CEO succession planning is becoming a priority as the economy recovers, retirement savings rebound, and more CEOs decide to retire.
Due to a lack of candidates with leadership skills in the current job market, credit unions without formal succession plans are finding themselves in an unenviable position as they scramble to find replacements for CEOs who leave without a lot of notice.
If your credit union has a succession plan (and twothirds do), review it to make sure it’s still relevant.
Succession planning is more than replacement planning. It’s a way to ensure the continuity of your credit union’s performance and culture.
Having the right leadership in place is crucial to your credit union’s success. Make sure your credit union is prepared to activate a formal succession plan that facilitates a smooth leadership transition.
With tax season upon consumers once again, it’s also when they are most vulnerable to tax refund fraud. Since the methods for tax refund distribution generally go through financial institution, credit unions can battle tax refund fraud.