MINDING THE GAP. Navigating the Financial Staffing Crisis in Credit Unions
- CRCFO
- Dec 2
- 2 min read
by Tim Smith, CPA
Credit Union Practice Leader
You know the drill. Another finance person leaves, or a new position opens due to growth initiatives, and the qualified candidates simply aren't there. Or the CFO's retirement is looming, but the succession plan was not optimal. What started as a hiring headache has become a fundamental challenge to how credit unions operate and manage the gap in financial expertise. According to Gartner, 83% of senior leaders report an accounting talent shortage¹. And that number can feel conservative if you are the leader trying to fill critical finance positions while maintaining regulatory compliance, ensuring accurate and timely financial statements and providing strategic oversight.
The real cost isn't just the months of searching, the onboarding, and the recruiting costs. It's what happens when your team is stretched too thin. Burnout becomes the norm, not the exception. Mistakes increase. Deadlines become huge hurdles. For credit unions, errors aren't just numbers on a spreadsheet. They're compliance risks and potential hits to member and leadership confidence. Add to that CUNA's finding that 46% of credit unions are dealing with persistent staffing shortages², and you've got a problem that won't solve itself. The wave of retiring CFOs is making it worse, taking decades of institutional memory with them.
FRACTIONAL CFOs OFFER AN ALTERNATIVE
Fractional CFOs offer an alternative resource with executive-level financial expertise without the six-month search or the full-time salary commitment. The advantages are realistic and practical:
You get strategic help now: Whether it's audit season, upcoming compliance deadlines, or strategic planning of new member initiatives, experienced CFOs can step in when you need them most
The investment scales with your credit union's needs: Ramp up outsourced financial support during critical periods, scale back when things stabilize
Your team gets stronger: A good fractional CFO mentors your existing staff, building internal capabilities instead of creating dependency
You benefit from years of industry expertise.
READY TO SCALE SMARTLY?
If your credit union is struggling with finance talent gaps, we can help. Charles River CFO has helped credit unions like yours navigate exactly this challenge. Connect with us to have a real conversation about what fractional or outsourced CFO support could look like for your institution. No pitch, just practical options for the leadership you need right now. Get in touch with us to schedule a consultation.
References:
Gartner Research, "83% of Senior Leaders Report Accounting Talent Shortage" (2024)
Credit Union National Association (CUNA), Credit Union Staffing and Turnover Report (2024)
