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creating a talent pipeline succession planning

What is more important to the longevity or health of a credit union than cultivating the next level of CEO leadership? You would think every institution in our industry would have a long list of viable alternatives eager to claim the throne. Yet, unfortunately, an alarming number of credit unions are faced with a skills gap between the CEO and the ungroomed, ill-prepared top executives. Nearly half of all organizations have no viable internal candidate to permanently replace the CEO if required to do so immediately. In fact, we have even worked with institutions that hesitate to name interim CEOs during the transition process to avoid giving too much authority to an incapable C-suite executive.

However, certain organizations do succeed in developing a deep understanding and enduring bench strength. At Mitchell, Stankovic and Associates, we work with institutions all over the country through their leadership transitions, and we have found common factors that contribute to a leadership transition’s success. What do these institutions do to create success in their succession planning and leadership transitions? They combine professional development and growth with the methodical and regulator driven process of succession planning in order to create a sustainable and long-term roster of talent. In this article, we will examine four strategies for success in succession management to help take your organization to the next level and create a pipeline of strong internal chief executives.

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