The CUNAverse team has been discussing the impact of the recession on our business, our lives, credit unions and organizations in general. The new views of how we do things, increased workload, uncertainty of markets and the future have been a part of our conversation as well as the silver lining and a new appreciation for camaraderie, stability and new ideas at work.

One question I wanted to research more thoroughly was about the professional future for the survivors of the downsizing and “doing more with less” environment many work places have experienced since 2008.  What is the professional fate of those who have spent so much of their last two years weathering the economic storm?  And specifically, what will this mean to credit unions?

I didn’t have to look far to find the employee retention rate at credit unions has increased over the last two years to 88% according to CUNA’s 2010-2011 Complete Credit Union Staff Salary Survey Report.  Nationally, the Bureau of Labor Statistics reports the number of quits continues to hover around its lowest point in the last 10 years.  Quits tend to rise when there is a perception of another job being available and vice versa.  So, what’s a credit union to do as we approach the rebound of the economy and the potential for turnover to rise even amongst your most star employees?

Here are some tips to consider when preparing for the very high likelihood of a turnover increase at your credit union in the near future:

• Invest in Supervisor Training

A study by the Gallup Organization found that the top reason employees quit their job was not due to compensation, benefits or the type of work, but due to a poor working relationship with their supervisor.  Given the costs of turnover to your credit union in recruiting, training and retention, review the investment your credit union makes in supervisor or management training to ensure your managers have the talent and know-how to maximize the employee relationship and understand each employee’s desires and goals.

• Support Ongoing Learning & Recognition

Working with credit unions that use CUNA’s training programs, I hear firsthand the difference our programs make in credit union careers.  Whether it’s attending a conference and earning a national certification or taking an online course to earn a certificate of knowledge, ongoing learning and recognition can lead to higher job satisfaction and development of skills that benefit the credit union.

• Understand Compensation & Benefits

While dollars and insurance aren’t the only factors of whether an employee stays with or leaves your organization, be sure your credit union is competitively positioned in your marketplace.  Using resources online or CUNA’s staff research resources are a couple ways to make sure this isn’t the missing part of your employee equation.

• Create a Positive Work Environment

No one wants to go to work each day dreading the decisions they have to make or the people’s actions and behaviors he or she comes across.  So, what have you done lately to improve the work environment of your credit union?  This doesn’t take a management position, but it does take a leader to initiate the expectation of being genuinely concerned for those around you.  A positive work environment and positive relations with co-workers can be two of the most powerful retention tools, so do your part to start a company initiative or just send a personal note of appreciation.  Small and large actions can get you far in this category of increasing job satisfaction and making people enjoy coming to work.