The baby boomer generation has long since paid off their homes, purchased their cars and saved for their children's college educations. And while Generation X may still be well in the growth years, they are such a small generation that their footprint does not have close to the purchasing power that millennials' footprint does.

So there you are, the facts are on the table. The growth of your credit union is directly connected to your ability to attract millennials – both as members and for your board of directors. Your best shot at attracting millennial members is to recruit and engage millennial board members.

While it's not an easy task, here are seven strategies that will put you in a position to attract, retain and fully engage younger board members.

1. Want Them.

First and foremost, you need to want them and be ready to accept them. Most of your current board members are older and more traditional, and far more used to the rules and policies of your board. You have to know that bringing on younger board members is going to mean change. Perhaps that means being open to a virtual meeting now and then, making board meetings more interactive, or making them more social or fun. Whatever it is, you have to want younger board members and understand that with "different" board members you will most likely become a very "different" board.

2. Make a Plan.

It is a myth in this economy that younger people do not have a work ethic or do not want to join boards. Just like every generation, some people want to get involved and others don't. Your job as a board is to find the ones who do and that takes a strategy. Recruiting young board members who want to be on your board, and want to be active and engaged, takes planning. As a board, you need to sit down and identify younger people you want to recruit, and create a plan for how you are going to do that. Maybe have an initial conversation with them. Invite them to a board event. Give them a tour of your branches. Let them engage with some of your members or your employees. Whatever it is, you need a plan that will create interaction and engagement, and one that includes multiple experiences for younger members.

3. Stress Culture and Story.

Millennials are actually a perfect fit for the values and missions of credit unions. Millennials want to do work that matters and support organizations that want to make a difference. That is the very definition of a credit union. Current board members and credit union leadership need to understand that educating younger members and potential board members will go a long way in attracting them to become a part of your credit union. Most credit unions' stories, culture of "members first" and care for their communities is in perfect alignment with millennials. You cannot assume this younger generation knows your story or understands your culture, so you have to find ways to share it.

4. Use Social Media.

Yes, like it or not, you have to use social media. Younger board members (and quite frankly most people) look online to see who you are and what you are about. Our phones allow us to take photos and quick videos, and share who we are and what we are about. Get your message out on social media if you want younger people to be interested in who you are and what you are about. Use social media to tell your story and share your culture.

5. Recruit Your Staff.

It takes one to know one, and if you want to recruit millennials, you need to ask a millennial how. Take the time to look at your staff and see who fits the description in terms of age and the type of board member you want to attract. Then ask them for help. They can not only share their ideas of who to recruit, but they can share their ideas on specifically how to do it. In addition, once they understand you are interested, they can jump on board and join the recruiting efforts.

6. Know Why.

You need to be clear about the "why" for any board member, and especially for millennials. You need to know what is in it for them, why it is beneficial for the credit union, and why and how they can make a difference. Answering the why is so important for millennials. They want to ensure that if they give up their free time, if they choose to become a part of something that they are going to make a difference.

7. Never Give Up.

Last but not least, understand you and everyone else is looking for younger board members. If this were easy, I would never have to write this article. So, get ready for the long haul. You cannot ask one or two people and then give up. Realize that this is about building relationships and recruiting board members who will add serious value. This is going to take time, you will get lots of no's and failure is just part of the process. However, if you have stamina and perseverance, in the end you will recruit millennials to your board who care, are passionate and will make a difference.

So, there you have it, the seven strategies you need to diversify your board and get ready for the economy of the future. Recruiting board members who are different from your traditional members is never easy. It requires us to change our way of thinking, be open to doing things differently and redesign how we think about board membership.

However, this is one of the best investments you can make for the future of your board and the success of your credit union.

Meridith Elliott Powell is a Business Growth Expert & Keynote Speaker. She can be reached at 888-526-9998 or [email protected].