The Importance of Mentoring in Credit Unions
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.
So before they all pack it in, the industry needs to create ways to develop and retain replacements.
Like, now.
The Boomers leave big shoes to fill. For credit unions, they leave behind not only a legacy of unparalleled industry growth and legislative victories, but also an equal opportunity environment that promoted a large percentage of women into the corner office—far more than our sisters over on the banking side.
I truly hope the Boomers hang around a little longer, and seriously consider mentoring the industry’s next generation of leaders.
I mean, after all, you Boomers, are used to being the center of attention, so why not stretch that out just a little while longer? (I kid, I kid!)
While researching this topic, I discovered that while credit union employees love their jobs, they feel the training they receive is often hurried, and many of them feel practically abandoned after only a few weeks on the job. Then, of course, the good ones quit for greener mentoring pastures.
So how do you keep good employees and nurture them into future CEOs, yet still meet the demands of the day?
When we look back on our careers, most of us will probably forget the details of what we did on a day-to-day basis. But we’ll always remember the people who helped us along the way.
And we’ll also remember those who kicked us to the curb, but that’s for another day.
I’ll always remember two people who helped me get where I am today. One was my first editor at a weekly paper who helped guide me on a daily basis; in fact, he practically provided me with an associate degree in Journalism. The second was an editor I had at the Los Angeles Times.
I was a freelancer for the latter, and had written three or four articles for his section, the prestigious Sunday LA Times magazine. He invited me up to the famous Times building in downtown LA, and introduced me to reporters, editors and production staff as if I were on staff. He later sat down with me and explained what kind of pitches the paper was looking for, also known as editorial content. He was so kind and helpful, and I won’t ever forget the experience and industry tips he gave me in that short time.
I, in turn, have tried to help young journalists who are floundering and wondering what to do with their careers as newspapers downsize. I always try to make myself available to help guide these media rookies toward success.
But enough about me. Let’s get with the credit union mentoring program.
Just because we use the word ‘program’ doesn’t mean it has to be formal and fussy; in fact, you’ll probably encounter resistance if it’s forced or mandatory. Instead, make your availability known, and let the high achievers and future leaders come to you.
You might even want to take the word “mentor” out of the relationship altogether. Instead, you could present yourself as someone who will encourage them to pursue big goals, offer them ideas, and maybe even link them up with other resources.
In other words, a mentor. But when you put it that way, it doesn’t sound like as big of a commitment. What I suggest is simple: one person having a powerful conversation with another person. That’s it. How tough can it be?
Brother, can you spare a conversation?
Judy McCartney, retired President and CEO of $900 million Orange County’s Credit Union, has mentored a few dynamic young CEOs in Southern California, including her own replacement, Shruti Miyashiro,
“There are some fantastic people working in credit unions today,” she said. “I truly believe they are just as passionate about the message as we are, and I think if managers stop and take some time with these employees, the future of credit unions will be a positive one.”
There you have it. But we can’t leave it all up to the big guys. They’re very busy and important people, and heck, Judy already did her part. She’s retired and living it up now, and we’re not mad at her.
But if Judy can find the time to mentor future leaders, while growing her credit union from $68 million to $900 million, then so can you. It doesn’t have to be an ongoing thing, meeting once a week for a year or more. Maybe like my experience at the Los Angeles Times, it only takes an hour to make a big impact on a career.
We have to make it easier. We have to throw light on the whole mentoring thing. Get it out into the open.
Why not start by making the time to expose a young up-and-comer to your job and your duties—doesn’t matter if you’re the CEO or if you mind the loan vault—future leaders are curious, and those with their eye on the top post will want to know how everything works. If you’re in top management, why not invite a staffer to sit in and observe a manager’s meeting, or even a board meeting? Any young person who eagerly volunteers to spend his or her night at a board meeting is someone you want to retain and develop.
Gas is so expensive, why not car-pool and mentor during your commute a few times a month? Or, start a walking group, and discuss the ins and outs of balance sheets, rate setting or operational efficiency with future leaders during a regularly scheduled break.
Even if you’re well established in your credit union career, you can always use a mentor. You’ll continue to learn and be inspired, and you’ll serve as a model for people in your credit union and elsewhere who aren’t sure about the value of mentoring.
Finally, you can talk mentoring up ad naseum, about its impact on your life, until others want in on it, even if it’s just to shut you up. Point out that not only are you a mentor, but you have a mentor, too. Encourage your employees to find formal and informal mentors both within your business and outside of it. If they’re in a formal mentoring program, recognize them for participating, and attend their celebration ceremonies. Make mentoring an expectation for your future and current credit union leaders.
RECOMMENDED READING:
The Starfish and the Spider: The Unstoppable Power of Leaderless Organizations by Ori Brafman and Rod Beckstrom
Monday Morning Mentoring: Ten Lessons to Guide You Up the Ladder by David Cottrell
John F. Kennedy on Leadership: The Lessons and Legacy of a President by John A. Barnes
Funky to Fabulous: Surefire Success Strategies for the Savvy, Sassy and Swamped by Eli Davidson
Leadership on the Line: Staying Alive Through the Dangers of Leading by Martin Linsky and Ronald A. Heifetz
