>YES LIVE: Recruiting Young Adult Board Members to Attract Younger Members
On the heels of Bill Humbert’s presentation on recruiting and retaining young adult employees, Justin Ho stressed the importance of recruiting young adults at the board level to attract 18-to-30s. Justin is a 20-year-old board member at the USC Credit Union and also a Gen-Y/Marketing Consultant for Glatt Consulting, LLC.
After Justin joined the board of USC CU, he surveyed the other members to note how they thought the dynamics of the board changed. They replied that Justin offered more enthusiastic and honest opinions as well as fresh perspectives and unexpected questions.
According to Justin’s research, young adults can be segmented into three groups in regards to financial institutions:
- Rate/reward whores
- Relationship building/service oriented
- Oblivious to financial institutions
He emphasized the importance of using internet-based incentives to reach out to young adults.
Justin noted that the best place to target Gen-Y is in college. They use the internet more than any other generation, and online banking is the most popular finance web tool. Also relevant is that seven in every ten college students keep the banking provider they use in college. Some examples of how USC CU reaches out to students is to offer free money management classes on campus and leverage Facebook heavily.
The key take-aways from Justin’s presentation:
- Recruiting younger members starts at the board level
- Having younger board members can bring your credit union a long way
- Key to recruiting members of Gen-Y is to first understand them
- Online resources have made it extremely easy (and cheap!) to access members of this demographic if utilized correctly.
When asked earlier why serving 18-to-30s is so important for credit unions, Justin responded:
The credit union movement will come to an end within a few generations if credit unions to make themselves relevant to this demographic. The biggest wealth transfer in history is about to occur and credit unions need to position themselves to take advantage of it!