According to a report released by CUNA, credit unions added a substantial number of new employees for the first time since 2008. The industry experienced a 2.9 percent increase over 2011 with the introduction of 249,399 full-time equivalent employees this year.
To reach these conclusions, CUNA pulled in sources like the NCUA financial performance reports and other reports that oversee hiring at privately insured credit unions. CUNA Chief Economist Bill Hampel said that this gain marked a return to historic norms for credit unions. Full-time equivalent employees, which combine both full and part time employees, increased by 3.3% in 2006, 3.5% in 2007 and 2.1% in 2008, as mentioned in an article by Credit Union Times. “However, full time equivalent counts decreased by -1.1% in 2009, fell by 0.4% in 2010 and recovered only slightly in 2011, with a 0.7% increase.”
In 2008, Credit Unions reported a peak figure of 244,245 full time equivalents. The nearly 250,000 from 2012 was a welcoming figure and represents the ability of credit unions to weather the recession. Hapel stated that postponing hiring was a strategy credit unions used to protect their net worth and bottom lines during the recession. Overall, employee gains means that credit union leaders are optimistic about the financial future.
If you would like more information about how credit unions work or to join the team, not only as a member but as a committed employee, contact our Valley Federal Credit Union main branch at 956.456.3108. We can get you started with a brighter financial future.