It’s no secret. Our credit union boards are changing.
We know about the Great Resignation, the ecosystem pushing people to reconsider all aspects of their personal and work lives, including board service. There are demographic impacts as well. The graying of North American boards is in full swing with an estimated majority of for-profit boards seating voting members in the 60 to 69 age range. S&P 500 companies report the average age of their board members is nearly almost 64 years old.
So, what can credit unions do? Cultivating the next generation of board members is the right path. Specifically, look for age-diverse leadership from the Gen X and millennial demographics. Next-gen leadership ties directly to diversity, equity and inclusion, an issue that many credit unions are also discussing.
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