Guest post written by Michael Sessions, Senior Vice President, DDJ Myers
Someone recently said to me: “Recruiting board members? I thought recruiting is what boards did when they looked for a CEO. I had never thought about finding new board members as ‘recruiting.’” But boards are responsible for more than filling the CEO position — they are responsible for finding and training new board members.
Board succession planning is a process that requires intention, attention and effort. It’s about putting systems in place to ensure that the right people are in the right place at the right time. It means aligning the strategic and governance needs of the board with the talent required to carry out those needs. This is the duty of the board, not staff or management.
It’s not enough to find good people. Board members must be educated so that they understand the credit union, policy and governance before they begin voting. The transition should appear seamless and not disrupt the credit union or board’s function. This requires forethought and planning to ensure that recruitment and new member orientation policies remain active.
Originally posted on CUInsight.com
I like to say that one of a visionary leader’s most important functions is seeing over the horizon and recognizing opportunities and threats before anyone else does, and then shaping the strategy and tactics of the organization accordingly.
So for our year-end blog post I asked our Preferred Partners to tell us what they see coming over the horizon, from their perspective, that credit union executives need to be focused on and/or prepared for as we head into 2013. Looking back a year, I see some common themes—revenue issues, economic uncertainty, regulatory uncertainty, and political uncertainty. From that perspective, not much has changed as we look forward to 2013. Here is what a few of them said:
Category: Growth & Retention
, Management & Operations
, NAFCU Services
, Other Fun Stuff
, credit union
, financial planning
Credit unions are member-focused and excel at being more responsive than banks, right? Commitment to service is a critical attribute of the credit union brand, and represents a key differentiator versus banks. Not so fast-at least when it comes to indirect lending programs. A recent survey of auto dealers from Automotive News showed that credit unions are the slowest in responding to lending inquiries.
Who did the survey show is the fastest to respond to indirect lending inquiries among the financial institutions? All banks-Ally, Chase, and Capital One. While you might argue that their national brands and national footprint garnered them enough responses to rank as the top three, this is not the only nugget gleaned from this survey.
When asked who were the slowest, credit unions were specifically cited by 26% of the respondents as being slow to respond. For those of you ‘glass-is-half-full’ readers, yes, this does mean that 74% did not specifically cite credit unions as slow. But when viewed in conjunction with the fact that credit unions were not singled out anywhere on the ‘fastest’ list, it is at least cause for a renewed focus.
Originally published on CUinsight.com.
Lots of people find strategy discussions the most difficult part of planning – when you get deep into the weeds, it can be hard to tell the difference between a strategy, a tactic, a mission, a goal and an objective, and where exactly is the dividing line between short-, medium- and long-term anyway?
If strategy is hard, then developing and implementing a high performance corporate culture that is aligned with your strategy and will deliver on all of its promise is like climbing Mt. Everest. Getting culture right – right for you, right for your employees, right for your members – makes a huge difference in your ability to execute to plan.
Culture and high-performing workplaces are top-of-mind this week because I came across a fascinating presentation on the role culture plays at Netflix in ‘achieving excellence’ — if you have not seen it yet I highly recommend it (available on Slideshare – download requires a free registration).
Guest post written by Chris Burns-Fazzi, Principal, Burns-Fazzi, Brock
For many industries, gender equity has been a topic of discussion. Have you ever wondered how men and women compare as credit union executives and the compensation they receive? We did too.
The NAFCU Annual Conference coming up at the end of July in Nashvillewill feature a Women’s Leadership Summit, with a number of timely topics, including an initial look at how men and women credit union executives compare in regards to compensation and their presence in top executive positions.
A bit of background – for five years now, Burns-Fazzi, Brock (the NAFCU Services Preferred Partner for Executive Compensation and Benefits) has underwritten the annual NAFCU-BFB Survey of Federal Credit Union Executive Benefits & Compensation. Conducted by an independent firm, Clark and Chase Research, there is no cost to participate, and the results are shared with participants as well as each year at the NAFCU Annual Conference. This year, we compared the survey results by gender.
We’ll go through the analysis in much greater detail at the conference, but some highlights — Read more