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CU Snapshot

 September '18August '18
# of CUs5,6535,686
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings85.5%84.5%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

Leadership Development

Five steps to stock your CU with leaders.

The 2016 Survey on Leadership Development indicates two primary leadership challenges companies face are adapting strategically to change (34%) and having a sufficient amount of capable leaders (29%).

Further, 43% of companies identify leadership development as a "main driver for ensuring delivery of business results," while 20% say it grows business.

Consider these five steps to leadership development:

1. Take a balanced approach in evaluating not only business acumen and soft skills but also the connections between these components.

2. Involve top executives in developing leaders. CEOs must be accountable.

3. Accelerate leadership development among candidates with less experience to fill a leadership gap.

4. Focus on real-life business challenges as the foundation for leadership development programs.

5. Foster cross-functional understanding and ensure a broad skill set through job rotations.

The survey further identifies specific qualities great leaders possess. The top five are: strategic thinking (53%), communication (49%), decision making (36%), motivating others (33%), and emotional intelligence (32%).

"This implies that the skills most required to deliver business results and growth are related to interpersonal skills... more so than to hard skills such as functional or financial expertise," the report notes.

For more on leadership development, read the feature article "Growing Tomorrow's Leaders" in the April issue of Credit Union Magazine.