Take a deep dive into the common challenges that credit union boards face, and the cutting edge methods available to overcome them. We’re sharing the easy steps boards can take to get more aligned, stay aligned, and realign if needed. We’re also talking about ways boards can handle the tougher topics that often go unaddressed.
Nationwide, credit union boards are experiencing a similar challenge in finding the best possible talent to serve in a volunteer capacity (apparently citing the potential liability is not a great selling point!). The old method of recruiting and onboarding directors no longer works, and many boards are scrambling to fill a single position.
DDJ Myers highlights the best practices for board recruitment that will result in a pool of well-qualified and eager candidates who are ready to contribute in a fiduciary and strategic capacity.
In this discussion, we’re talking all about the competitive landscape that requires boards to operate in a strategic capacity. We’re taking a look at the critical steps on the path to reaching new levels of strategic insight, capacity, and impact as a contributing board.
We’re discussing the central characteristics in executives that have transitioned from being tactically effective to strategically impactful, and shedding light on what it takes to enact a strategic perspective to create meaningful and long-lasting change.
By Peter Myers
In our most recent post, we were encouraging boards, like the organizations they oversee, to reevaluate some of the standard practices that have always informed their business (like members no longer coming into branches). Historically, that would have been a crazy suggestion. Following suit, what are the unmentionable topics boards should discuss? We believe board composition and succession is one of them.
The Board Alignment Assessment provides an objective framework for boards to have grounded conversations about board best practices. The idea is not to score 100% on everything but to assess alignment on the variables that influence and impact board performance.
By Peter Myers
Brace yourself. Data, one of the biggest influencers of our time, has a few lessons for us that may be bitter to taste and even harder to swallow. Nonetheless, we hope the lessons stimulate your appetite for action.
A few dynamics are becoming more critically important as we reconsider processes in response to COVID-19. Something has to change drastically in the conversations regarding board composition and succession.
Everything needs to be reevaluated to construct a sustainable new normal. Some credit unions have to make the difficult choice of closing branches and furloughing staff; one CEO plainly said, “It sucks … and we’re embracing the suck.” This situation is requiring credit unions to innovate new ways of doing the basics. Some of these new practices will stick, such as metered remote workforces, and some new practices will likely not stick, halting expansion plans.
The most important singular decision a board makes is hiring the best possible CEO to fulfill the organization’s objectives. However, discovering shared priorities, normalizing the rhythm of coordination, and effectively evaluating the CEO’s ongoing performance can feel like a full-time job—especially for a volunteer board!
Best practices will be highlighted for boards to implement a performance evaluation method that is substantive in content, rigorous in evaluation, and encourages improvement and alignment on the most important priorities.
If You’re Ready To Be CEO, It Will Show, Plus A Lot More On CEO Succession For Both Boards And Candidates
What does it mean to be CEO-ready? How can candidates know when they’re ready? How can boards know a candidate is ready for the top slot?
Some key things candidates should have if they’re really ready to lead an organization include a deep understanding of cross-functional leadership, solid knowledge of the business and how to work with people; and experience with effective board governance, explains Deedee Myers, Ph.D., MSC, PCC, president/CEO of DDJ Myers Inc., a CUESolutions provider based in Phoenix.
Be sure you have planned your actions, examined your assumptions and had a conversation about potential obstacles.
Partnering with credit unions on strategic planning, we see various kinds of plans, initiatives, focuses, projects, goals, visions, missions, concentrations and implications.
By Peter Myers, Senior Vice President, DDJ Myers, Ltd.
One of the most important growth strategies a credit union can implement is a routine test of the degree of alignment within the organization. But oftentimes, this is a poorly executed or entirely missed opportunity at many institutions. The Harvard Business Review study, The New Game Plan for Strategic Planning, found that 84% of respondents ranked “management alignment” as the most important task, with only 41% saying their organization performed it well. In my last post, I addressed new approaches to alignment, and methods for measuring them. Here we’ll review two case studies on credit unions that assessed, clarified, and planned for improving their alignment.