MADISON, Wis.-Credit unions planning for 2014 should think of themselves like a sports team does, said one industry insider.
"In sports you wouldn't ever put a team on the field that's not talented enough to win, and as competitive pressures continue, credit union staffs have to be constantly evolving and developing to make sure the credit union is competitively positioned to win," said Chuck Fagan, CEO of the Credit Union Executives Society (CUES).
Beyond just putting together that team roster, CUs also need to plan for what Fagan called "bench strength."
"It's quite possible in an improved labor market that they may lose one or two individuals," he said. "The first step is to identify a high-potential employee list and say 'These are the people we identify as having a high potential to advance within the organization' and invest in them. Whether it be specific skills within the organization or broad management-type training, they need to be well balanced to develop a plan for each of those individuals."
Fagan noted that all of this applies at the board level, too-especially when it comes to building a deep bench. "You have to find out who that next generation board leader is going to be," he said.
About The Board
Fagan conceded that serving on a volunteer board of Baby Boomers may not be the most appealing prospect for Millennials or Gen Y, but suggested "having an Associate Board Member program allows that younger person to see what's entailed, and it allows the credit union to get more familiar with that individual."
The CUES leader added that younger members can be sought out based on what the institution needs. "If there's a particular technology that the board needs to understand what that future member wants, you might need to go out and find that tech professional who may be in the membership and see if there's interest there to be on the board," advised Fagan. "I think it's going to boil down not just to finding somebody willing to participate, but somebody who is position to fill a need on the board."
