High turnover is a very common concern we hear among our credit unions. It can be especially difficult in small, rural areas across the country to not just keep staff, but to find adequate replacements. For example, some of our credit union clients reside in many of the lowest density areas in the United States, including rural Nebraska, the Western Slope of the Rocky Mountains, and Southern New Mexico. Turnover can be incredibly costly, burdensome to not just HR but all staff, and outrageously inefficient. Take a look at some tips provided by our HR partner, OnePoint HR. We work together with OnePoint for our HR assistance service, CU Works HR.
Employees are motivated by higher pay.
Keep tabs on what compensation is offered by your competition, and offer comparable benefits packages. Try conducting annual wage and salary surveys to get insight into your employees' outlook on pay.
Workers can be motivated by better benefits — offer additional perks:
To help employees fully appreciate how you're rewarding them, try providing each employee with an annual statement of total compensation that shows all their wages and benefits that can be translated into dollar amounts, showing employer contributions to:
Could it be that your employees are not "engaged"? This may sound like another corporate buzzword, but engaged employees share a number of common traits:
Here are some of the things you can do to improve engagement:
By understanding the common reasons for high employee turnover, you will be better able to protect your credit union from a similar fate. Employees who are well-compensated, challenged, engaged and properly managed will likely be loyal, productive members of your workforce.