A recent CUNA survey found that one in five creditunion CEOs will have retired by the end of 2012, causing boardmembers sleepless nights wondering who will take the reins.

But some in the industry would respectfully say, “It's abouttime.”

That would be Generation X and Y doing the talking.

“With numbers estimated as high as 70 million, Gen Y is thefastest growing segment of today's workforce,” said Brent Dixon,young adult adviser for the Filene Institute. “As credit unionscompete for available talent, the needs, desires and attitudes ofthis generation can't be ignored. What are the advantages of hiringGen Y employees? How can you attract young professionals and shapethem into future leaders of the credit union system? These are somebig questions, and I'm not sure credit union boards know theanswers.”

With all this turnover, the CEO transition process has becomeone of the top priorities for today's credit unions. And thisboomer shift is good news for the younger generations who have beensitting in the wings watching and waiting for their careers to takeoff.

Gen X, the generation that is actually turning middle age thisyear is finally getting a crack at the top jobs in credit unions.Gen X–born between 1961 and 1981–is also known as baby busters,slackers and latchkey kids. There are 89 million Xers (30% of thepopulation) in the United States. And they want to bepromoted..

Last month, the $69 million LANCO Federal Credit Union inLancaster, Pa., named Stacey Remick its new president/CEO. Remickbelongs to the Gen X category.

“CEO's are retiring, and we can learn so much from them,” Remicksaid. “I think things are turning around for the younger employeesat credit unions. I know a lot of Gen X and Gen Y people who wantto come and work at credit unions, and I encourage them because Ithink there are a lot of opportunities whether it's as a CEO orother jobs. It's an exciting time for credit unions.”

The challenge for Gen X is that they are wedged between two hugegenerations competing for the same opportunities.

Gen X chronicler Jeff Gordinier has written that Gen Xers sufferfrom “athazagoraphobia,” which is “an abnormal and persistent fearof being forgotten or ignored, but they've been waiting–sometimesnot so patiently–for upper management credit union gigs, and theirupbringing lends a certain amount a of street smarts to theircredit union employers.”

Back in 2007, Orange County's Credit Union appointed Gen XerShruti Miyashiro president/CEO, taking over for industry icon JudyMcCartney.

“People were kind of wondering if I could do the job because Iwas young,” laughed Miyashiro. “But Judy was a year younger than Iwas when she was appointed CEO.”

“What I got from Judy and from other retiring CEO's has been sovaluable. The younger people who are in a sense waiting in thewings should learn from them. They should also not be in such arush to claim the CEO title. They should want the job because it'swhat they love to do, not because they want the title.”

As Gen X slowly fills the departing shoes of the boomer CEO's,Gen Y is still, for the most part, looking through the window withlonging.

Gen Y, which is quickly becoming the most educated age group inthe country, can fill any number of positions at growing and hiringcredit unions. Approximately 31% of Americans ages 25 to 29 heldbachelor's degrees in 2009 compared to the 30% of all Americans,which is a record level, according to the U.S. Census Bureau'sFebruary 2011 report.

Even though Gen Yers's are young enough to be the grandchildrenof the retiring executives, the credit union world should make abigger effort to secure some valuable employees from the group,said Miyashiro. “Many Gen Y'ers are really about giving back andaren't out to make a million dollars a year. Credit unions shouldtake advantage of this and make [credit union] jobs not only moreattractive employment options for young people but perhaps evenlong-term career choices.”

Generation Y–born between 1982 and 2003–is often referred to asthe dot com generation, echo boomers or millenials. Depending onwhere you draw line, there are 78 million in the Gen. Y group, 26%of the population.

As millennials enter the workforce, companies are jumpingthrough hoops to accommodate their demands for faster promotions,greater responsibilities and more flexible work schedules.Millennials are the only generation that doesn't list work ethic asa defining trait, according to the Pew Research Center. Indeed, 75%of those Pew polled said that older people have a stronger workethic than young adults. But employers who regularly hire workersin their early 20s find them to be just as diligent and competentas previous generations, stated the same Pew poll.

Despite Gen Yers' reputations for being brash, studies show theykeenly understand the value of experience. They also excel atworking in teams. Pairing them with more experienced workersenables the older worker to feel valued and respected, while at thesame time satisfying the younger workers desire to rocket up thelearning curve.

“It's tough, it's like waiting for people to die or something,”said former credit union employee Sondra Marsh of Los Angeles. “Iworked for three different credit unions waiting for a promotion,and it never happened because no one would retire. There are somany changes that my generation could make, but it seems likechange isn't a good thing at credit unions.”

In Canada, credit unions market to Gen X and Gen Y whileemploying and promoting them, said Katie Meyers of Vancouver B.C.who works at Vancouver City Savings Credit Union and belongs toGeneration Y.

“Credit unions in Canada really market to young consumers,” shesaid. “The ad campaigns are edgy and fun and working at a CanadianCU is the same. I love this career and I don't think it will takeme long to move up.”

Meyers said that her peers have skills and talent and they areanxious to have these talents utilized in a meaningful way.

“They want their responsibilities clearly defined withidentifiable boundaries,” she said. “They want to be certain thatany achievements are recognized, attributed to them, and notmistaken as anyone else's work. Gen Yers have a global view of thefuture.”