In similar blogs it's been discussed how competitive the job market is right now as financial institutions seek high-quality employees to guide their businesses. In March, the unemployment rate dropped to 4.5%, according to the Bureau of Labor Statistics, the lowest it’s been since 2007. Low unemployment means the job market favors employees, as businesses need to work harder to compete for top talent.
As credit unions identify executives who fit both the culture and showcase the required skill set, attracting and keeping them becomes imperative. At the C-Suite, to attract and keep high-level executives, Boards and HR teams need to create captivating packages that blend salary, benefits, bonus plans, and long-term retention plans.