Credit union executives seeking to benchmark their institution's performance against that of other credit unions may benefit from a new guide just released by Washington consulting from Callahan & Associates.
The Comprehensive Guide to Credit Union Performance Benchmarking highlights critical metrics that credit union chief executives and heads of finance, lending, operations, marketing and human resources need to consider when measuring performance.
The guide breaks down the formulas that go into calculating the metrics, plus the internal and external factors that influence them.
“We created [the guide] because more accurate, efficient performance analysis leads to better strategic decisions, and better credit union decisions means a stronger credit union industry,” Callahan & Associates COO Alix Patterson said. “Not only will the guide help industry professionals better analyze their performance, but they'll learn how to leverage the data to shape their decisions as well.”
In addition to offering the most important metrics, the guide can also educate top executives in ways to improve their performance benchmarking efforts.
Various methods for gathering data to benchmark against, such as the NCUA 5300 report, state league reports and data software are covered in detail. The guide also includes a section identifying common performance benchmarking pitfalls and how to avoid them.
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