Finding and developing talent are crucial tenents of a successful credit union human resources department. For that reason, this week, CreditUnions.com looks at hiring and training strategies from credit unions across the industry.
Internship programs give students and graduates the opportunity to cut their teeth in a professional working environment and prepare themselves for life after school. For 40 interns in Michigan, they started cutting their teeth in financial services through a new program launched by Michigan State University Federal Credit Union.
“We have a huge opportunity over the next five or 10 years,” says Deidre Davis, MSUFCU’s vice president of marketing and communications. “A large portion of Michigan workers are going to retire and we’re trying to be ahead of the curve in recruiting talented students and molding them for the credit union industry.”
MSUFCU's answer to the oncoming retirement boom is the $500,000, 3,000-square-foot Financial Innovation and Education Center it opened on April 26. See how the credit union promises to introduce a new generation to the credit union industry in, "An Innovative Approach To Millennial Hiring" by Callahan Associate Editor, Erik Payne.
Despite some improvement since the 1970s, there continues to be a significant gender wage gap in the U.S. According to the White House, “In 2014, the typical woman working full-time all year in the United States earned only 79% of what the typical man earned working full-time all year.”
Further research based on U.S. Census Data and published by the AAUW breaks down how the gender pay gap varies by state. In North Carolina, for example, women fare slightly better than the national average, earning 85% of what men make. Louisiana comes in last out of the 50 states with women earning a mere 65% of their male counterparts.
See how a North Carolina credit union closes gender gap with transparency and a market-based salary structure, read "How Local Government Federal Credit Union Ensures Equal Pay," by Callahan contributor Sharon Simpson.
With more than 10,000 baby boomers projected to turn 65 every day for the next 19 years, HR managers and their recruiters are in full swing to hire a new generation of workers. With a large percentage of jobs going to tellers, member service reps and other entry-level positions, credit unions are hiring more millennials than ever before.
In "When It Comes To Millennial Hiring, Who Is Interviewing Whom?" Callahan contributor E.C. Harrison shows how credit unions are investing in ideation programs, career development, and community service to retain possibly restless new hires.
Change of any magnitude is a challenge for an organization, but evolving salary structure requires significant planning as well as great diplomacy. Member One Federal Credit Union experienced this firsthand when it changed how it pays mortgage lenders.
“We wanted to begin rewarding and compensating our mortgage loan officers the same way the competition outside the credit union industry was,” says Richard Mower, director of consumer and real estate lending.
To see how the Virginia credit union changed its mortgage lending paradigm to accommodate members’ availability and interests, read "A New Approach To Pay Scales At Member One" by Callahan contributor Dahna Chandler.
In this week's Graphic Of The Week, Callahan Analyst Stephanie Clark shows how the results from the Callahan & Associates Training and Development Survey, completed by HR managers at credit unions nationwide, reveal how programs have adapted to changes in people, technology, and the industry. Read more in "Training And Development At Today's Credit Union."