One of the critical components of success in business, no matter the industry, is executive leadership. It seems like a no-brainer, but the nuances of true leadership can be tricky to navigate. For example, a good credit union leader may encourage employees to share ideas and feedback. A great credit union leader both empowers and inspires his or her employees, nurturing a culture of innovation, collaboration and ultimately, growth. At the other end of the spectrum, executives who utilize rigid, top-down communication styles tend to stifle others’ creativity, resulting in employee inhibition and organizational stagnation.
In order to help our organizations thrive, we must be constantly aware of the rapidly changing business landscape and the work culture we are fostering within it. Here are five changes you can begin to implement today that will help you stay ahead of the curve, and become an exceptional leader for all employees:
1. Encourage open communication. Be transparent with your employees about your credit union’s operations and goals. Solicit feedback from your team on what is working well, and what processes might need to change in order to be more efficient. People are much happier at work when they feel their opinions matter, and more specifically – heard. By listening to your staff’s concerns and addressing them when and where appropriate, you’re showing them that you respect their views and value their contributions.
2. Champion organizational change. Change is an inherent part of an organization’s life cycle. It is the only way real progress is made.Whether your credit union is adopting a new software system or implementing a new organizational structure, make sure to convey how these changes will lead to a positive outcome and get others excited about the future. If you don’t show enthusiasm about it, your employees won’t either.
3. Tie your credit union’s initiatives to strategy. Communicate how any changes in process or new initiatives relate to the credit union’s overall strategy and goals. Make sure to stress how the implementation of these changes will lead to success for your credit union and your employees. Better understanding equals greater acceptance and buy-in.
4. Create opportunities for others to lead. By knowing when to delegate responsibilities to others, credit union leaders can empower their employees to take on a more active role and become more engaged in their work. If someone is particularly apt at sales, for example, bring them in on more business development opportunities. Give your employees a platform to learn, grow proactively, show their strengths and excel.
5. Continue to learn. As the leader of your credit union, you should be the go-to person for knowledge on the organization’s products and services. You also need to be aware of trends in the industry and what your competitors are doing, so you can anticipate changes before they arise. Finally, get to know your membership base — as you know, the personal touch and service of credit unions is a key differentiator between us and the banking industry.
You have the power to chart the course for your credit union. However, you must be open-minded and continue to learn from your employees and the industry’s best. By adopting these leadership strategies now, you will help ensure your credit union continues to evolve and remain on the cutting edge in an increasingly competitive marketplace.
Robin Kolvek is CEO at EPL, Inc. She can be reached at 205-408-5300 or robin.kolvek@epl.net.
