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The Achiever NewsletterA Real Millennium ChallengeDo you really know how much it costs when your credit union hires a new employee? Participants at the recent Ohio Credit Union League Advanced Teller Supervisor School in Columbus seemed both shocked and fascinated by one particular experience during the two-day series. Although we addressed many challenging content areas to help these dedicated attendees enhance their leadership skills, the in-depth exercise examining the true cost of an employee turnover was a head-turner. Using a four-page questionnaire designed to examine the actual expenses in a number of areas, participants then estimated each cost at their own credit unions. After a group average was developed, each person multiplied that figure by the number of "turns" he or she experienced in the past year. The results were mind-boggling! The discussion then turned to why more credit unions don’t recognize the obvious value of investing time and dollars in the much needed area of training. It also convinced many participants that it is critical to concentrate more effort in areas such as job descriptions, expectations, cross-training and feedback. One compelling question emerged: "Can we afford not to continuously train our staff?" As we face challenges such as banking competition, Year 2000, technology enhancements, government regulations and vigilante consumers, training appears to be an area which certainly warrants discussion by board members, management at every level, and all front-line staff members. Attendees returned home with this valuable measurement tool to apply it with greater accuracy with their own leadership. If you would like to view this tool in detail, please visit our page with this tool. This practical, informative tool is certainly of great importance to every credit union as we approach the new millennium. Publication Date: Spring 1999
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