Trusted News for Credit Union Leaders
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
The Core
Experience
Choose a system
that serves
members. Y12
Surviving
Cyber Crime
Learn to
navigate the new
landscape. Y8