Succession, Strategic Planning Go Hand In Hand Says Expert
NEWPORT, R.I. -- Arizona State University College of Law Associate Dean Marilyn Seymann, PhD helped NAFCU Volunteer Conference attendees better understand their role in strategic planning and succession.
"It doesn't make any sense to review your strategic goals every five years it is just a pipe dream," said Seymann. "It has to be a process not an event you keep up with and measure."
She suggests that once a strategy is created the credit union tie it into updates that the board constantly revisits.
"You don't want to get to the end of the highway to realize that you already missed three turns," said Seymann. "It is more about the process of it and the board role in it. You can have a great strategic plan but you need the resources to go with it so you have to make sure money has been allocated to ensure the resources exist to carry out what you plan to accomplish--and that ties directly into a succession plan."
She adds that succession for both the board and management team ensure the continuity of the credit union.
"You need a succession plan--it is much like a domino effect if the CFO steps up to CEO then that role needs to filled and so on," said Seymann. "If you can't point to someone internally with the strength and skills to move up then your hiring is off-base and it is time to evaluate what kind of hiring is being done by the credit union."