MADISON, Wis. — Credit union industry executives willing and available to devote their time and energy to implementing innovation in the marketplace are the prime candidates for the Filene Research Institute's new sabbatical program.
Filene said it will work with sponsoring employers of prospective loaned executives on an arrangement regarding compensation. Most sabbatical positions will also include performance incentives. The sabbaticals can be structured differently, according to the employer's needs and resources, Filene said. Executives may chose to take an extended leave from their employers for the duration of the sabbatical, or break it into separate intervals.
The research institute currently has two sabbatical positions to fill. The first is for a director of a large-scale, young adults field project. Filene will start an 18 to 24 month project in the fall that aims to enhance the awareness of credit unions with Generation Y, improve young adult satisfaction with credit union services, introduce relevant product or service offerings and assist in lowering the average adult age of credit union members. Filene said it will hire an independent contractor as a full-time, limited-term person to direct the project.
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Filene is currently assisting an academician in managing its soon to be introduced "30 Under 30″ program, which is a group organized of 30 credit union professionals under the age of 30 who will develop business plans to help credit unions reach young adults and young families. The director on sabbatical will assist with this effort along with working with several state leagues, or other credit union organizations to implement products and services aimed at young adults, managing research activities and developing tactics and projects to achieve specific goals.
On the 30 Under 30 program, Filene CEO Mark Meyer said driving down the average age of credit union members will protect the financial health of credit unions and of young adults, and deserves this major commitment of time and resources. The program is an expansion of Filene's COOL [Custom-fit, Online, Outrageous, and Loyal] Solutions, which were a series of research reports about Generation Y published in 2005 and 2006.
"Credit union leaders know they must become relevant to Gen Y," he adds. "If not credit unions run the risk of going the way of the Oldsmobile."
The second sabbatical position is an innovation accomplice. This three- to six-month position is responsible for collaborating with Filene's chief innovation officer on the implementation of innovation projects, mostly those created by i3–a group of credit union executives who collaborate on innovations to bring to the marketplace.
"Many talented credit union professionals are reading about the issues facing the industry, and talking about them with peers, and they're thinking, 'I have some good ideas–I think I could really make a difference–if I could spare the time and energy from my job to implement them,'" Meyer said. "That's the beauty of a sabbatical. You have the freedom to throw yourself into something important for all credit unions. Then, you go back to your employer with new skills, broader knowledge, fresh energy and enhanced perspectives."
This two-way pipeline for talent will allow Filene to keep its full-time staff lean and nimble, devoting resources to critical issues as they arise, Meyer said.
He envisions dedicating many of the sabbatical positions to people who can connect the Institute's research or innovation findings with practical applications in the marketplace.
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