Invest in Your Emerging Leaders
By: Peter Myers, Senior Vice President, DDJ Myers
The landscape the credit union industry navigates in is changing every day. As we all know, some of the changes are easily anticipated while others are more difficult to predict. One of the most common, yet largely unaddressed, challenges the industry will go through over the next decade is the mass retirement of C-level talent.
There are 10,000 baby boomers reaching retirement age every day in our country, and our industry is not immune to this phenomenon. Boards and CEOs are waking up to the reality that succession planning can no longer be considered a single hiring decision when retirement is announced. Implementing a strategic succession plan includes mapping the long-term talent needs of the organization.
Succession determination by tenure cannot be credit unions' practiced strategy any longer.
Development of the next generation of leaders and establishing a leadership program plays an integral part of strategic succession planning and talent management strategy for credit unions.
Leadership development programs accelerate the readiness of the next generation of executives and high-performing teams.
The advancement of mid-management's strategic orientation and tactical execution has to match, if not advance beyond, your current executives' capabilities.
In addition to individual development, focusing on leadership advancement and the skills needed to be a great leader dramatically increases the quality of communication throughout the organization and coordination within and across teams.
This, in turn, builds a common framework, language, and bond that will be utilized for decades to come.
For more information about how your credit union can start investing in your emerging leaders, and why it is imperative that you do so now, listen to the full podcast here: It's Critical to Invest in Your Emerging Leaders Today.
Click here to learn more about DDJ Myers' Emerging Leaders Program (a recipient of the 2013 NAFCU Services Innovation Award).
DDJ Myers is the NAFCU Services Preferred Partner for Leadership Training, Executive Search and Recruitment Services. More educational material and contact information can be found at www.nafcu.org/DDJMyers.