2 minutes
Retirements, along with unexpected departures, are putting pressure on organizations to ensure continuity in their leadership.
Credit unions are facing more uncertainty than ever. Retirements, along with unexpected departures, are putting pressure on organizations to ensure continuity in their leadership. Yet, succession planning remains one of the most overlooked strategic priorities.
Too often, succession planning is treated as a priority at the last-minute, rather than an ongoing process. However, organizations that do succession planning gain a significant advantage: they’re prepared for change before it happens.
The Risk of Delaying Succession Planning
Your leadership team won’t stay the same forever. Whether it’s due to retirement, career changes, or unforeseen circumstances, turnover is inevitable. Without a plan in place, credit unions risk:
- Having gaps in their leadership team that could disrupt operations.
- Not having developed internal candidates that could step up and lead a department/team or the organization when needed.
- A lower employee morale throughout the organization due to the uncertainty that comes with turnover.
On the other hand, credit unions that actively plan for succession inspire confidence, create stability, and ensure they have the right leaders in place to continue driving success.
Why Now is the Time to Prioritize Succession Planning
Several factors make succession planning more urgent than ever:
- An Aging Leadership Pool – We are currently in the middle of what experts are calling the Silver Tsunami, meaning that many industries are seeing a wave of retirements. Having a structured succession plan ensures you have people ready within your organization to lead when needed.
- Increased Regulatory Expectations – Boards and executives are under greater scrutiny by the NCUA to have formal plans in place for the CEO, key leadership, and board transitions.
- Talent Shortages – The competition for top leadership talent is fierce right now. Internal development is the best way to ensure future leadership readiness.
Making Succession Planning Simple
Many organizations put off succession planning because they think it’s complex, time-consuming, or only relevant when retirement is imminent. That’s simply not the case! Succession planning doesn’t have to be overwhelming—especially when you have the right tools and approach.
At SUCCESSIONapp®, we make succession planning simple with our easy-to-use, award-winning software. Our platform helps organizations create clear and concise succession plans so organizations can move forward with confidence. Easily choose critical competencies, identify and assess potential successors, and create individualized development plans with SUCCESSIONapp®. No more spreadsheets means no more guesswork—just a straightforward way to prepare for the future.
Start Now & Stay Ahead
The best time to start succession planning is today! Make 2025 the year you take a proactive approach to leadership continuity and be ready for the NCUA required implementation date of January 1, 2026. The future of your organization depends on it.
Yvonne Evers, the founder and CEO of CUES supplier member SUCCESIONapp, LLC, is a succession planning expert who has successfully worked with hundreds of credit unions over the past 25 years. SUCCESSIONapp, LLC is the leader provider of online management and board succession planning solutions in the credit union industry. The mission of the company is to help leaders and board members create succession plans to ensure smooth and successful transitions.
