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Attracting and Retaining High-Quality Employees: New Strategies for Credit Unions

Insights from Filene's colloquium at the University of Virginia around the topic of attracting and retaining high quality talent for credit unions. 

Executive Summary

Attracting and retaining high quality employees is a critical issue for credit unions in competitive financial services markets. To determine how credit unions can benefit from the latest research on employee attraction and retention, the Filene Research Institute sponsored a colloquium at the University of Virginia in the fall of 2000. This event brought nationally recognized human resource experts together with credit union CEO’s and senior executives responsible for human resources. This volume presents the results of the presentations and discussions.

What is the research about?

This paper contains the reports from four sessions. 

  • In the first session, Ellen Whitener examines key findings in research on employee performance and discusses insights into factors affecting turnover. The overall objective is to formulate ideas that will help credit unions attract and retain high value employees.
  • In the second session, Jon Werner, shares research around citizenship behavior and how while those behaviors are not necessarily a part of the employee job description, they are nevertheless beneficial for the organization as a whole. 
  • In the third session, Murray Barrick examines personality and other factors that contribute to the employee selection decision. A key question is can we identify who is likely to leave an organization before hiring them?
  • In the final session, Joseph Martocchio talks about absenteeism issues and relates them to both turnover and citizenship behavior. 

What are the credit union implications?

Attracting and retaining high value talent in crucial for credit unions. To reduce turnover and enhance performance, credit unions should develop employees that are not only satisfied, but truly committed to their organizations. This will require commitment from credit union leaders and managers to achieve.

This report is sponsored by the Center for Credit Union Research, University of Wisconsin-Madison and the McIntire School of Commerce, University of Virginia-Charlottesville.