Why millennials love Navy Federal
- June 24, 2015
- / Carlton Proctor
- / economy
The recent announcement Navy Federal Credit Union had landed on yet another "Best Companies to Work For" list was not exactly breaking news.
The Virginia-based company, with a sprawling 300-acre, 3,200 employee service center in Pensacola, has become a regular on FORTUNE Magazine's "Best 100 Companies to Work For," since 2008.
The world's largest credit union also has been named by various business magazines and research firms as a best company to work for in Florida, Texas, Hawaii and California. The list is long and impressive.
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Navy Federal's millennials by the numbers:
— 50 percent of the population are millennials.
— 64 percent are female, 36 male.
— 32 percent are married; 68 percent are single.
— Average age is 29.
— Average salaries exceed the Pensacola metro area’s average salary of $38,558.
— Ethnic make-up is 62 percent white, 26 percent black, 6 percent Hispanic, 2 percent Asian, and 4 percent other.
— 72 percent have education beyond the high school level, with 12 percent having earned an associate's degree.
— 22 percent earned a bachelor's degree, 4 percent have some graduate work or earned a graduate degree, and 0.1 percent have a doctorate.
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But it was Navy Federal's latest honor, "Best Places to Work for Millennials," bestowed by the Center for Generational Kinetics, that stood out.
Of all the U.S. companies the research firm Generational Kinetics surveyed, Navy Federal was ranked first in the category of “large” corporations. That's especially important to a company whose millennials employees composed 44 percent of its workforce — and 38 percent of its members.
Generally, a “millennial” is defined as someone born in 1979 or later and who became an adult on or after the year 2000. Most millennials today are in their late 20s to mid-30s. They are the “young professionals” many communities talk about luring and retaining.
So, what is it about the culture and work environment that makes Navy Federal such a hotbed for young professionals? And what lessons might the answers provide for other companies trying to recruit and keep millennials?
Some millennials at the Pensacola branch of Navy Federal answer in ways that echo a common theme: They want to be challenged and want the opportunity grow and advance within the company.
Millennials place a high priority on training, job fulfillment, are looking for competitive benefits, and want a lively, eco-friendly work environment.
"A place to start, a place to grow" is Navy Federal's recruitment slogan, and that has become especially appealing to Millennials looking to advance their careers.
"I would say that people in my age group are looking to build a career, they're looking for longevity and looking career growth," said Shannon Dale, 30, acting assistant manager for NFCU's Pensacola Consumer Lending Operations. "And all those opportunities are here for me at Navy Federal."
In praise of feedback
Thirty-year-old Jennifer Hall, a manager in the card fraud prevention security division, said her peers are "a lot more motivated and very hard working.
[caption id="attachment_24741" align="aligncenter" width="850"]
From left, Justin Ford, Jennifer Hall, Shannon Dale, and Micah Hinek at Navy Federal in Beulah. Michael Spooneybarger/ Pensacola Today[/caption]
"They want to learn as much as possible in their current job, but they want opportunities to move to other departments to build up their knowledge base," said Hall. "Having many more opportunities to build up your knowledge base is much more fulfilling than staying on in one particular job."
Hall should know. She's been with Navy Federal for six years and been promoted five times.
"Navy Federal's training programs are amazing," she said. "They make you feel that you're an important part of the company, that you're an asset."
Justin Ford, 26, an accountant with Navy Federal, said his generation is populated with a lot of "go-getters" who want challenges and opportunities for future professional development.
"There's none of this 'I'll put in my 10 years and eventually I'll get the promotion,'" Ford said. "There are a lot of people here at Navy Federal who say, 'I'm here. I'm ready to get this done, develop my career and become the professional I want to be."
Training Instructor Micah Hinck, 27, said his generation thrives on consistent and instructive feedback.
Navy Federal, he says, gives plenty of it.
"My generation likes to be challenged, and given the opportunity to grow as a result of those challenges," he said. "That's what Navy Federal offers you, and they really foster that kind of culture.
