NEW ORLEANS—Think the war for talent is tough now? Wait until 2030, says one expert.
Cheryl Cran, CEO of Synthesis at Work Inc., told attendees at NAFCU’s Annual Conference it’s time to make sure their credit union are taking steps to compete with employers like Amazon and Google if they want to attract and retain talented employees.
“Even with all of the technology now, including AI, we are seeing a need for good talent, and that is across every industry,” stated Cran. “There is a big fight for talent and by 2030 we’ll see an even greater talent shortage.”
Cran said that there are currently 7.6 million unfilled jobs and only 6.5 million people looking for work.
Changing Attitudes
“We have Millennials and Gen Z who are not attracted to the nine-to-five,” she said. “They are looking for flexibility and remote work. This is the trend and it will continue.”
What’s occurring is a large shift in the overall attitude toward work, explained Cran.
“Gone are the days when Boomers graduated college and looked for work, found a job, and stayed with the company for life,” said Cran, who noted the average time people spend on a job now is three years. “Research shows that Millennials and Gen Z focus on their life first and then look for a job that fits into their life.”
The Gig Economy
She also pointed to the emergence of the gig economy and greater use of contract workers.
“Credit unions, look to where values are shifting, and match those values and desires of the new workforce,” she explained. “If we don’t, we are not being flexible and keeping pace with the changes that are happening.”
The increasing use of robotics and AI will not steal jobs, she said; instead, the technology will “repurpose” the tasks staff are asked to do.
“AI and robotics will free up some work so staff can focus on other, more important activities,” Cran said, adding that it will be the repetitive, less valuable tasks that robotics will first take over. “You can have employees focus more on working closely with your members.”
The Importance of Video
With social media playing a large role in the lives of young adults, Cran encouraged credit unions to use the media to attract talent, and that includes using video.
“Studies show 67% of Millennials are looking to videos to understand more about a company they might work for,” said Cran. “They want to get a better understanding of the company’s culture that way, and if they think the organization would be a good fit for them.”
Cran cautioned against using videos that simply feature people talking, and instead look for ways to stand out and share the company brand—possibly using animation and also gamification.
Cran encouraged CUs, too, to get more involved with local universities with “learnerships”—where a company works closely with a university on curriculum and internships that prepare a student to work for that specific company.
“So, instead of going to college for four years and then graduating and saying, ‘I’m going to work somewhere with the skills I have,’ a graduate now has the skills to work for a specific company.”
A Career Map
Finally, Cran urged credit unions to provide young adults with a “career map.” She explained Millennials are no longer satisfied to get in line and wait for years to be eligible for a big promotion.
“Look closely at career progression. Give them a career map, a road map for their progression that illustrates where they are now, where they can get to, and the milestones between they need to achieve.”