Having a good backup player can be invaluable for a sports team. If the star in a particular position gets hurt, retires, or decides to play for another team, you have someone to put into the next game. But what if the backup also becomes unable to play? Then the coach has trickier decisions to make.
The “bench strength” conversation at credit unions also runs deep. Say the CEO leaves for another position and your succession plan indicates that your CFO should step in. The question then becomes, “Who can become CFO?” And then “Who can fill the job of the person who’s now CFO?” And so on.
In our practice helping credit union clients plan for succession, our focus is helping them have the right people ready at the right time. Here are some key categories (and timeframes) of readiness we encourage CU leaders to consider when benchmarking their bench strength.continue reading »