Financial institutions have continued to struggle with talent sourcing over the past few years, as employee burnout and heightened turnover rates in the wake of the
The talent deficit is amplified by the growing number of
Several honorees in American Banker's
Suncoast Credit Union in Tampa, Florida, launched its Leadership Excellence Achievement Program in 2012, training roughly 180 employees since its debut and placing 111 of the cohort into managerial roles across the institution, explained Darlene Johnson, executive vice president and chief growth officer for Suncoast.
Staff that apply to the $17.1 billion-asset credit union's one-year program, after obtaining the required recommendation from a vice president or higher, can participate in roundtable discussions with tenured leaders and individual progress meetings and gain access to devoted mentors. To date, roughly 54% of Suncoast's leadership at the manager level and above is made up of a diverse mix of professionals under the age of 40.
"To continue to attract, retain and train younger, more diverse future leaders, I support internal initiatives that identify future leaders by offering management development [and] training programs," Johnson said. "We must meet prospects and internal candidates where they are."
Lack of upward mobility, when combined with previously mentioned issues such as employee burnout, have given rise to the
Professionals skilled in
The technology sector saw
Outside the credit union space,
To compete, credit unions are piloting new programs aimed at enticing new hires and meeting the needs of current employees. But building a more diverse workforce requires executives to go beyond developmental programs if they hope to represent a broader set of perspectives and experiences.
Senior leaders at Alliant Credit Union in Chicago have established and built out five employee resource groups centered around demographics including women, LGBTQ, Asian, Hispanic and African American. Each ERG is overseen by an executive sponsor, usually a senior vice president, and two co-chairs who are typically employees interested in a leadership position.
Involvement helps increase the visibility of marginalized groups and provide opportunities for advancement throughout the company, explained Meredith Ritchie, general counsel and chief ethics and government affairs officer for the $18.9 billion-asset Alliant. Ritchie launched Include, the credit union's ERG for women, in 2018 and has remained its executive sponsor since then.
"By encouraging new employees' involvement, ERG committees can provide the exposure, visibility, connections and skills for younger and diverse employees to be propelled into leadership positions," Ritchie said.
For many credit unions that employ ERGs and other programs for diversity, equity and inclusion, engagement extends to those in local underrepresented communities.
Employees from Spokane Teachers Credit Union in Liberty Lake, Washington, hold leadership roles in roughly 69 community organizations ranging from the "Spokane Airport board and Washington State University board of trustees, to the boards of food banks, animal shelters, public development authorities, college foundations and more," said Lindsey Myhre, executive vice president and chief financial officer for STCU.
Myhre emphasized the importance of creating a "culture of belonging" when it comes to promoting DEI, further underscoring how the commitment "goes beyond writing checks to active participation," she said.
"We nurture that core value by placing an emphasis on collaboration and building relationships and partnerships. … We value differences, encourage all voices and listen with intentionality," Myhre said.
