One of the critical components of success in business, no matter the industry, is executive leadership. It seems like a no-brainer, but the nuances of true leadership can be tricky to navigate. For example, a good credit union leader may encourage employees to share ideas and feedback. A great credit union leader both empowers and inspires his or her employees, nurturing a culture of innovation, collaboration and ultimately, growth. At the other end of the spectrum, executives who utilize rigid, top-down communication styles tend to stifle others' creativity, resulting in employee inhibition and organizational stagnation.

In order to help our organizations thrive, we must be constantly aware of the rapidly changing business landscape and the work culture we are fostering within it. Here are five changes you can begin to implement today that will help you stay ahead of the curve, and become an exceptional leader for all employees:

1. Encourage open communication. Be transparent with your employees about your credit union's operations and goals. Solicit feedback from your team on what is working well, and what processes might need to change in order to be more efficient. People are much happier at work when they feel their opinions matter, and more specifically – heard. By listening to your staff's concerns and addressing them when and where appropriate, you're showing them that you respect their views and value their contributions.