Board & Volunteer Resources
Maximize your board's effectiveness with hands-on tools and resources
Governing a credit union is a demanding task but the relationships between you and your executives can make all the difference. To maintain the delicate balance of trust and respect between your credit union's board and CEOs, turn to CUNA's Board & Volunteer Resources. Our training opportunities, research and planning tools, and other materials will help you make better decisions regarding the operations of your credit union.
Develop a strong board/CEO relationship
The relationship between board members and their CEOs is critical to the success of every credit union. It's important that everyone's role is clearly defined and carefully monitored. Effective boards should hold management accountable by inviting regular processes for evaluation and performance reviews. Read more.
Actively plan for CEO succession
Communicating the need for succession planning can be a delicate issue, one many boards are not comfortable raising. Just over half of credit unions have a formal succession plan in place, yet a number of factors are bringing the subject of CEO succession to the forefront: a higher level of accountability, less tolerance of poor performance, and greater turnover. Since an unexpected CEO departure can have a negative impact on your credit union, it's vital to plan now for a smooth transition at the top. Read more.
Use variable pay as a component of executive compensation
Experts say to expect an increase in executive job-hopping, a trend that isn't good news in an already tight executive job market. One reason for the sudden increase is dissatisfaction with pay. What can your credit union do to address the risk of CEOs leaving? Variable pay packages tend to attract great candidates and retain excellent staff. As a board member, you need to design a CEO compensation package that finds the right balance between base pay and bonuses. Read more.
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