SAN DIEGO, Calif. - "What have you done and what do you want to do?" That question, says executive recruiter Deedee Myers, is a key when interviewing candidates for the position of president and chief executive officer at any credit union. That was just one bit of advice that Myers, founder, president and CEO of DDJ Myers, Ltd., in Phoenix, Ariz., offers. She also warns that hiring qualified people in the future was going to become more and more difficult with the tightening of the labor force. "What I'm trying to impress upon you is that if you start putting processes in place today, then your credit union will be much safer five, 10, 15 years down the road in terms of having good quality people on board that want to stay with their credit union," she said. As part of that process, Myers suggested that credit unions develop a succession plan. "It's a lot easier to grow people internal to the organization than it is to go out and find people," she said. She also noted that when it comes to finding candidates for the top position within credit unions, the institutions are not only competing against other credit unions, but against other financial organizations, banks, and dot-com companies for talent. And once a candidate is hired, Myers suggested that the time in the job would likely be limited before the person moved on to another position. Myers provided numerous suggestions for credit unions when searching for a new CEO, including suggestions for dealing with an outside recruiter. To start, she provided an 18-step plan that began with the need to understand the strategic objective of the credit union. "Before you even start talking about what you need to do for a CEO recruitment project, you have to understand what the credit union is doing," she said. "It's very important to understand the strategic objective of the credit union, what you're all about." "For many credit unions, this is a fait accompli," Myers said. "While for others it might be a subject that needs revisiting. The search process has a greater chance of success if the board concurs on the strategic objective of the credit union in moving forward with a CEO search and other strategic initiatives." She also discussed the workload that people were under. "If someone has to work more than 40 to 45 hours a week, then there's something wrong with the job," she said. Myers suggested that credit unions who hire new presidents/ CEOs not just put them into an office and leave them on their own. "Don't just put the CEO in their office and walk off," she said. "You have to be a stakeholder." Among her other suggestions: * Understand the internal and external environments on the credit union, such as the impact of global markets and changes in the work environment. * Create a team of about three board members to serve as a search committee. "These board members must have the time, expertise and desire to dedicate considerable personal resources to seeking the best possible person for the position," she said. * Develop a comprehensive description of the job, including such factors as responsibilities and expertise. * Determine a compensation level. * If the credit union is conducting its own search, write an advertisement. Myers advised credit unions to employ someone to write the ad and to stay away from listing job responsibilities. "You're selling your credit union," she said. "Distinguish yourself by your culture." In addition to advertising the job in various publications and on the Internet, Myers also recommended that the job opening be posted at the credit union. "You may find that there are people working for you that have talents that you didn't know they had," she said. "You may not have somebody who fits the (president/CEO) job, but you may find a high performance person who you can put on career track." Credit unions that decide to utilize the services of a recruiting firm should hire the company only after a personal meeting with board members. References should be checked on both the client side and the candidate side, Myers said. "They should treat candidates well, even candidates not qualified for the job," she said. "If your credit union is associated with a recruiter who doesn't treat their candidates well, then that's just a lot of bad energy for the credit union." She said recruiters typically are paid 18% to 20% of the CEO's first year compensation, including any incentives or bonuses. Some recruiters will work for a flat rate, she added. She also suggested that rather than offering a contract to a CEO, the credit union use a letter of understanding. Myers said one of the best ways for credit unions to keep their CEOs, as well as other employees, year after year was to continually ask them, "What can I do to keep you?" "You ask that question and you listen," Myers said. "It's very important." -
pjheller@west.net