"I have a job that allows me to grow, not only in my professional life, but also in my personal growth as well,” Hinck says. “This is an awesome place to work, a place that makes you feel appreciated, and rewarded."
Work-life balance
While opportunities for advancement, professional and personal growth are important to millennials, day-to-day job satisfaction and working environment is also high on the list.
"The greatest satisfaction I have at Navy Federal is seeing the development of our employees, and being part of that process of improvement, helping to make our employees better at what they do," said Dale.
[caption id="attachment_9315" align="aligncenter" width="850"]
Work is underway at the Navy Federal Credit Union in Beulah in November. The credit union will create 5,000 jobs with a $350 million capital investment at its Beulah campus. Michael Spooneybarger/ Pensacola Today[/caption]
Navy Federal's 300-acre, five-building campus, soon to be much larger upon completion of a $250 million expansion, is also a big plus for millennials.
"It's not a big, corporate, busybody kind of situation here," said Ford. "Yes, you have a big campus, but a lot of it is dedicated to a nature preserve. We've got a lot of recreation and social activities, and you're encouraged to participate in them."
Hinck continues to be impressed by the "friendliness of the people here."
And Hall said it's no wonder she is being constantly asked by friends and others about how to get hired on at Navy Federal.
"It's funny, sometimes I feel like I'm a walking advertisement for Navy Federal here in Pensacola," she said. "I love being part of this company, and I want everyone to have the opportunity to experience what I'm experiencing."
From left, Justin Ford, Jennifer Hall, Shannon Dale, and Micah Hinek at Navy Federal in Beulah. Michael Spooneybarger/ Pensacola Today[/caption]
"They want to learn as much as possible in their current job, but they want opportunities to move to other departments to build up their knowledge base," said Hall. "Having many more opportunities to build up your knowledge base is much more fulfilling than staying on in one particular job."
Hall should know. She's been with Navy Federal for six years and been promoted five times.
"Navy Federal's training programs are amazing," she said. "They make you feel that you're an important part of the company, that you're an asset."
Justin Ford, 26, an accountant with Navy Federal, said his generation is populated with a lot of "go-getters" who want challenges and opportunities for future professional development.
"There's none of this 'I'll put in my 10 years and eventually I'll get the promotion,'" Ford said. "There are a lot of people here at Navy Federal who say, 'I'm here. I'm ready to get this done, develop my career and become the professional I want to be."
Training Instructor Micah Hinck, 27, said his generation thrives on consistent and instructive feedback.
Navy Federal, he says, gives plenty of it.
"My generation likes to be challenged, and given the opportunity to grow as a result of those challenges," he said. "That's what Navy Federal offers you, and they really foster that kind of culture.
"I have a job that allows me to grow, not only in my professional life, but also in my personal growth as well,” Hinck says. “This is an awesome place to work, a place that makes you feel appreciated, and rewarded."
Work-life balance
While opportunities for advancement, professional and personal growth are important to millennials, day-to-day job satisfaction and working environment is also high on the list.
"The greatest satisfaction I have at Navy Federal is seeing the development of our employees, and being part of that process of improvement, helping to make our employees better at what they do," said Dale.
[caption id="attachment_9315" align="aligncenter" width="850"]
Work is underway at the Navy Federal Credit Union in Beulah in November. The credit union will create 5,000 jobs with a $350 million capital investment at its Beulah campus. Michael Spooneybarger/ Pensacola Today[/caption]
Navy Federal's 300-acre, five-building campus, soon to be much larger upon completion of a $250 million expansion, is also a big plus for millennials.
"It's not a big, corporate, busybody kind of situation here," said Ford. "Yes, you have a big campus, but a lot of it is dedicated to a nature preserve. We've got a lot of recreation and social activities, and you're encouraged to participate in them."
Hinck continues to be impressed by the "friendliness of the people here."
And Hall said it's no wonder she is being constantly asked by friends and others about how to get hired on at Navy Federal.
"It's funny, sometimes I feel like I'm a walking advertisement for Navy Federal here in Pensacola," she said. "I love being part of this company, and I want everyone to have the opportunity to experience what I'm experiencing."
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