4 signs that your credit union is in trouble
by: Sean McDonald
Not very pleasant to think about, right? Sorry but the reality is that there are some companies and organizations that are in danger of slipping off the radar. In the vast majority of cases, I firmly believe that steps can be taken to reverse course; however, in order to do that, affected organizations must accept that they are in danger, resolve to take action to “right the ship” and then ACT before it’s too late. Here are 4 red flags that signal your company may be in trouble:
You can’t seem to retain young employees. Young professionals are looking for very specific things when they go to work for someone. They want to be compensated properly, want access to professional development opportunities, want to be acknowledged for doing great work, and do not want to be micro-managed. Of course, the job market isn’t great so there may be a temptation to think that these young people should consider themselves lucky to have a job. Not only is that very dangerous thinking but it also ignores the fact that the job market is already on the road to recovery. Therefore, young professionals who don’t feel appreciated have many more opportunities to go elsewhere. And they will.
You haven’t updated your strategic plan in a while. A plan is a necessary component of any organization’s short and long-term growth strategies. But these plans need to be examined and reviewed often. Metrics must be put in place to measure and gauge the progress being made. And you must be flexible and realize that plans should be altered and adjusted from time to time to adapt to the ever-changing marketplace.continue reading »