Is Finding Employees The #1 Problem Facing Your Credit Union?

June 22, 2022 at 9:41 am Leave a comment

As I chatted with many of you during the Convention this past week, a common refrain emerged: credit unions, are finding it difficult to attract and retain workers.  The problem exists for large credit unions seeking to attract individuals qualified to fill key executive positions, to smaller credit unions simply trying to make sure they have enough tellers when people come in the branch. 

I know this is cold comfort, but the problem is of course not unique to credit unions.  The WSJ reported yesterday that:

  • Head counts at companies with fewer than 50 employees declined in three of the past four months
  • Furthermore, 63% of small-business owners say that hiring challenges are affecting their ability to operate at full capacity

The good news is you are not alone; the bad news is we are starting to see the classic signs of stagflation, a period of high unemployment and high inflation as businesses are not able to keep up with demand, resulting in decreased economic activity.  The WSJ is also reporting that  “large companies that saw significant growth during the Covid-19 pandemic are beginning to take a more cautious approach to hiring”.

On that happy note, it was great to see you all at Convention.  Let’s hope we never have to do another zoom get-together.

Entry filed under: Economy, HR. Tags: , , .

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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