The Challenge

In 2022, the Great Resignation shook industries nationwide, with organizations struggling to retain talent amid unprecedented turnover. Freedom Federal Credit Union in Baltimore, MD, was no exception, grappling with a 23.4% turnover rate, in line with the industry average. Enter Colleen Cashill, whose arrival as Senior Vice President of Organizational Development, along with an almost entirely new executive team, marked a pivotal moment. With her visionary leadership and strategic partnership with BalancedComp, Colleen reduced turnover from 23.4% in 2023 to 15.8% in 2 years, saving the credit union nearly $1.4 million in turnover costs, even according to the most conservative estimates.

 

A Commitment to Transparency

Bringing a wealth of experience from healthcare human resources, Colleen stepped into her role overseeing HR and Training with a mission to stabilize FFCU’s workforce during one of the toughest labor markets in decades. Her strategic mindset and commitment to transparency set the stage for transformative change. Discovering that this credit union was already partnered with BalancedComp,
a leading compensation consulting firm, Colleen saw an opportunity to leverage their tools to address pay inequities driving turnover.

“BalancedComp’s platform was intuitive and transparent,” Colleen noted. “It gave me the tools and methodology to build trust and clarity around pay decisions, exactly what our employees needed to trust and feel valued.”

Orchestrating Change with Precision

Colleen’s leadership played a crucial role in driving a comprehensive overhaul of the credit union’s compensation structure. Partnering with BalancedComp’s Senior Executive Consultant, Deborah Reid, they worked together to spearhead a recalibration process to establish equitable, market-aligned salary grades and ranges. Colleen ensured that every manager got interviewed and a thorough job evaluation was conducted for each position, fostering buy-in across the organization.

“Deborah was fantastic,” Colleen said. “Her work ensured transparency and gave my executive team what it needed to correct what they only previously guessed was an issue.”

Colleen’s data-driven approach culminated in a bold proposal: a $280,000 investment in market corrections that would impact 75% of Freedom Federal’s 124 total employees. Her ability to present compelling, evidence-based recommendations convinced leadership to act decisively, addressing pay disparities that had long fueled employee dissatisfaction. “Doing the recalibration enabled us to attract better-qualified candidates. We started to double the number of candidates who apply for each position.”

 

 

The Results

A Triumph Over Turnover

The results were extraordinary. Industry experts estimate turnover costs at 1.5 times an employee’s salary. Even with the most conservative of calculations, under Colleen’s guidance, Freedom Federal’s turnover plummeted from 23.5% to 15.8%. This reduction saved the institution nearly $1.4 million in recruitment, training, and productivity losses. Even more striking, the following Greatest Places to Work employee engagement survey showed no trace of compensation concerns—a remarkable shift from prior years.

Colleen’s partnership with BalancedComp provided the data and framework. However, her ability to translate insights into actionable strategies fueled by the BalancedComp data won executive trust and drove the end transformation. She bridged executive priorities with employee needs, making fair pay a cornerstone of the credit union’s culture.

Leading Through a Merger with Strategic Insight

In February 2025, when Freedom Federal Credit Union merged with a bank, Colleen relied on BalancedComp to accurately price new and restructured jobs and win the trust of the company’s new employees. She conducted in-depth interviews with all 25 new employees to assess their strengths and align salaries across both organizations. Her strategic vision led to the creation of innovative roles, such as SVP of Growth Strategies & Analytics and Director of Transformation, non-benchmarked positions that BalancedComp accurately priced with its proprietary compensable factors and deep industry knowledge.

“My payroll system has a comp model, but a module alone doesn’t earn executive buy-in,” Colleen explained. “BalancedComp’s expertise backs me up when I present to senior leaders, giving me the confidence to drive bold changes. I’m always using your tools; no other module could replace what your BC team does. And recalibration? I wouldn’t trust anyone else.”

These new roles positioned the merged organization for future growth, showcasing Colleen’s ability to blend data-driven insights with strategic foresight.

A Blueprint for Leadership in Crisis

The transformative work of the executives at Freedom Federal Credit Union demonstrates the power of combining visionary leadership with the right tools and partnerships. By leveraging BalancedComp’s expertise and her own strategic acumen, Colleen turned the challenges of the Great Resignation into a story of resilience and success. Her approach—rooted in transparency, data, and employee trust—offers a powerful model for organizations navigating turnover and change.