Posted by Joseph T Sefcik, Jr., President, Employment Technologies Corporation on 3/26/2015

To hire successful employees with whom other employees and members like to work, today’s hiring managers face greater challenges than ever before. The following questions highlight the most critical issues and reveal surprising new strategies for overcoming even the toughest challenges. 

      1. Am I confident I hired the right person?

Isn’t that always the lingering question?  Regardless of the number of steps, tests, or interviews the candidate has completed–there’s always an element of uncertainty. How will the person respond to your members? Will he or she understand your credit union’s values and culture? What about the challenges and demands of the job? Will the new employee be the kind of person you want on your team?  

Wouldn’t it be nice to eliminate the doubt and boost your confidence that you’ve made the best choice?

The good news is that today you can eliminate much of the guesswork from the hiring process. There’s a growing body of scientific research related to all aspects of hiring and making the most effective hiring decisions with the lowest possible risk.

Want to make the most informed decisions with scientific precision? Keep reading to discover how you can apply science and technology to avoid costly hiring mistakes, attract better candidates, pinpoint top performers—all while saving valuable time and money!

2. Am I maximizing my time and resources? 

The time available to acquire good talent is more limited than ever.  And, if you have delays or bottlenecks in your hiring process, you are not only losing valuable time —you’re likely losing some of your best candidates. 

Given the number of candidates, it’s critical to limit your candidate-facing time to only the most qualified.

The real bottleneck is the job interview. Given that interviews are also the most susceptible to error and bias, it makes sense to limit live interview time to only a select group of prescreened, prequalified candidates. 

Many credit unions are now opting for new software to automate the initial screening process—limiting scheduling, travel, and on-site time. This new technology enables you to quickly filter out the wrong candidates and accurately filter in the right candidates!

3. What is my greatest hiring expense?

Faced with increasing pressure to find better candidates in less time for less money, it’s easy to become distracted by the immediate costs of the hiring process itself and ‘what it costs me now’ rather than the true and more significant costs of hiring.

Surprisingly, the most significant hiring costs occur after the employee is hired.  And the single greatest hiring expense is employee turnover.  When an employee quits or is terminated, your investment is lost, especially when it occurs within the first 90 days.  Turnover also sends a negative message to members and other employees. 

On the other hand, steady long-term employees send a reassuring message, building member trust and loyalty.

Accurately finding and retaining top performers decreases turnover and rehire costs—and increases performance, member satisfaction, and return on investment. So when considering the cost to hire, don’t forget the greater cost of hiring the wrong person.

4. Are we attracting the best candidates?

Just as employers form impressions about candidates, candidates form impressions about employers.  Regardless of economic conditions, today’s job seekers are much more selective about where they want to work and what they want to do. 

Typically, it is up to the recruiter or hiring manager to describe the organization and the job.  If this responsibility is spread across multiple people or locations, applicants are unlikely to all hear the same message.  Miscommunication and failure to differentiate your credit union could cause you to lose your best candidates to someone that provides a clearer, more compelling message.

To attract top performers, candidates need to understand the unique aspects of the job and why your company is a great place to work. Carefully consider each step in the hiring process, view it as a marketing opportunity, and present your company in the best possible light.

5. What’s the secret to identifying top performers?

There are a lot of screening tools on the market with varying degrees of accuracy in predicting future job performance. The goal, obviously, is to achieve the highest possible accuracy at a reasonable cost.

Science clearly proves that objective tools deliver significantly higher accuracy than subjective ones.  Unfortunately, the most commonly used hiring tools today are also the most subjective.

The traditional job interview is the most common screening method. By design, an interview introduces the element of human judgment, and with that comes increased potential for bias and error. Even seasoned interviewers can make errors in judgment due to first impressions, appearance, fatigue, interruptions, etc. That means that the outcome of an interview may depend more on the effectiveness of the interviewer than the qualifications of the candidate. Options are available to increase the accuracy of interviews, yet they will never be entirely objective.

Self-report surveys and tests are also a concern. Motivated to get the job, candidates may inflate their answers or even ‘fake’ responses to better match perceived job requirements. To counter this, test vendors often include additional questions to verify the honesty of a candidate’s answers. The very inclusion of these questions underscores the fact that candidates can, and often do, fake their answers.

