Preparing for new leadership is crucial for credit unions
If you are like most credit unions, you know several years in advance that your CEO is going to retire. Have you considered that replacing him or her might be a difficult task?
There is a drain on the talent pool right now as 80 million baby boomers reach retirement age, so there is going to be intense competition for people with leadership skills. In other words, there is going to be a shortage of CEOs.
Developing your organization’s future leaders
By 2016, 60 percent of the CEOs will be retiring and the supply of leadership candidates will not meet the demand. How will you find qualified people to run your company?
Comprehensive succession and business transition planning
How do you make sure your credit union has the leadership it needs to move forward? Our leadership development professionals can help you with comprehensive succession planning services.
The business transition planning process will begin by making sure current credit union leaders and board members agree on the credit union’s mission, vision, and strategic plan. The strategic succession plan sets the tone, because you will need to be preparing people to implement the plan.
The next step in succession planning is to assess the current staff and determine if there are members who could be ready for the leadership opportunities. Because our leadership development professionals can rely on colleagues who are experts at personnel assessment they can help you answer that question.
Promoting from within has advantages
If it is decided that you have the necessary talent within your credit union, we can help you begin to groom the individuals for advancement. Growing leaders within an organization has advantages because they have institutional knowledge and understand the “organizational” culture.
If you find that you don’t have the talent to promote within or if the credit union’s strategy calls for major change, you’ll have to look outside. Also remember it is good to keep your options open. Have several possible candidates and prepare them all for leadership.
Protect the transition against fallout
As part of the business transition and succession planning process, our leadership development professionals can also create mechanisms that will make it attractive for executives to stay and help with the transition. This will protect you from the scenario where the CEO retires and his executive committee quickly follows.
Our leadership development professionals will also help you revisit your succession plan. A good succession plan has to be dynamic and change to reflect current strategy and staffing.