Your Credit Union’s Strategic Plan Success: 5 Best Practices 

By Peter Myers, MSC, PCC, Senior Vice President, DDJ Myers

DDJ Myers speaks to hundreds of credit unions every year. This helped inform us that with the ever-changing industry dynamics facing boards and executive teams, credit unions require a reinvigorated approach to formulating and executing their strategic plans. Board members and management are asking for the same progress in the dialogue during the strategic planning session. 

We have carefully listened to the challenges that face credit union leadership and boards and constructed five best practices to implement right away for a more successful strategic planning process. 

  1. Educate your board ahead of time 
  2. Understand the competitive landscape and the market holistically
  3. Outline your membership demographics and define your target membership
  4. Map out your credit union’s cultural variables by examining your executive team’s decision-making process and your staff’s strengths 
  5. Define your credit union’s capacity for change and risk tolerance 

It is critical to the health of your credit union to have more robust discussions that focus on the bigger picture, are less tactical, and more inclusionary with your board. These dialogues should also conclude with clearly defining measures of success. To produce meaningful change in the strategic planning process it is necessary to integrate a structured roadmap. This is a common missing element in the efforts of most credit unions.

For more information about the missing elements and best practices in strategic planning, specifically for credit unions, listen to Peter’s podcast series with Paul Timm, VP of Marketing for NAFCU Services. 

The Missing Elements in Strategic Planning – Part 1 

The Missing Elements in Strategic Planning – Part 2 

DDJ is the NAFCU Services Preferred Partner for Leadership Training, Executive Search and Recruitment Services. More educational content and information is available at www.nafcu.org/DDJMyers

Invest in Your Emerging Leaders

By: Peter Myers, Senior Vice President, DDJ Myers. 

The landscape the credit union industry navigates in is changing every day. As we all know, some of the changes are easily anticipated while others are more difficult to predict. One of the most common, yet largely unaddressed, challenges the industry will go through over the next decade is the mass retirement of C-level talent.

There are 10,000 baby boomers reaching retirement age every day in our country, and our industry is not immune to this phenomenon. Boards and CEOs are waking up to the reality that succession planning can no longer be considered a single hiring decision when retirement is announced. Implementing a strategic succession plan includes mapping the long-term talent needs of the organization.

Succession determination by tenure cannot be credit unions’ practiced strategy any longer.

Development of the next generation of leaders and establishing a leadership program plays an integral part of strategic succession planning and talent management strategy for credit unions.

Leadership development programs accelerate the readiness of the next generation of executives and high-performing teams.

The advancement of mid-management’s strategic orientation and tactical execution has to match, if not advance beyond, your current executives’ capabilities.

In addition to individual development, focusing on leadership advancement and the skills needed to be a great leader dramatically increases the quality of communication throughout the organization and coordination within and across teams.

This in turn, builds a common framework, language, and bond that will be utilized for decades to come.

ddj podcastInvesting in the leadership development of your credit union staff produces more leaders who have a greater focus and strategic vision for the success of your credit union long into the future.

For more information about how your credit union can start investing in your emerging leaders, and why it is imperative that you do so now, listen to the full podcast here: It’s Critical to Invest in Your Emerging Leaders Today.

Click here to learn more about DDJ Myers’ Emerging Leaders Program (a recipient of the 2013 NAFCU Services Innovation Award).


ddjmyerslogoDDJ Myers is the NAFCU Services Preferred Partner for Leadership Training, Executive Search and Recruitment Services.

More educational material and contact information can be found at www.nafcu.org/DDJMyers.