What once was 'nice to have' is now a must-have.
Why is succession planning so critical for the future and sustainability of credit unions?
“Five years ago, while it was nice to talk about, it wasn’t critical,” says Amy Hirsh Robinson of the Interchange Group, Los Angeles, in Episode 42 of the CUES Podcast. Robinson is an expert on the changing workforce and the impact of generational shifts on organizations and consults with Fortune 500 companies, privately held businesses and not-for-profits to prepare and retool leaders and their workforces to excel and compete.
“Now, demographic shifts are really creating a new sense of urgency because the majority of leaders, both in the executive level and also on boards, are from the baby boomer or traditional generations,” she says in the episode. “The generation that comes after them is much smaller. So it’s going to be harder to find talent for replacing those roles just because there’s not as many of them.
“It’s everyone’s responsibility to engage in succession planning,” she adds. “Just like it is with strategic planning, it’s the board’s governance role to plan for the succession of their executive, whether that’s an emergency or a planned succession.
“It’s also the role of the executives to look at succession deeper down at the organization. It just makes good business sense.”
Some key takeaways from my interview with Amy include…
1. Why is succession planning so critical to the future success and sustainability of credit unions?
2. How can you successfully involve the senior leadership and boards of credit unions in effective succession planning?
3. What strategies are recommended for simplifying succession planning and leadership development practices for success?
4. How far down should succession planning reach?
5. What are some of the pitfalls of succession planning that credit unions should avoid?
Listen to my interview with Amy Hirsh Robinson.
The CUES podcast is an audio program hosted by James Lenz, CUES professional development manager. James talks to credit union and cross-industry experts for their perspectives on trends and topics that matter to you.