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.
your next generation of leaders
This year, 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. We encourage being proactive in developing top talent.
This process begins with making sure current credit union leaders and board members agree on the credit union’s mission, vision, and strategic plan. The strategic plan sets the tone, because you need to be prepare leaders to implement the plan.
The next step in succession planning is to assess the current staff and determine if there are individuals who could be developed for future leadership opportunities. Because our leadership development professionals can rely on colleagues who are experts at personnel assessment they can help you answer that question. It is often helpful for organizations to conduct talent roundtables where current leaders discuss emerging leaders who demonstrate promise for future roles.
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.
Retaining top talent
Key to the success of retaining top talent is providing development and career progression opportunities. Our team can assist in creating customized leadership development plans which engage both emerging leaders and their supervisors. “Stretch assignments” are one tool to accelerate the development of emerging leaders and ensuring that your organization has a pipeline of talent in your organization to meet future leadership needs.
Our talent and organizational development team will also help you revisit your succession plan. A good succession plan is dynamic and changes to reflect current strategy and staffing.