Employment Growth And Innovative Hiring Strategies

Five can't-miss data points featured this week on CreditUnions.com.

 
 

This week, CreditUnions.com looks at an Old Dominion credit union staffing up, an emerging employment trend, ways to build better peer groups, and more.

Here are five data points you need to know: 

100

In the past two years, Virginia Credit Union has added 100 new budgeted positions to support its overall operations, specifically building its mortgage portfolio and digital engagement on its online channels.

The strategy seems to be working. The credit union has more than doubled its mortgage business in two years. In addition, 77% of its checking account holders actively participate in online banking and 35% are active with its mobile channel. 

Learn more about the credit union's strategy in "How Virginia Credit Union Is Growing Innovative People And Products."

296,018

As of March 31, 2017, credit unions employed 296,018 individuals. That 2.6% more than at this point last year and 15.3% higher than the 256,729 the industry reported in the first quarter of 2012.

But a new employment trend is emerging. 

Learn more in "The Service Shift Behind Credit Union Employment Growth."

1995

Joan M. Moran wasn’t looking for a job, and didn’t know what a credit union was, when a neighbor referred her to a position at U.S. Customs FCU in April of 1995. But she was intrigued. Now, more than 20 years later, Moran is CEO of Department of Labor Federal Credit Union, a title she’s held since 1999. 

Moran started her career as a CPA later than most. She graduated with a degree in accounting at 40 and has worked as an internal auditor, a legislative auditor, and a chief financial officer for a small retail firm in DC. Her professional experiences have taught her people work hard for the things they really care about. For Moran, that includes cooperative financial services. 

The CEO talks about thinking differently, working collaboratively, and taking chances in "Joan Moran On Leadership."

8

Benchmarking a credit union's performance against other financial institutions is supposed to reveal insights to help accurately measure the credit union's financial and operational well-being.

And it does ... when using the right peer groups.

Learn more in "8 Tips To Build A Better Peer Group."

3

Credit unions are ready for the next uptick in interest rates the Fed has hinted it will introduce as early as its next meeting in mid-June.

The Federal Reserve’s Board of Governors has increased interest rates, only three times since December 2015, which has leveled the yield curve into a flat plane.

Now, only a sliver of investments held by American credit unions are in long-term securities. Cash and maturities of three years or less comprise most of the portfolio.

See how the credit union investment portfolio in the first quarter remains liquid for lending and buffers against rising interest rates in "Credit Union Investments Stay Short For The Long Run." 

Happy Reading!