CEO sabbaticals get popular
Executives and boards are revisiting their strategic approaches to retaining key talent.
From credit union consolidation to lingering “Great Resignation” trends, several market realities are pushing leadership continuity toward the top of the list of credit union priorities. Add to those realities inclusion of succession planning in the National Credit Union Administration’s 2023 supervisory priorities, and it’s easy to understand why executives and boards are revisiting their strategic approaches to retaining key talent.
Even the most comprehensive succession plans still can be disrupted by an unanticipated resignation. Surprises in the realm of human capital are happening to a much greater degree and seemingly for a particular reason. Deloitte found around 70% of C-suite executives were seriously considering quitting their jobs when they polled them in 2022. The reason? To find a job that better supports their well-being.
Anecdotally, non-profits seem to have been disproportionately hit by CEO departures. This may be due to feelings of burnout following a particularly rough three years with challenges ranging from tough calls on constituent relief programs to balancing their own fears of COVID-19.
Time away avoids burnout, builds skill sets
To create a working environment more conducive to the long-term well-being of their executives, credit unions are experimenting with a series of new benefits—among them, sabbaticals.
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