Clearly, the most objective and accurate methods of predicting top performers are the ones that require applicants to perform actual job tasks. For instance, if you were hiring racecar drivers, would you rather use a written survey or a road test? If you want to pinpoint top performers, let candidates ‘test drive’ the job and prove they have what it takes to succeed. 

Categories: Education & Training, Employment & Staffing, Human Resources
Posted by Mr. Dean Borland, SCMS, CUDE, VP Product Development, Credit Union Resources, Inc on 3/23/2015

Credit unions have been issuing plastic cards for four decades. EMV is a new twist, but cards are old news compared to some other “happenings” in payments. Mobility is the current buzz, and the mobile wallet may be poised to move from a curiosity to a mainstream contender in the consumer payments environment. No, cards are not going away, just like checks have not gone away. But, mobile payments are coming…

Mobile Payments / Mobile Wallet –Starbuck’s mobile payments success among youthful and youth-minded people who drive BMWs and drink expensive  coffee notwithstanding, mobile wallets were going nowhere until the September 12, 2014 pre-order release of Apple’s iPhone 6 and the October 20, 2014 release of Apple Pay. The numbers are staggering. Apple sold 10 million iPhone 6 devices in the first three days after the release. By mid-November, that number had doubled. In the roughly 30-days following the Apple Pay release, over 1 million consumers and over 500 financial institutions (72% of which were credit unions) had signed up.

What is so special about Apple Pay? Until Apple Pay, consumers had been wary of mobile payments because of security concerns. Apple Pay addressed security with a two-prong approach, biometric identification and device-specific tokenization. Without your thumb and your phone, a payment is not possible (more about tokens a bit later).

Apple holds a minority (40%) share of the mobile market (Android and Windows-based devices hold the remaining 60%) but Apple Pay may be a disruptive force in the acceptance of mobile payments, raising consumer confidence about security.

Should your credit union enroll in Apple Pay? Almost 400 U.S. credit unions seem to think so. Apple Pay is only available on iPhone 6 and current generation iPads (for online purchases only) because they are the only iPhones equipped with NFC chips, but the new release has certainly created a lot of press. How many of your members carry iPhones? How many will get a new phone in the next two years? If your members get a NFC capable phone and your credit union is not in the wallet, who will they choose as their FI? What will be the cost of NOT signing up for Apple Pay?

And, Apple Pay is not the only game in town. What about the 60% of consumers who prefer Android or Windows devices? Is your credit union going to be positioned to serve all of the options? Many pundits believe you should.

The cost of going mobile will likely be high. Your dilemma, “Will the cost of NOT going mobile eventually be higher than the cost of going mobile?”

Next, we look at tokenization… (to be continued)

Categories: Strategic Planning & Consulting
Posted by Mr. Bob Rehm, CUDE, VP Sales and Service, Credit Union Resources, Inc on 3/20/2015

You probably are a member of various associations that exist to represent you and to serve your interests. In some cases, your groups will use information you have provided as a way to target various messages that would be of more interest to you.  The idea is that you benefit from a more personalized experience when they know a little bit about you and the roles you perform.

At Resources, we represent many different aspects of running a credit union – from operations, to staffing, to strategic planning, to board governance, etc.  It’s good if we know what your role is at the credit union – operations, lending, IT, volunteer, etc.  In terms of communications, you can help us target the messages that we send to you by fine tuning your profile.  And updating your profile is fast and easy.  The result? – we send you words that you want to read and fewer messages that are of less interest to you.

Here’s how to update your profile:

  • Log on to the Cornerstone web site and go to your profile.
  • Take a minute to review the information there.
  • Review your choice on Primary Job Area
  • On the next page, review areas of Interest.
  • Click Save

There.  You did it!  We will use this updated information about you to provide you with information about the services and features offered by the League and Resources.  In summary, we believe it helps us enhance your membership experience and provide you with more relevant information.

Thank you for taking the time to help us better serve you!

Categories: Sales & Service
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