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Credit Union Times

NOVEMBER 15, 2017 | VOL. 28 | NO. 40 | CUTIMES.COM

redit unions are at a
disadvantage when
it comes to recruit-
ing young talented
job candidates because more
than 70% of millennials are not
even familiar with the credit
union industry. That’s bad news
since industry reputation plays a
key role in attracting talented can-
didates who are needed to grow
the movement, according to re-
search and various surveys.

Industry reputation is just one
of the five important laws of at-
traction that can help credit union
executives and HR managers in-
crease the quantity and quality of
talented candidates. Based on a
study from the Filene Research In-
stitute, the laws of attraction also
include the organization’s values
and its overall personality; the
job’s compensation and benefits
as well as an organization’s image
and size; the behavior of the re-
cruiter and an organization’s cor-
porate social performance.

“Values, in some cases, have more influence on the applicant than pay and promotion,” said Lauren Culp, manager of The Cooperative Trust at the Filene Research Institute, who recently presented a webinar on Filene’s research report, “The Laws of Attraction: Credit Union Recruitment in a Competitive Labor Market.”

MANAGEMENT

Laws of Attracting Young Talent

PETER STROZNIAK

pstrozniak@cutimes.com

Y17

ADVISORS

Why Do We Save?

Lots of people are saving more these days, although the reasons aren’t necessarily ones to cheer about. And the people doing the most saving aren’t necessarily those you might expect to be doing so, either.

That’s according to a new Bankrate.com study of whether and why people are saving/ spending less/more, and the surprising news is that millennials are coming out at the top of the saving heap.

According to the report, the Bankrate Financial Security Index survey found that three out of every five U.S. adults are limiting their monthly spending. Most of them say it’s to boost their savings, and surprisingly enough that’s particularly true for Americans aged 18 to 26. An equally surprising 74% of them say they need to put more money away.

People are not comfortable with the current state of finances — theirs or the economy’s — but there are plenty of reasons for them to up their savings rates. But they’re also feeling better about some aspects of finance, and it’s telling to see which areas of their lives they’re now more comfortable with.

Bankrate.com checked into what’s worrying people and why, and came up with which groups are winning and which are losing at savings, as well as what’s driving them to modify their behavior.

Here’s a look at eight big Y16

Must Reads
Trades
Question
NCUA’s
Budget
DAVID BAUMANN
dbaumann@cutimes.com

f the NCUA is closing two re-
gional offices and reorganiz-
ing to become a leaner reg-
ulator, why is the agency’s
budget continuing to increase?
That’s the question being raised
by credit union trade groups, as
they examine the agency’s pro-
posed 2018 and 2019 budgets.

“When will the industry begin to see the cost-savings and economies of scale that are being promised in the budget?” asked Alexander Monterrubio, NAFCU’s director of regulatory affairs, in comments submitted to the agency.

The NCUA posted its proposed budget and has solicited comments on it, although few were received beyond the normal credit union trade groups. The NCUA board made it clear that final approval of the spending plan rests with the board, but that the agency is attempting to be more transparent about how it plans to spend its funds.

Although people questioned increases, officials from the trade groups said it is evident that the agency is trying to become more efficient.

“It is obvious – both in the budget justification’s numbers

REGULATION

Y18
FOCUSREPORT:
CYBERSECURITY

Cybersecurity tool implementation can be pricey, but being hit by a breach costs credit unions so much more. Learn why investing in data protection is critical in this Focus Report. Y6