Why a participative strategy will make you stronger as a leader and learner
March proved to be an exceptionally busy month for the financial services industry and credit union leaders everywhere. Typically, a busy month comes with opportunities to rethink strategies for work processes, communication, or even leadership styles.
It’s easy to get stuck trying to build a strategy solo, but a recent Harvard Business Review article underscores the importance of participation and collaboration with others who may have a different way of thinking.
There may be barriers to enlisting this approach and it can often be mistaken for the actual decision-making process. It’s actually quite the opposite. A participative approach can identify an unknown need and make your team more engaged.
Here are a few ways to adopt a more participative approach to strategy:
- Determine when you need participation: The strategy process is usually done in different stages. Mapping out these stages will help determine at what point you should seek input from others.
- Understand where your opportunities lie: Offering a collaborative process may lead to identifying missed opportunities or pain points. Exploring these pockets in the process can allow others to contribute potential solutions through different perspectives.
- Embrace participation: A participative approach will allow you to become more engaged and stronger as a leader within your organization. It’s also important to take on any opportunity to become a participant when others are seeking input. Your unique perspective as a leader can be extremely valuable to others.
Speaking of participation, I encourage you to take NAFCU and Gallagher’s executive compensation and benefits survey – which informs a comprehensive resource for credit unions to benchmark their own executive compensation and benefits program.
Credit unions of all asset sizes and charter types are invited to participate; the deadline to submit is today. Participants will receive a complimentary report of the survey findings, available in June.