STOCKHOLM, Sweden–In a country where unemployment is typically below 3% and competition for talent is fierce, on credit union moment has turned to a shared worker/shared service model to help fill the personnel gaps.
Raena Leang, cooperative relations and solutions partner with the Singapore National Cooperative Federation, shared with the World Credit Union Conference here what it has done in response to being “under siege for talent.”
“Cooperatives don’t just need skills, we need people who are WAR: Willing, Able and Ready to tackle challenges,” she said.
The 3F and 3S Approach
The Singapore Federation’s response has been what it calls its 3F and 3S approach.
“Essentially, 3F is the internal talent attraction and development approach,” Leang said. “With 3S we get higher quality talent by sharing resources. In order for 3S to work, 3F has to work.”
3S Approach
Leang said the strategy with 3S is:
- Higher Quality Talent Through Talent Cost-Sharing. This allows access to top talent part-time, instead of settling for less full time
- Stronger Together: “We become stronger as a sector through secondment of talent from a more established cooperative to another.”
- Talent Growth: Create growth opportunities for talent through greater exposure.
Credit unions are not fighting one another, which is key, according to Leang. “We have a collective shared purpose, mutual trust, and aligned vision that sets us apart from others, which we must leverage,” she explained. “The condition for success is we are like-minded partners.”
Three Keys for Success
According to Leang, the keys to making this work include:
- Feasible Proposal for Talent, including autonomy and flexible hours with outcome-based metrics; secondment allowance to balance demands; interesting portfolio of work
- Formulate a Work Plan with a partner organization, including cost-sharing formula and resolution of conflicts of interest
- Conduct Formal Check-ins every six months with all parties.
Sharing Across
Why does the “sharing across” model make sense? According to Leang:
- Cross-Sector Impact: Brings influence into adjacent sectors for greater synergies
- Talent Pursuit of Purpose. Talents desire meaningful work. Security in one role, purpose in another
- Talent Growth. Creates growth opportunities for talent through greater exposure.
The condition for success, according to Leang, require that “organizations must see shared roles as a strategy to empower and retain purpose-driven talent.”
Rationale for Shared Services
Why do shared services make sense? Leang cited two reasons:
- Internal Involvement Unessential. It frees up internal resources by engaging professional firms for executive functions
- Wide Varity of Potential Outsource Areas: HR, Legal, IT, PR are some examples of outsourcing.
The condition for success here, said Leang, is supportive existing staff. “Staff and management must be willing to work with vendors,” said Leang
Leang added that Singapore’s credit unions are also working to leverage AI to help address the strains on finding and retaining talent.
