MADISON, Wis. (12/14/11)--Credit union employees in all job classifications are more likely to stay in their positions than they were before the recession, says a new report from the Credit Union National Association (CUNA).
The overall credit union turnover rate in 2010 is 12%, according to CUNA's 2011-2012 Turnover and Staffing Survey. The figure is higher than the 2009 turnover rate of 9% and matches the 2008 rate. Prerecession turnover was about 15%.
"With heightened competition for skilled employees, it's important for credit unions to monitor turnover rates," said Beth Soltis, CUNA senior research analyst. "This is particularly important when it comes to key employees, but turnover in any department or at any level costs the organization time and money for employee training."
Hiring levels remain modest at credit unions, the report said. The creation of new positions at credit unions dipped at the onset of the recession and hasn't changed since. The percentage of employees hired to fill newly created credit union positions was roughly 5% from 2005 to 2007. In 2008, 2009 and 2010, 3% of credit union employees filled newly created positions.
"During the recession, most employers reduced staffing levels as low as they could possibly go," Soltis said. "This makes it more important than ever for credit unions to retain high-quality employees, especially those in positions critical to their credit union's success."
For more information about CUNA's 2011-2012 Turnover and Staffing Survey, use the link.