Credit union CEO compensation rose at a faster pace than chief executive pay at other industries last year. The gains also outpaced inflation.

Specifically, average CEO salary plus bonus increased 8.59 percent, according to the 2007 CUES Executive Compensation Survey.

So what?  (more…)

Common sense and research tell us that credit unions and CUSOs should put time and effort into newly placed executives, preparing them so they hit the ground running from day one. That’s where a comprehensive process called ‘onboarding’ comes in.

“It’s a relatively new word and concept,” said Mark Elliott, founder and CEO of PowerStart Onboarding. “You’re not teaching them how to do the job, but research shows that new leaders, even those with years of experience, face many challenges that can slow or derail their progress. Those first few months on the job have a disproportionate impact on the new leader’s success or failure.” (more…)

What exactly is Onboarding?

A: Generally it is the process by which newly hired employees at all levels — entry-level thru CEO — get “assimilated” (i.e. transition and integrate) to the new position and organization.  It is NOT just a new term for an orientation, which is actually a subset of an onboarding process. Onboarding is by design much more comprehensive than an “orientation”, has a different focus, and is typically for an extended time period.  Orientations are usually during the first few DAYS and are primarily to inform the new employee about ‘things’.  Onboarding is primarily about providing support for 3-6 MONTHS. The goal is to integrate the new employee into the organization and have them feel part of the team as soon as possible.  For newly placed managers and leaders the process involves even greater support because of the added complexity of those roles and the organizational value proposition involved.

Beyond “assimilation” an onboarding process should focus on accelerating the new person’s contribution and impact.  My Onboarding Process is for (both recruited and promoted managers and leaders) and is designed to provide four months or more of support and the leadership skills to help the new leader effectively navigate the organizational hazards and challenges that are common to all onboarding situations.  In other words, it provides a roadmap for rapid and successful assimilation. It has a performance focus that tracks targeted objectives and a leadership development focus that assures the new leader uses best practice approaches and well-developed ‘emotional intelligence’ in achieving those objectives.

Does all that extra work really matter? (more…)

What do you do after 38 years in the credit union business and 22 years as president/CEO of  $900 million Orange County’s Credit Union?

If you’re Judy McCartney, you hire a financial planner, relocate to a new city and purchase tickets to exotic destinations.

During her tenure, McCartney helped others grow and contribute to the credit union industry. She was a pioneer in her field, serving a Hispanic membership long before it was the ‘cool thing to do’; and, under her guidance, OCCU paid a monthly bonus to Spanish-speaking associates for a decade. Another accomplishment of McCartney’s was being a textbook editor for a finance course, used at a local college. She convinced the editors to replace the word “bank” with “financial institution.” (more…)

OMA: You first came on board at Orange County’s Credit Union as a VP in 1982, and retired as President and CEO earlier this year. What are some of the most significant changes you saw during your 26 years at OCCU?

JM: The addition of money market accounts, credit cards, CUSOs, expanded fields of membership, real estate loans and securitization of those mortgages, overdraft loans for checking accounts, IRAs, ATMs, ATMs moving online, shared ATM networks and shared branching.

OMA: Baby Boomer CEOs are nearing retirement age. What are the best ways credit unions can find new leaders? (more…)

By Candice Reed

Though recent headlines argue whether or not the 78 million Baby Boomers expected to retire this year actually will, the fact remains that most industries will be losing most of their leaders to retirement within the next decade. Our Baby Boomers are pretty much taking their ideas and skills and hitting the road in their motor homes, leaving everyone else behind wondering what the heck to do now. (more…)