Your 5-step 2024 credit union professional development plan

In the dynamic credit union industry landscape, the pursuit of professional growth is not just beneficial; it’s essential.

As we edge closer to 2024, credit union professionals at all levels — from frontline staff to senior management — are uniquely positioned to shape their career paths proactively. This guide offers a structured approach to building a comprehensive professional development plan that caters to individual aspirations and the evolving needs of the credit union sector.

Step 1: Inventory analysis

The first step is introspection. Take a moment to conduct an inventory of your current skills and knowledge. What are your strengths? Where do you see gaps?

In the context of the credit union industry, “reskilling” is becoming increasingly crucial to build teams and provide the best experience for members. Assess if there’s a new area you’re passionate about or a skill set that needs updating. This convergence of passion, existing skills, and identified gaps will chart the course for your development journey.

Step 2: Engage with leadership

Next, initiate a conversation with your supervisor or mentor within the organization. The goal is to discuss your professional aspirations and align them with the opportunities available within your credit union. Review your inventory analysis with them and get their feedback on what you have outlined as well as identify any skill gaps that you have perhaps overlooked and future possibilities that might be on the horizon.

Together, create a prioritized development plan that outlines key skills and knowledge areas relevant to both your personal growth and the strategic goals of your organization.

Step 3: Action plan formation

With a clear understanding of what you need to develop, you can now form an action plan. Explore various avenues for learning and development. These could include in-house training programs, cross-training opportunities, online courses, or external workshops. Work with learning and development or training staff at your credit union to learn what training options are already available, and where you may need to seek additional opportunities such as job shadowing and on-the-job training. Check in with your supervisor for approvals and logistics that might be needed.

Keep your focus on finding resources that offer practical, credit union-specific knowledge and skills. Having a mix of on-the-job, coaching, mentoring, and formal training activities will create a well-rounded blend of training to help facilitate your learning. Remember, the goal is to build a plan that’s realistic, achievable, and aligned with your career goals.

Step 4: “SMART” review and measurement

A good plan includes regular checkpoints. Schedule periodic reviews with your leadership to assess your progress. Ensure that your goals are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. These reviews are opportunities to refine your plan, celebrate achievements, and adjust wherever necessary.

Step 5: Continuous engagement and follow-up

Professional development is an ongoing journey. Stay committed to your plan, but also remain flexible to adapt to new challenges and opportunities. Regular follow-ups and check-ins will keep you on track and motivated. Embrace a mindset of continuous learning and growth. It’s okay to adjust plans that may change as the result of the needs of the organization or the desired path of the employee.

Industry trends and challenges

As you plan your professional development, consider current industry trends. In 2023, credit unions face challenges like digital transformation, cybersecurity, artificial intelligence and automation, and mergers and consolidations.

Mergers are reshaping the landscape, while strategic partnerships, particularly in technology, are becoming crucial. These trends underscore the importance of staying abreast of industry developments and incorporating them into your development plan.

Professional development in the credit union industry requires a tailored approach that aligns individual aspirations with organizational goals and industry trends. Having a professional development plan to reflect that is a key to success in the industry.