Carl Clark, MBA, CUDE, CDR’s Post

"The best #successionplans involve a well-developed internal successor." ..#Boards must be cognizant of the competition in the credit union industry for CEO-level talent. ..If you don't compensate your candidate, it may be a loss of that executive to a competing credit union... For expert insights on anticipating CEO departures, nurturing internal talent, and ensuring smooth transitions, check out our latest article written by Bernie Winne ➡ https://lnkd.in/d_9vH9GA

How can we promote staff development in credit unions? This recent The article shares the benefits  of offering professional development opportunities to credit union staff, which is spot-on, and here are a few thoughts that resonated with me: 1. Attracting and Retaining Talent: Recruitment and retention are top challenges, and professional development can be a game-changer. Offering growth opportunities sets credit unions apart and keeps motivated employees engaged and loyal. 2. Future-Proofing Through Learning: The financial landscape is evolving rapidly with technological advancements. Bridging the skills gap through professional development ensures our teams stay competent, confident, and aligned with member expectations. 3. Culture and Succession Planning: Professional development isn't just about job performance—it's about nurturing a strong credit union culture and preparing future leaders. Smooth transitions and minimal disruptions are key to sustained success. Encouraging knowledge sharing, implementing mentorship programs, and embracing innovative learning approaches are steps in the right direction. Let's invest in our people today for a brighter, more resilient credit union tomorrow. #CreditUnionInsights #CreditUnionLeadership #Leadership

Struggling with hiring the right fit at your credit union? We can help! Our extensive network will help you find the right people for your credit union, from branch managers to board of directors and everything in between. 🙌 Check out some of our recent placements! #executivesearch #asgteam #creditunions

Existing as a research organization for the credit union industry over the past 35 years means that Filene has studied many challenging financial environments and provided credit unions guidance and innovations for how to manage levers to drive performance throughout them -- from the collapse of the dot-com bubble in the late 1990s, to the subprime mortgage crisis and U.S. housing bubble burst in the 2000s to the more recent economic effects of the pandemic. Filene's Center of Excellence for Diversity, Equity and Inclusion, launched in early 2020 and led by Fellow Quinetta Roberson has been instrumental in guiding credit unions through challenging shifts in organizational culture, and insights on belonging and inclusion that have proven to drive business goals, support team members, and increase firm performance. We now share a new research brief expanding on Filene’s previous report on Employee Resource Groups from the employee perspective. By combining insights from both credit union leaders and employees, we offer practical strategies for enhancing the value and effectiveness of your ERGs through the business of belonging. One key credit union implication from the research is that when ERGs are well-aligned, they not only provide support, community, and professional development opportunities for their members, but they also contribute directly to organizational effectiveness and performance. With support from Rebecca Mitchell, PhD and Caitlin Q. Briggs, the full brief is now available for Filene members at: https://lnkd.in/edt5U-7d #35YearsofFilene

Your legacy organizational structure is not serving the credit union, your members, or your strategic objectives. Now is the time to consider an alternative organization that will align the work with the structure... Read more here: https://lnkd.in/g86rME7s

/🌟 Exciting News Alert! 🌟 Did you know that Diversity, Equity, and Inclusion (DEI) practices can have a significant impact on employee retention rates within credit unions? 🏦 Let's dive in and explore how DEI is transforming the workplace! 💪 🌈 DEI ensures that everyone feels valued, respected, and included, regardless of their background or identity. By fostering a supportive and inclusive environment, credit unions can attract and retain a diverse range of talented individuals. 🙌 🚀 When employees feel like they can bring their whole selves to work, they become more engaged and motivated, leading to increased productivity and job satisfaction. 💼 DEI initiatives promote open communication, teamwork, and collaboration, creating a positive work culture that everyone can thrive in. 🌟 💡 Did you know that credit unions that prioritize DEI have reported higher employee retention rates? 📈 By embracing diversity, credit unions can tap into a wider talent pool, bringing in fresh perspectives and innovative ideas. This not only benefits the organization but also enriches the experiences of employees and members alike! 👥 ✨ At [Your Credit Union], we're committed to cultivating a diverse and inclusive workplace. We celebrate our employees' unique backgrounds, experiences, and talents. Together, we build a stronger, more united credit union that truly reflects the communities we serve. 🌍 🌟 Join us on this incredible journey towards DEI excellence! If you're passionate about making a difference, thriving in an inclusive environment, and contributing to the financial well-being of individuals and communities, we want to hear from you! 💌 🙌 Together, let's create a credit union that embraces diversity, champions equity, and fosters inclusivity. Because when we stand united, we can achieve greatness! 💫 #DEI #InclusionMatters #BuildingStrongerCommunities #JoinOurTeam

