Board succession and mentoring are challenging.
Historically, board nominating committee members would reach out to friends and colleagues at the sponsoring organization when positions opened, filling seats with people who directly represented the sponsoring organization.
That recruitment method doesn’t work as well anymore. Most credit unions have expanded their fields of membership and are struggling to recruit within groups about which they know little. As a result, many credit union boards no longer accurately represent a majority of their membership.
It’s essential to have volunteers who can relate to the financial needs of the current and future membership.
Consider these ideas when seeking out new volunteers:
The role of the credit union director carries a lot of responsibility, including the need to understand the basics of credit union financials and regulatory compliance.
However, developing a volunteer requires more than fostering financial acumen.
Mentoring is the key to a higher level of board engagement. Credit unions need boards that are actively engaged in conversation, debate, advocacy, and decision-making. Volunteers won’t be fully engaged if they don’t understand how the organization functions and the rules that govern it. Mentoring assists in overcoming hesitancy to be involved.
Consider assigning a mentor to each new volunteer. The mentoring process should include a clear training and development plan plus support as new volunteers pursue their training path.
Mentoring also should include insights into how the credit union functions and a deeper understanding of the credit union’s issues. Advocacy is critical, so credit union governmental affairs conferences are a great way for the mentor to introduce the new volunteer to their advocacy role.
Plus, mentors can encourage shy volunteers to speak up in meetings or provide guidance on the best way to interact with the board.
An elected board of directors is a strategic advantage, especially when the board actively engages in governing and appropriately reflects the demographics it serves or desires to serve.
Engaged and reflective representation will improve decision-making and ensure the credit union’s products and services remain relevant.
SCOTT BUTTERFIELD is the principal at Your Credit Union Partner.