How to attract, retain, and fully develop future leaders

A few days ago, I conducted a poll based on DDI’s latest report, the Global Leadership Forecast for 2025.

The report focused on and listed the pressures CEOs and leaders are feeling from this constantly shifting marketplace. We looked at leaders in every industry, including credit unions. The list was long, in no particular order, and if I learned nothing else, leaders and CEOs are feeling a massive amount of stress from this uncertain marketplace.

The report caught my attention because of the solid information, but I wanted to know more from my followers and connections. I wanted to know not only what leaders and CEOs thought were the biggest challenges facing leaders and organizations today, but what were the most important. What challenges were keeping them up at night, and what pressures were they feeling the most stress over and the most unable to solve? And I have to say, I was surprised by the results. Not that CEOs and leaders are feeling pressure, or even that the top issue they listed was the top issue. No, what surprised me is that this top issue was the top issue by such a wide margin.

So, if leadership and bench strength are the big issue—and I know they are in the credit union industry—what do you as leaders of your credit unions need to be doing to attract, retain, and fully develop the talent you need now?

Build a brand: If you want to attract strong leaders, you need to give them something worth leading. Think like the US military—people sign up not for a job but to make a difference. What is your vision, your purpose, your cause? Define it, then ensure everyone inside and outside your organization knows it. Leaders are not looking for a job. No, they are looking for something worth leading.

Start now: When you realize you need a strong leader, you are too far behind to find the right leader. You need to start now, before a leadership opening arises. Start now, building relationships internal to your organization, external to your credit union and anywhere you go to find, identify, and begin to attract the right leaders.

Know your type: And before you start looking for future leaders, you need to know who you are looking for. Leave the resume behind. Think of the BEST leaders in your organization and what qualities, values, and characteristics they have. Then build your leadership avatar. In other words, your ideal future leader. If you build the model you will attract the right leader.

Protect your culture: If you want to hold on to future leaders, then you need to ensure they are walking into a credit union that lives their vision, their values, and is not afraid of a little accountability. You will never attract strong leaders, if you are not willing to remove weak ones.

Career paths now: Don’t just assume that future leaders automatically know they are future leaders or what their next step is. Today’s generation does not have to be promoted tomorrow, they just need to know what their next step is. Let them know specifically that there is a future leadership position waiting for them (if they perform).

Shift reward & recognition: Reward and recognize current leaders who are developing and investing in future leaders. Make it an important part of your culture, one that is most valued and rewarded. Integrate it into performance reviews, public recognition, and yes, even your bonus structure.

Define leadership: Clearly and specifically . . . what does it mean to be a leader in your credit union? What does it look like? What qualities, characteristics, values, and outcomes do you require leaders to have? Once you define leadership for your organization, you can share that with everyone in the organization. This will empower them to begin to develop those skills, and self-identify as your future leaders.

Leave the classroom: Leadership training is great and an important part of the process, but we all know that real leadership development does not happen in a classroom. So you need to find—day-in and day-out—ways to develop your future leaders. Try things like letting them lead a meeting, train a new hire, or sit in on an Executive Session or Board Meeting. Show them and let them experience what real leadership looks like, and they will rise to the occasion.

Push beyond: And last but not least, you need to get your future leaders out of their comfort zones. Leadership is a huge responsibility. Good leadership can take an organization to the next level, but weak leadership can break it. So before you ever promote a leader, you need to stress test a leader. Challenge them with a project, a tough situation, and give them an opportunity to show you their leadership chops. At best, you've found your future leaders. At worst, you know where and how to best coach them to advance.

Everything about today’s marketplace is shifting and changing, and becoming so much more challenging. Your best opportunity is to build a strong team of future leaders who can help your credit union grow, and  turn all of this uncertainty into your greatest competitive advantage.