Consumers are switching to credit unions and community banks in record numbers, and this past weekend, "Bank Transfer Day" had some financial institutions jammed full of new customers.
For
Affinity Plus Federal Credit Union, that means plenty of hiring to keep up with demand.
President and CEO Kyle Markland notes that the credit union has been adding about 2,000 members per month, which is double the amount they saw a year ago. About 80 percent of those members have been referred by existing members, but they're also seeing an uptick in interest thanks to their "ditch your bank" campaign.
"We've been very public about letting the general population know that there's an alternative to large banks," he says. "Our members see the value in the type of service that we provide, and I think more and more people are looking for that level of service."
Affinity currently has 356 employees, but that number is likely to increase as the credit union sees an increase in transaction volume, Markland notes. He says that in the last five years, members have been depending on the credit union for more of their banking needs, such as loans.
Because of the growth rate, Affinity is likely to add another 100 employees over the next 12 to 18 months. Just in the past two weeks, they've brought on almost 20.
That level of hiring is likely to be tricky, Markland says, because the credit union is very particular about who joins their team. Employees have to be motivated by an environment where they're empowered to make decisions, he says, and can fit in with Affinity's service-oriented culture.
"It all comes down to finding good people who want to work with other good people," says Markland.
Source: Kyle Markland, Affinity Plus Federal Credit Union
Writer: Elizabeth Millard