Top 10 Strategic Planning Trends

The future looks to be increasingly mobile.

June 10, 2013
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6. Unite for Good. The credit union movement has identified a strategic vision to help all credit unions achieve shared goals. It’s a vision based on the shared values of collaboration, a member-centric focus, community involvement, and a dedication to consumers’ financial well-being.

The shared vision is: Americans choose credit unions as their best financial partner. To achieve this, the credit union movement must embrace a strategic vision called “Unite for Good.”

Visit the Unite for Good website for a checklist of action steps to help realize these goals.

7. Unbanked and underbanked consumers represent the last remaining “white space” in financial services—an uncharted territory where credit unions have a rare opportunity to serve an underserved market.

Approximately 68 million U.S. adults are either unbanked or underbanked. Revenue from serving unbanked and underbanked consumers totaled $78 billion in 2011 and will hit $85 billion in 2012.

8. The compliance burden will only get heavier in the coming year. In fact, 2013 will be busier than 2012 with the onslaught of new Consumer Financial Protection Bureau (CFPB) mortgage rules.

Your credit union should develop a compliance management system to address this overwhelming workload. CUNA and the leagues offer some helpful guidance on doing so.

9. CEO succession planning is becoming a top priority as the economy recovers, retirement savings rebound, and more CEOs retire. If your credit union has a succession plan (and two-thirds do), it’s time to review it to make sure it’s still relevant.

Succession planning is more than replacement planning. It’s a way to ensure the continuity of your credit union’s performance and culture.

CEO succession planning requires proactive management. Determine the scope of your succession process, and then assemble the players and define their roles to begin rolling out your process.

10. Gen Y and low awareness levels. Attracting the 100 million members of Gen Y will go a long toward determining credit unions’ future viability. To do that, we’ll need to raise Gen Y’s awareness of credit unions.

CUNA research from April 2012 shows that 48% of nonmembers ages 18 to 24 are “not at all familiar” with credit unions. Another 23% are “not very familiar” and 23% are “somewhat familiar.” Only 6% are “very familiar.”

To attract and retain Gen Y, credit unions need sophisticated mobile services, an effective social media strategy, and clear communication about their not-for-profit, cooperative business model.

STEVE RODGERS is editor of Credit Union Magazine.

Reach Gen Y Through Their Parents

June 04, 2013 8:46 am
Steve, As always, the E-Scan provides key strategic insights for credit unions to consider. When it comes to reaching Generation Y (trend number 10), one of the best things credit unions can do is to target mom and dad. Research indicates that most young people start their first "bank" experience where their parents recommend. So to reach Gen. Y, go after mom and dad. Mark

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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