The War for Talent: How credit unions can win by capitalizing on the co-operative model

How do you win the war for talent while offering average salaries and longer commutes? By leading with values and a strong sector brand.

I interviewed human resources leaders from the largest credit unions in B.C. and asked them what keeps them up at night. In every single interview, these HR leaders declared the “talent shortage” as the top challenge.

All credit unions are hungry for technical staff and financial experts. In addition, credit unions outside the city of Vancouver face the challenge of attracting staff to locations that involve a significant commute or areas with a high cost of living.

Tech talent, in particular, is one of the tightest job markets. Credit unions are competing for talent alongside global companies with deep pockets, such as Amazon, Hootsuite, and Microsoft.

Credit unions have risen to the challenge by traditional methods, including doubling down on training, offering a flexible work environment, and becoming leaders at delivering wellness benefits.

All of the HR leaders I spoke with have already invested heavily (and many planned to grow their investment) in training and growing the skills needed for the future in today’s staff. Most have also implemented flexible work arrangements so staff with long commutes can regularly work from home, and keep flexible daily schedules so they can fulfill personal obligations as well as travel at more advantageous times of the day. A couple of credit unions highlighted investments in wellness and employee health as being an important differentiator. Examples include benefits such as unlimited sick days, integrating individual purpose into roles, and focusing on mental health.

Building on these investments, two ideas stand out as particularly powerful and ground-breaking in the war on talent. Both leverage the credit union’s collective values and the co-operative model.

1. Create a sector-wide employee brand

Marketing the benefits of the industry can attract values-aligned, talented workers. Working co-operatively to attract talent to the industry as a whole could benefit all credit unions. As one executive pointed out, credit unions could follow the example of the oil and gas industry in Western Canada in the early 2000s. At the time, the oil and gas industry faced significant labour shortages in critical engineering roles. By cooperatively highlighting advantages of the sector and more family-friendly benefits to female engineers and new grads, companies were able to attract a whole new segment of talent that benefited the industry as a whole.

2. Develop a 'gig-economy-like' co-operative talent-sharing pool

Credit unions could benefit from a shared pool of specialized talent. These talented individuals could rotate from initiative to initiative — not being tied to any one credit union but coming together as members of agile teams at different credit unions as needed. They could train permanent staff along the way. Such a pool would not only benefit larger but also smaller credit unions, where staffing levels are in the double digits and the need for specialized talent is the same. Credit unions have a long history of partnership and sharing resources through various collaborations, so this concept is taking an existing practice to the next level.

Credit unions will be likely unable to outspend the competition in terms of compensation, and some will always face the challenge of workplace location when competing for talent. However, credit unions have an advantage that other organizations don’t — a co-operative model that is grounded in values and community.

If B.C.’s largest credit unions can come together to leverage their strengths and differentiators, they will have a strong chance of winning the war for talent today and in the future.

I want to thank the following interviewees for their time and candour: Liz Bailey-Connor, Chief People & Culture Officer, and Sara Charvet, Director, Talent & Organizational Development, First West Credit Union; Cindy Dopson, Consultant, People Solutions, Central 1; John Horn, Director, Learning & Development, and Shona McGlashan, Vice President, Governance, Vancity; Sarah Jasper, Chief People Officer, Coast Capital Savings; Marni Johnson, Senior Vice President, Human Resources and Corporate Affairs, BlueShore Financial.

Penelope Comette has 20 years of experience leading complex change specializing in strategy, organizational design, and sustainability. She is passionate about creating environments where people can thrive, particularly during periods of great change.