Evers noted implementing a formal board succession plan that focuses on diversity and addressing future competency gaps is key.

"I believe it is not necessarily about the age of the person, it's about the skills and experience they bring to the board," she said.

Credit union boards must honestly evaluate which competencies they are missing and how long directors anticipate serving if they are continuously re-elected, Evers said. She added they must ask themselves, "Do we have a list of strategies for recruiting new board members and a formal process for vetting potential board members?"

Stacey Walker, board director for XCEL FCU in Bloomfield, N.J., offered one big tip for recruiting young board members once the groundwork has been completed: Act.

"Do something. Don't fall back on excuses of how hard it is or assumptions that people just don't want to volunteer anymore," she said. "If interest in volunteering is waning, it's because people aren't aware the opportunity to serve exists or they don't know how to go about being on the board. It's an education opportunity. Keep trying different approaches and be willing to evolve."

The $164 million credit union began taking action when it identified a need for more working professional members during a recent strategic board planning session. For example, XCEL FCU now scopes out potential young board member candidates at its annual meeting. Walker said during the meetings, credit union staff members let attendees know about volunteer opportunities and directed them to a sign-up table manned by directors who could answer their questions.

In the process, XCEL attracted young volunteers.

"Most credit unions may not have a large annual meeting turnout, but there are regulars," Walker said. "Showing up is half the battle and they do it every year. These are people who have demonstrated a genuine interest in what's going on with their credit union, so why not ask? At XCEL, we are proud of the work that our volunteers do, the caliber of volunteers we attract and our constant desire to increase our pool of volunteer candidates."

While many credit union board members have historically served for several terms, Evers noted that younger, incoming board members may not be as interested in serving for quite as long. Therefore, recruitment efforts must be ongoing and proactive.

"In my experience, some of the really good potential board members who fill the competency gaps you have on the board may not be available right away," she said. "They may have to complete their service on another board or have some other commitment that prevents them from taking a board seat immediately. So it's necessary to plan ahead."

Under Ronaldo Hardy's tenure as president/CEO for the $29 million Shell Geismar Federal Credit Union in Gonzales, La., intentional board recruitment has been a priority. The credit union currently boasts volunteer representation from multiple generations and is exploring the creation of an advisory board comprised of young millennials, which Hardy said he envisions as a talent pool pipeline and board director training ground. While advisory board members would not be permitted to vote, they would fully participate in discussions, attend board meetings and other board events.

"One of the biggest barriers any board can create is to treat the credit union as their personal club rather than keeping in mind it's a business entity," he said. "If it's a dictatorship, the board becomes a reflection of people who are okay with not being heard, and ultimately, that hurts the organization. Recruit what you desire."

He said boards should foster a culture of innovation, progressive thinking and fiduciary responsibility. The dynamic collaboration that takes place on his board, he noted, attracted active contributors who are dedicated to making decisions that better position the credit union for the future.

Given the steep learning curve that's involved, requiring individuals to serve on volunteer committees or advisory boards, or as associate directors for six to 12 months prior to their official board appointment, is a good move, experts said. It helps them get comfortable making decisions while gaining a greater understanding of the business.

Evers added credit unions should be mindful of how they welcome new volunteers, associate directors or board members. She suggested appointing board mentors, and implementing an orientation, training and onboarding process aimed at helping candidates overcome thoughts such as, "Who, me? How could I be a board member?"

"I think there also needs to be more education of what it means to be a volunteer at a credit union," Walker added.

Walker noted the term volunteer is a loaded one that most people associate with cleaning up a park, offering tutoring services or delivering food to the elderly.

She said once a credit union has established time commitment and responsibility details for new volunteers, it needs to be flexible in terms of scheduling to accommodate people with busy jobs and families, and constantly work on building a pipeline of potential board members.

If potential candidates can't fully commit to board membership, the credit union should find other ways to engage them and allow their voices to be heard, Hardy and Walker agreed.

"Credit unions serve a great need in the communities they serve, but we can't presume people should be jumping at the opportunity to be a part of the process," Walker said. "Recognize there are so many cooperatives that exist and people have very busy lives. So we need to be accessible while sharing the value of being part of the credit union board."

XCEL FCU has also leveraged technology to help eliminate participation barriers – for example, the credit union posted board packets online, gave board members iPads and hosted web conferences. And every other month, the credit union schedules board meetings in the late afternoon or evening to accommodate working professional members.

In addition, credit unions looking to diversify their boards should develop relationships with diverse organizations within their communities, experts said. If, for example, a credit union identifies the need to attract Hispanic board members, it could reach out to local Hispanic groups.

"Ask your current, more diverse board members and employees for recommendations of others who might be good members," Evers added.