Developing the Future From Within
By Chuck Fagan, CUES
The new CEO of Texas Dow Employees Credit Union is a shining example of how credit unions can develop the future from within. According to the most recent issue of The Federal Credit Union, the CU has invested more than $250,000 in Stephanie Sherrodd, CCE, who in July was named president/CEO of the Lake Jackson, Texas-based CU.
For example, the CU supported Sherrodd’s attendance at CUES’ three-year CEO Institute, which made possible her Certified Chief Executive designation. It also paid her way when she attended the Pacific Coast Banking School and other continuing education. As a result of her professional development, the article says, Sherrodd earned promotions to senior vice president and, in 2010, EVP/chief operating officer.
“They invested in me knowing there may be opportunities for me elsewhere, or that I may not get the job here,” she says in the article. “There was no, ‘You’re definitely going to be the next CEO.’”
But if you can grow the future from within, why not? Doing so really plays to your membership because engaged, learning employees are going to stay connected to innovation and marketplace changes that will help your credit union provide better service. Texas Dow ECU’s story supports this idea.
Under the leadership of recently retired President/CEO Ed Speed, Sherrodd—and the team of folks who were developed along with her—led Texas Dow ECU to attract thousands more members during the worst economic crisis in modern times. During Sherrodd’s development (she joined the CU in 2004), the CU grew to $2 billion in assets from $700 million, and added 70,000 members and 28 branches.
According to The Federal Credit Union article, Texas Dow ECU invests $1 million annually in the development of its 640-person workforce, including tuition reimbursement, on- and off-site training and exclusive mentorship programs. That sizable commitment would clearly be a stretch for smaller CUs, but much can be done with any budget. And we have lots of evidence at CUES that CUs are committed to developing their best people.
For example, CEO Institute I and CEO Institute II are already sold out for this year. Registrations for our schools (covering everything from growth and profitability to lending to channel management) continue to hit record highs. Credit unions are recognizing that investing in their people is an investment in relationships with members and in the future. And while some of those in whom credit unions invest will undoubtedly get hired away, others will feel more connected to your organization, and stay.
Interestingly, developing senior management alone may not be enough. The Federal Credit Union article notes that Texas Dow ECU “drills down several management levels” to find candidates for development.
CUES is also looking to help CUs develop staff members deeper into their organizations. As an example, we think CUs may need support training new hires just out of school. To find out, we are asking such questions as, “What tools could CUES provide that resonate with the 24- or 25-year-old person who traditionally would have gone into a management training program?” We suspect young people will want to learn what they want, when they want to learn it, from a location of their choosing. But we’re still learning ourselves. (By the way, I just added substantially to my own staff’s professional development budget for 2013.)
To get a handle on how we can best help, I’m listening to what our members think as I attend CUES Council meetings and conferences, and other industry events. If I don’t run into you on the road, please feel free to email me with your thoughts about the idea of developing the future from within.
If you can dig deeper into your organization and find diamonds in the rough for polishing, why wouldn’t you?
