Identifying and developing talent that supports your credit union’s strategy is a critical leadership competency.
This article is an excerpt from c. myers’ “Key Competencies of Strategic C-Suite Teams” and is reprinted with permission.
In a past edition of c. notes, we discussed the Key Competencies of a Strategic C-Suite Team. In this article, we spotlight the second competency—being adept at choosing, developing and engaging talent that supports the desired business model, positions the credit union for the future, and allows appropriate time to think and act strategically.
One of the greatest keys to success for strategic executives is to surround themselves with talent they know will get the details right, so that their own minds can be cleared think strategically about the business. Equally important is that successful strategic executives to take action as appropriate.
Strategic executives lack hubris. They don’t feel the need to be the smartest person in the room. Therefore, they surround themselves with smart, creative people and are laser-focused on developing and mentoring the right talent. (This mindset alone has proven to be a critical step in engaging talent.) Strategic executives also expect that their team members lack hubris and act in the best interest of the team and the credit union.
Developing the right talent gets a lot of airtime in many businesses and industries, yet far too often, action in this area is not taken. Why? Because it is difficult and personal. One common reason: some team members who have served the credit union well for many years may not be keeping up with the new competencies and pace of change. Strategic executives must make the gut-wrenching decisions to trade out players, in a timely fashion and with respect. They recognize that by keeping players on the team who can’t fulfill their roles, they jeopardize the entire team and risk losing the talent that is really needed. Facing these brutal facts is especially important when the job market heats up.
It is likewise important that the strategic executive is integral in building cooperative relationships across departments, such that what happens in one area of the organization is supported and enhanced by what happens in another area. The antiquated structure of siloed departments and siloed projects across departments slows progress, hinders change and imperils the health of the whole organization. In stark contrast to prior expectations, the strategic executive engages departments across the organization and helps everyone see a clear, big picture through a blend of collaboration, communication, and teamwork.
Read the full c. notes publication to learn more about the other six key competencies of a strategic C-suite team.
c. myers corporation https://www.cmyers.com has partnered with credit unions since 1991. The company’s philosophy is based on helping clients ask the right, and often tough, questions in order to create a solid foundation that links strategy and desired financial performance. c myers has the experience of working with over 550 credit unions, including 50 percent of those over $1 billion in assets and about 25 percent over $100 million. They help credit unions think to differentiate and drive better decisions through real-time ALM decision information, CECL consulting, financial forecasting and consulting, liquidity services, strategic planning, strategic leadership development, process improvement, and project management.