Protect your credit union’s future with a People Development Life Cycle

What is your credit union’s long term vision for its staff? Maybe you think you have things under control—you have a strong team with a mix of backgrounds and experience. Things are looking good right now!

But have you developed a culture of professional growth that will ensure the next generation of leaders will be ready to step up when your organization is in need?

Most discussions of succession planning in the credit union industry begin and end at the very top, with the CEO. Who will take over when he or she retires after years at the helm? We see mergers because management and the board did not have a strategy for aging leaders. Even the NCUA piped in on the topic by proposing a rule for succession planning introduced in 2022.

To create a lasting legacy though, succession planning has to move down through the organization. It is a culture shift to ensure new leaders are ready to step in when called to action and that years of experience and knowledge rattling around leaders’ heads aren’t lost to the void when they depart. For that, you want a People Development Life Cycle (PDLC), or in other words, a single place to document all the steps you take to ensure your organization is covered for the future.

 

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