From the editor
Good news for credit unions: The 2017 CUES Executive Compensation Survey reports that CEOs and other executives are again getting good raises. Total compensation for CEOs is up 7.8 percent over 2016.
Compare that to executives in other industries, where salary increases have hovered around 3 percent since 2011, according to WorldatWork. Curious what kind of increase is average for someone in your position? To find out, turn to p. 10 and the CUES survey.
I find it heartening to see credit union executives getting rewarded for the important and challenging work you do.
Compliance frequently tops the list of challenges for running a credit union. In “Right Fit for Regtech,” we look at how technology can be the compliance officer’s best friend.
Another perennial top challenge is auto lending. Today car buyers spend time researching online and on mobile before they ever step onto the dealer lot. Credit unions need to find a way to be part of that process. “If you can leverage your CU as part of the car-buying process and engage your members first, dealers (and other lenders) have much less control over who the consumer chooses for financing,” says Robert O’Hara, VP/strategic alliances at GrooveCar, Hauppauge, N.Y. Read more on p. 32.
If you’re like most executives, dealing with employee performance problems is likely top of the list of challenges you must face, but wish you could avoid. On p. 40, Michael Neill, CSE, president of Michael Neill & Associates, Franklin, Tenn., and CUES’ strategic partner in offering ServiStar and Vertex, suggests how to coach an employee who isn’t meeting sales goals. For example, he describes how to deflect employee excuses and offers sample conversations to help guide you through the process. His tips could work for a multitude of issues! If you have an employee performance question that you’d Mike to address, please email me (Theresa@cues.org).
Speaking of new, we recently launched a new video series called “Parting Shots” in partnership with CUBroadcast. Host Mike Lawson interviews retiring CEOs about their insights on the industry and their parting wisdom for the next generation of CU leaders. Turn to p. 5 to see a preview of the first two shows.
We also continue to bring you new episodes every other week of the CUES Podcast. Sometimes we sneak in bonus episodes, so be sure to subscribe! CUES Professional Development Manager James Lenz does a great job in each segment of drawing out the deep knowledge of credit union industry and business leaders. In episode 28, Lenz has a fascinating conversation with former FBI kidnapping and hostage negotiator Chris Voss. I am excited to hear Voss speak in person at CEO/Executive Team Network, Oct. 10-12 in Las Vegas. I’ve already picked up a few tips on being a better negotiator and am eager to learn more. I hope to see you there as well!