Lessons learned from the firsts
Women serving as the first female CEOs at their credit unions offer tips and guardrails for the next generation of top female leaders.
The percentage of female CEOs in the credit union industry is on a positive trajectory, rising to approximately 50% in 2021 from about a third in 2017. This ratio is better than that of many other industries, including banking. However, the number drops when the data is segmented by credit union asset size, with the number of women in the top leadership position at larger credit unions still below 20%, according to CUNA’s 2021 Women in Credit Union Leadership study.
This means it’s still not uncommon for female CEOs to find themselves being the first woman ever hired or promoted to the role at many credit unions. For some women, the honor of being the “first female” in the top leadership role is a positive visible sign of the progress of women have made in the workplace and of the opportunities available to them in the industry today—but with that can come new challenges, pressures and scrutiny.
How It Feels to Be First
Women who have risen to the role of CEO at credit unions are mindful of the significance of that achievement, especially as the world is still emerging from the effects of COVID-19.
CUES member Tansley Stearns, CME, CSE, CEO of $1.3 billion Community Financial Credit Union, Plymouth, Michigan, notes that working women in particular are still combating the pandemic’s continuing impact on employment trends. Women in senior management positions, working mothers and Black women have experienced some of the largest employment challenges due to the pandemic, according to global management consulting firm McKinsey & Company.
continue reading »
