At June 2009, there are on average 379 members for every full-time credit union employee. This ratio increased slightly over the past year for two reasons. First, the ratio has increased because of the large number of members that credit unions have attracted in the past year. Also, with a renewed emphasis on efficiency in the economic downturn and credit unions dealing with the impact of the NCUSIF stabilization expense, many credit unions have slowed hiring, left vacated positions unfilled, and emphasized operational efficiency while working to keep service levels consistent for members.
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Today, credit unions on average manage $3.7 million in assets per employee, up 8.8 percent since June 2008. Loans originated per employee also rose a healthy 7.7 percent over 12-months prior to almost $601,000 at June 2009.
Diana Dykstra, CEO of San Francisco Fire Credit Union, weighs in on employee involvement, saying, “Employees are the heart muscle of the credit union movement. They allow everything else to work, and without them nothing would work. We need them to be the very best they can be. At SF Fire CU, we believe it’s vital to have people who understand our core values and wish to increase their knowledge of how the credit union system works.” Dykstra goes on to explain her hope of creating a “professional employer organization” that would employ credit union staff, place them in other credit unions if they need to move locations, maximize scale for savings on benefits and purchasing power, and improve employee interaction. Read more about the concept and the credit union employee base in the 2010 Credit Union Directory.