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CUNA Report CU training budgets on the rise
MADISON, Wis. (9/16/08)--More credit unions have a training budget and the amount of that budget has increased significantly, according to the results of a recently released Credit Union National Association (CUNA) survey.
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According to the 2008-2009 Staffing and Space Survey, published by CUNA’s center for research and advice, more than 70% of credit unions with $10 million or more in assets have a 2008 training budget, up from 64% in 1999. Among these credit unions, the average 2008 training budget was $46,561--a substantial increase over the average $26,348 budget reported in the 1999 study. “With the prevalence of talent shortages, a credit union’s success could likely depend on how well employees are groomed for management and key positions, making training more important than ever,” said Beth Soltis, senior research analyst for CUNA. "However, some organizations overlook non-management or lower-level positions, and doing so could undermine retention and recruitment efforts," she added. "Credit unions should remember to ensure that training and development opportunities are available to all employees to not only improve efficiency and sharpen skills, but also to uncover leadership traits and discover hidden potential." Many credit unions are ahead of the curve when it comes to staff education, the survey indicated. Training dollars were distributed evenly in 2008, with 35% allocated to management and 36% to non-management employees. The remaining 29% went to train volunteers, the survey said. The Staffing and Space Survey examines key staffing levels for business lending, consumer lending, collections, tellers and service areas. It also analyzes office space issues; training, recruiting, and human resources expenses; telecommuting; and outsourcing. Data was broken down by asset size, region, number of members, number of branch offices, number of full-time equivalents, number of full-time employees, number of part-time employees, and number of services offered. For more information, use the links.
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