Create a team that can think and act strategically, while knowing which details can’t be ignored.
This blog about competencies is adapted with permission from the original c.notes article.
The rapid consumer adoption of advancements in technologies—and the complexities that accompany this—make relevancy and sustainability simultaneously exciting and daunting for many businesses, including credit unions.
A significant key to success in this environment: Deliberately create a C-suite team that has the time and abilities to think and act strategically, while being adept at knowing which details cannot be missed.
Thinking through how the individuals on your team fit together to address the needs of thinking and acting strategically, most of the time, is a valuable part of the process.
We believe that the combined makeup of any C-suite team should demonstrate the following. The competencies are not listed in order of priority, as the emphasis can shift depending on the business model.
- Proficient at identifying and creating an evolving and sustainable business model
- 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
- Multidimensional thinkers who move fluidly among creative problem-solving, critical thinking and strategic thinking
- Navigates quickly in the gray and regularly demonstrates sound decision-making in the face of ambiguity
- Demonstrates consistent and successful execution of the things that really matter to the credit union
- Masters of the “so what” of the numbers and data to strategically drive the credit union forward, so much so that business intelligence is actively used, often in real time
- Skilled communicators who can deliver reliable and relevant communication at various levels, ensuring that stakeholders with diverse backgrounds want to listen with an open mind to the good, the bad and the ugly
We have seen individuals who focus on intentional development in these seven competencies significantly enhance their contributions to their organizations. This contribution increases exponentially when an entire C-Suite team is purposeful in mastering these competencies. (Get more about each competency from the original article.)
To create a strong competitive advantage:
- Every person on the team should have a degree of proficiency in each competency
- Each competency needs to be mastered by more than one person on the team
Because many of these competencies represent a different way of thinking and creating new habits, we recommend developing and implementing a learning plan soon.
c. myers corporation 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.