In today's dynamic credit union landscape, DEI serves as not just principles but as vital pillars, underpinning organizational success, community resonance, and ethical responsibility. DEI is crucial in the credit union industry for several reasons: 1. Representation: Credit unions serve diverse communities, and having a diverse staff that reflects the membership base helps understand and meet the unique needs of different demographic groups. 2. Innovation: Diversity of thought leads to innovation. When people from different backgrounds, experiences, and perspectives come together, they bring a variety of ideas and approaches to problem-solving, which can lead to more innovative products, services, and strategies. 3. Market competitiveness: In an increasingly diverse marketplace, organizations that prioritize DEI are better positioned to attract and retain customers from various backgrounds. This can enhance market competitiveness and increase market share. 4. Employee engagement and retention: Employees are more likely to feel valued and engaged when they see themselves represented and included in the workplace. This, in turn, can lead to higher levels of job satisfaction, productivity, and employee retention. 5. Risk management: Lack of diversity can lead to blind spots in decision-making processes and increase the risk of groupthink. Embracing diversity and inclusion can help mitigate these risks by promoting broader perspectives and more thorough risk assessments. 6. Social responsibility: Credit unions often have a strong focus on community development and social responsibility. Prioritizing DEI aligns with these values by promoting fairness, equity, and social justice within the organization and the communities they serve. Overall, DEI is essential in the credit union industry to foster a culture of inclusivity, drive innovation, enhance competitiveness, and fulfill the social mission of serving diverse communities. #CreditUnions #DEI #CUYP

Picked up several thought-provoking tidbits from this piece. "First and foremost, you have to focus on growing. We’re in a competitive environment where everything is commoditized, so your focus needs to be on how you better serve your members. You have to invest in the technology your current members want and your future members will demand. And you’ve got to be smart about it, with a good strategy and plan behind everything you do." - B. Dan Berger I can't speak to all aspects of running a credit union, but I do know wealth management inside CUs. Study after study tells us that consumers trust credit unions more than almost any other type of financial institution. Placing a higher priority on your credit union's wealth management platform has proven to be one way to better serve CU members' needs that helps grow all lines of business inside the CU. If you run a credit union without an internally controlled wealth management platform, you are at a significant competitive disadvantage. Reach out if you want to learn more about how Compass Consulting can help with that. #compassconsulting #compassinsights #wealthmanagement #communitybanking #creditunions #responsibleinvesting https://lnkd.in/d8u47bJG

🤝💼 The Impact of Teamwork in Credit Unions! Teamwork is the cornerstone of success in any organization, and credit unions are no exception. Here's why fostering a culture of teamwork internally can drive growth and member satisfaction across all credit unions: 🌱 Innovation through Collaboration: When credit union teams collaborate, they bring together diverse perspectives and ideas. This collaboration fosters innovation, leading to the development of creative solutions and offerings that better serve members' evolving needs. 🔗 Building Stronger Bonds: Working together strengthens internal relationships and fosters a culture of trust and support. Strong internal bonds facilitate effective communication, coordination, and problem-solving, ultimately enhancing the credit union's ability to serve its members. 🚀 Boosting Operational Efficiency: Teamwork streamlines processes and enhances operational efficiency within credit unions. By working together cohesively, teams can optimize workflows, minimize redundancies, and maximize productivity, ensuring that members receive exceptional service efficiently. 📈 Driving Collective Growth: Collaboration accelerates the growth of credit unions. By aligning goals, leveraging collective strengths, and pooling resources, credit unions can seize new opportunities, expand their membership base, and achieve sustainable growth that benefits all stakeholders. 💼 Enhancing Member Experience: Ultimately, teamwork translates into enhanced member satisfaction. By working together to deliver seamless, personalized experiences, credit unions can exceed members' expectations, foster loyalty, and build lasting relationships that drive long-term success. As we continue to champion teamwork within our credit unions, let's harness its power to drive growth, innovation, and member satisfaction across the industry. #CreditUnions #Teamwork #Collaboration #Infonancial_Solutions

How to attract & retain top talent in Insolvency & Restructuring 💡 In this snippet below, Chris Stark highlights some of the key takeaways for hiring managers taken from our H1 2024 Insolvency Market trends report. This includes: - Keeping up to date with current salary trends and making sure you're remaining competitive. - Thinking about how bonuses can be used to attract and retain staff. - Thinking about how you're creating the next generation of Insolvency practitioners. Keeping on top of these factors will enable you to attract top talent and retain the best performers in the Insolvency & Restructuring industry. 👉 Download the full report here: https://bit.ly/442WHOm 👉 Watch the webinar: https://bit.ly/3w67hYm #Insolvency #SalaryTrends #RetentionStrategies