Well-Rounded Succession Plans Take a Broad Approach
Having some kind of a succession plan in place, even just knowing who will take a CEO’s place in the event of his or her sudden departure, is a necessity for every credit union. But experts say the best succession plans don’t just determine who future leaders will be. They build the skills and knowledge of every employee and positively affect the future of the credit union as a whole.
In addition to identifying who will replace a key individual in an emergency, successful succession plans address how individuals who have indicated they plan to retire or move on will be replaced, as well as how the development needs of potential leaders from within the credit union will be met, said Holly Herman, an achievement coach with AchievingSkills.com, who is a former credit union CEO and chief of staff for former NCUA Chairman Joann Johnson.