This week, CreditUnions.com finds three ways to make a great hire, identifies the right tools to make tough decisions, and asks: What does a chief experience officer do?
Here are five can’t-miss data points:
The national unemployment rate remained at 3.7% through November 2018, and credit unions in competitive markets will likely find talent recruitment continues to be a challenge in 2019. Some credit unions whether they are currently hiring or not have turned up their recruitment efforts to ensure the cooperative attracts talented individuals any time of the year. Here, three credit unions offer insight on their own recruitment strategies to help others think about hiring in a new way.
Read: 3 Ways To Make A Great Hire
When Liz Hayes joined Infinity Federal Credit Union in October of 2014, she realized right away she had inherited a top-down culture where decisions flowed down. Hayes knew the organization wouldn’t grow if employees had to consult her every time they needed to make a difficult decision. So, the new CEO convened Infinity’s senior team to craft a vision statement and core values. But words alone don’t empowerment employees. Giving them the confidence to make the right decision, however, does. Ten months ago, it hired Maureen St. John to take on the role of senior performance manager learn what a difference that hire has made.
Read: The Right Tools To Make Tough Decisions
Amplify Credit Union created the role of chief experience officer last year to lead the cooperative’s efforts to integrate brand awareness with member experience and to improve them both. Stacy Armijo took on the task, joining Amplify in June after more than 15 years of public relations and marketing experience. Now, as Amplify seeks new ways to provide a consistent, superior member experience that reflects the values of the organization, Armijo is leading the charge to improve internal collaboration and promote the credit union’s values in the community it serves, spending approximately 15% of her time on social impact and community engagement.
Read more: What’s In A Name: Chief Experience Officer
Collaboration is a foundation of credit union success. Credit unions collaborate with sponsor organizations and partner with community organizations, but collaboration also occurs within the credit union system. Credit union service organizations are the most obvious example of this, and the most prominent CUSOs in credit unions today including CO-OP Financial Services, CU Direct, and PSCU Financial Services all started at the local level. These organizations have grown to national scale, as industry investment in and loans to CUSOs has surpassed $3.5 billion, but continue to collaborate with the industry to bring new capabilities in payments, lending, and delivery channels.
Read: The Importance Of Collaboration In 2019
Broad market volatility remained elevated in November amid ongoing concerns of tighter monetary policy, U.S./China relations, and the slowdown in global growth that may result from these matters. The U.S. economy continues to grow at an above trend rate, bolstered by tight labor markets and strong consumer spending. At the same time, the current expansion is now at 113 months, the second longest streak since World War II and close to besting the 1990s expansion at 120 months.
Read: Outlook For Global Risk Markets Grim Heading Into 2019