Members & Employees Will Flex Their Muscle Memory

Credit unions have always distinguished themselves from their corporate competitors by focusing on a sense of purpose and the member. Organizations that don’t focus on a sense of purpose will not survive.

Economic realities and technology are changing the business landscape permanently. If you are not utilizing the newer technologies today, you are at risk of being defined as useless. New technologies will boost productivity growth in the next decade as demand for everything digital soars. Consumer expectations are spiking, resulting in consequences for organizations that are not responsive with new go-to-market strategies.

Trust, however, is the key to ensuring success. Making sure that your actions every single day line up with your values is what employees, members and partners want. Are leaders serving as role models? Are employees being put first? Are there standards created for how to work together and treat one other, and are objectives being set within the work environment?

Credit unions have always had this focus, but need to increase their speed with immediacy to survive.   Employees are demanding that they participate in strategy and are in control. Close to one in three employees today have already changed their work status. Close to one in four do not believe their mental health and physical well-being are being looked after. Surprisingly, 48% of employees today would take a pay cut to have a sustainable future. Members are reflecting their values with their pocketbooks. Those organizations that are not agile and flexible enough to adapt to this new environment will perish.

Communication in the work environment is a differentiator today. Clear communication takes thought. Providing short, crisp messages takes preparation. Preparing bullet points beforehand creates efficiency and shows respect for those receiving your messaging. No one wants to listen to verbal processing out loud. Taking the responsibility to fine-tune your thoughts leads to respectful discussions that save both time and energy. Having an agenda is key. When you prepare an agenda in advance of every meeting, it denotes valuing someone’s time, prioritizing the right issues and shows intelligent processing of information and issues. This can be done not only in meetings, but in other areas as well. If you share an article with someone, take the time to highlight or express the important areas of value. Do the work. This shows respect and creates value and responsibility.

CEOs need to create a dashboard that measures key metrics like talent attraction and turnover. This helps put into perspective the talent equation – who is staying and departing, and why. Collecting data on who your members are and why they want to do business with you is an absolute. Understanding the benefits of technology and ensuring that cybersecurity risks are being addressed is equally important. With so many foreign players and bad actors wrecking havoc on good institutions, it is imperative to bring your employees and strategic alliances closer to ensure that everyone you are doing business with shares your values. Additionally, the speed at which you respond to these bad actors will determine the integrity of your future.

It’s difficult and painful to look in the mirror and recognize changes that have to be made to behaviors, leadership, governance and strategies. But establishing the right habits and muscle memory for change is the key. And having the strength and ability to regularly, strategically communicate where you want to go, as well as why and what the opportunities and expectations are, will ensure successful and ongoing movement toward your goals.

Your culture is your organization’s competitive advantage. A culture that reinforces employee engagement allows balance between personal autonomy in decision-making and alignment with the organization’s goals. Your people need to see that the organization’s strategy grows directly from mission, vision and values. Senior management needs to affirm and strengthen the culture through open clear communication, setting the example for mission-aligned, values-based decisions, which employees can see, embrace and follow.

Your mission, vision and values are the foundation of your culture, and they are the guiding light for your strategy. Your values are the guideposts along the way. They are the spoken and unspoken beliefs that form behavioral norms. A successful strategy rests on this three-legged stool of mission, vision and values. Stay focused on how you are communicating this from your board, within your c-suite, throughout your organization and to your members.

Communication must be two-way. Remember that feedback and candid exchange of ideas creates the responsiveness and agility required in today’s challenging landscape.

Stuart R. Levine is Chairman and CEO of Stuart Levine & Associates in Miami Beach, Fla.