Credit unions maintain a strong social philosophy that appeals to young adults, but credit unions often struggle to attract young professionals. A survey of the Filene Research Institute’s 30 Under 30 group shows that none of these talented professionals planned a career in credit unions. Each came to credit unions by accident or in a roundabout way. This brief provides insights into this recruiting shortfall and how to combat it.
What is the research about?
An annual survey of college recruiters indicates that employers plan to hire 16% more new college graduates in 2007–2008 than they did in 2006–2007. That means that attracting talented young adult employees will be increasingly difficult. Even if job prospects dim in the wider economy, college graduates will be increasingly needed to fill jobs as baby boomers retire and approach retirement age. Generation Y’s propensity to change jobs frequently makes attracting and retaining talented recruits more important than ever.
The tactics outlined here can be effective in recruiting for full-time positions or for internships, depending on the needs of your credit union. They are effective whether you are recruiting at a community college, a small college, or a large national university.
What are the credit union implications?
Credit unions need to serve Generation Y. It’s not enough, however, to send good financial products and cutting edge delivery into the marketplace without a team that can follow up with even better products five, ten, or fifteen years from now. Recruiting talented young professionals is necessary for credit unions to further serve their memberships and continue to grow.
This report is sponsored by PSCU Financial Services, the Credit Union Executives Society (CUES), Fiserv, and the Corporate Credit Union Network.