Why might such a group meet? And what should they discuss? In my experience, there are three broad questions that any group of leaders should explore over time.

How might external forces impact our companies? The focus is not just on "what," but also on "so what?" What is the likely effect of an increasingly challenging regulatory regime? How might technology or new entrants alter the competitive dynamics – and the risk profile – of our industry? What cybersecurity trends are most troubling and why?
How are our companies addressing critical business challenges? It's always helpful to benchmark other credit unions' internal practices, resources and constraints. What policies and cultural norms are working well, and where are changes warranted? How do other credit unions encourage innovation? What technology and tools are others using? How do peers attract and retain members? Still, objective benchmarking alone (i.e., "what") has its limits. Each credit union has its unique culture, history and risks, and "best practices" are often context-specific. For that reason, it's often more helpful to explore why the peer organization made the choices it did. Because "why" discussions reveal beliefs, assumptions and lessons that can be applied in other contexts too.
How do we think about our roles, our careers and our lives? Let's face it: We all seek opportunities for professional growth. How are others navigating their careers? What responsibilities are they taking on? How do they think about building and leading their teams? What's the step on my career ladder? How have peers overcome frustrations or roadblocks? What are their goals and priorities, and how do they mirror – or diverge from – my own? How can an ambitious professional balance a demanding career with a fulfilling personal life?

There is no question that great peer dialogue about those three big questions – external, internal and personal – can transform the quality of an executive's career. But a well-designed peer network can offer something more: A sense of community.

Instant Insights /

Why Every Credit Union Executive Needs a Great Peer Network

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