CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Collins: Adhere to Core Values
Management

Collins: Adhere to Core Values

July 13, 2010
2 Comments

http://www.creditunionmagazine.com/articles/special-report-the-1-cu-conferenceAdhering to unshakeable core values is the only thing that keeps even great companies remaining great, author Jim Collins told attendees at The 1 Credit Union in Las Vegas Monday.

Monday's general session keynoter at the joint conference of the Credit Union National Association (CUNA) and World Council of Credit Unions is the author of "Good to Great" and other books.

Collins carried on the theme of credit unions' advantage by pointing to the fact that great companies remain great only when they adhere to unshakeable core principles. Thanks to their member-focus philosophy, credit unions have a natural advantage over many for-profit companies, but they can't afford to think that their philosophy will make them successful in the absence of excellent management.

Daily News
View more conference coverage

Faith in the facts characterizes the climb to success, and failure to deal with the facts breeds a fall, he said.

"Credit unions face brutal facts. They are smaller than large financial institutions which can deal with the increasing burden of regulation and take opportunities," he added.

For credit unions, a "brutal fact is that the average age of members is going up. I challenge you to confront that fact. Ask how are we going to get this next generation a part of the movement? They distrust institutions, and they require different mechanisms...but it must be done," he said.

"There is one towering, giant truth," Collins observed. "Credit unions can be trusted and they are run well. Who on earth could promise a better deal to members? But it will be up to us to communicate to the next generation if we want to survive."

Collins also outlined his five stages of decline that affect many companies, and the role leadership plays in facilitating that decline. Leaders who succeed are passionately committed to success, but that commitment must focus on the organization and its ideals. Leaders who focus on success for their own gains quickly lose ground, he explained.

The credit union philosophy helps mitigate that self interest, but requires even higher levels of commitment to achieve its goals.

KEYWORDS collins conference great leaders success

Post a comment to this article

Report Abusive Comment

Credit Union Magazine - Winter 2019

Winter 2019

Alternative lending, compliance management systems, and ideas for boosting credit card portfolios are among the topics of Credit Union Magazine’s Winter 2019 edition.
App •  Digital Edition •  Subscribe

Trending

  • CFPB proposes to raise remittance threshold to 500 transfers

  • Compliance: Using alternative data in underwriting

  • Concerns over credit union-bank mergers, CRA ‘inaccurate, misinformed’

Tweets by CUNA_News

Polls

What's the pace of staff turnover at your CU?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors