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Tag: Leadership


Board of Directors Recruitment

Board of Directors Recruitment – What do innovative companies look for in the selection of a new Board member?

A Board Member is an essential function in navigating a company’s future direction. When recruiting new members for a Board of Directors, the current Board Members desire candidates with fresh ideas and original thinking to be a significant and impactful contributor to the organization. Their uniqueness should have a philosophical alignment with the business, along with a mentality to give back to others in their personal and professional lives.

An innovative intellectual is fundamental to a strategic skillset for the governance of the company with a collaborative mentality. The diversity each individual brings with different life and work experiences help facilitate a well-rounded vision of the organization’s future.

Dedicating time and commitment with the eagerness to participate in meetings and beyond is a necessary attribute in a Board Member. The individual’s flexibility and preparedness are ideal in the board’s progression, immensely when they contribute questions, research, and creativity.

There is so much more to a Board of Directors than just attending meetings. Someone with futuristic views and able to identify trends contribute to being a valuable asset. Tangible attributes are valued when seeking new Board Members; however, intangible characteristics reach beyond tradition and appeal to innovative individuals.

 

 

 

Blended Learning for Executives

Educational leadership can benefit significantly from blended learning by both formal education programs and virtual training. Bringing these two facets to key leaders can prove to be valuable in the development of building relationships, innovative thinking, and employee engagement within the organization.

The paradigm where everyone learns differently could be addressed by offering the opportunity for blended learning, as some excel from in-person institutions and others with webinars or virtual classrooms; bringing both options could provide a foundation that can be embedded in the workplace. Once critical leadership competencies are formed, these new behavioral skillsets can help bridge organizational gaps by building informal connections, fulfilling company goals, and guiding shared visions across all functions.

The combination of individually driven virtual learning and formal educational programs offers executive leadership the tools to provide a better overall workplace atmosphere.

Competitive Retention Strategies: Mortgage Division

New market, new demand!

Ask yourself, what are we doing as a company to retain our talent within our mortgage division?

The mortgage industry is in high demand of employees, as mortgage rates continue to remain under 3%. Due to the urgency of hiring candidates with mortgage operations experience, employers are seeking mortgage leaders to join their organization.  Quality talent is being swept away by other mortgage companies by virtue of monetary base compensation and incentives.

As an organization facing some of these challenges, employers are being creative on compensation structures to incentivize workers.  Incentives offered are hiring bonuses, retention tools tied to compensation, with the ability to work remotely.

If your company is facing the same challenges, reflect on your incentive strategy and retention tools needed to be competitive in a demanding mortgage rate environment.

Retention Strategies for Executive Hires!

Securing quality talent within your organization should include an internal strategic plan. Retention plans for top credit union Executives comprise of competitive salaries, targeted performance incentive goals and retention bonuses, stock options, paid time off, and ancillary allowances and benefits.

Robust, targeted performance incentive plans are successful when implemented at the offer stage/onboarding process, and even more lucrative when these plans align with industry standard. Specifically, quarterly, semi-annual, and annual performance incentives are beneficial at the Executive level and should be established to incorporate non-financial metrics and financial metrics. Non-financial metrics might include engaged members, member survey results, staff turnover ratios. Financial metrics may encompass loan growth and earnings, return on assets, capital ratio, membership growth, net income, and board evaluations (if applicable).

Once you establish the targeted goals, each metric should be broken out to a percentage of the final goal. Non-financial metrics could be 10% of the total bonus, while financial metrics are 90%, it depends on the organization’s focus to meet the needs of its employees and business strategy. Evaluating your Executive Compensation plans should be assessed annually to ensure they are in-line with the industry standard to achieve employee engagement and retention.

Chasing the Money or the Opportunity

Should you chase the money or the opportunity? Well first, ask yourself, ‘Is it the right fit?’ Organizations may pay well, but if they have a high turnover rate and don’t fulfill your career goals, it may be in your best interest to really think it through.

This is an internal dilemma that many people go through. Of course, you shouldn’t undervalue yourself monetarily should a job prospect check all your career boxes, but don’t let an opportunity slip away that could benefit your long-term career development. Success can be subjective, and how it is measured and valued differs from person to person.

Some companies do entice candidates with short-term monetary goals, which can burn out employees quickly, causing high turnover within an organization. It may not be in your best interest to weigh opportunities based on compensation alone; career advancement, skill development, and passion should be considered. Chasing short-term benefits could prove unfruitful in the long-run, and you may not want to look back and wish you would’ve done things differently.

Innovative Leadership – What do Companies look for?

More than ever, companies are focusing their attention on recruiting innovative leaders to forge an ever-evolving path for their organization. They want leaders to push the limit with questions, observations, networking, experimenting, and advanced thinking – never ceasing to discover the unimaginable.

Being part of a team who works for an innovative leader, organizational growth can be exponential as they explore new concepts and break down barriers. These leaders have the innate ability to imagine the impossible and communicate their vision to others who will add to the bigger picture. With a charismatic character, innovative leaders foster an environment of futuristic change and are ambitious in obtaining an optimal result.

As new ideas are established and set in motion, enhancements to the company can be used to help drive it to even greater success. Introducing and exploring technological advancements and digital improvements are necessary for growth. Centering on a digital footprint provides companies with an infinite, information-based foundation, leveraging information that may otherwise be unknown or out of reach. With the right digital extensions, the corporate business initiatives will thrive and create opportunities beyond today!

What constitutes a transformational leader?

There is an overwhelming sense of responsibility taken on by any leader. Strong leadership evokes a belief in the shared vision and the charisma to guide others has the ability to propel the strengths of the team. The way employees define their manager’s leadership style, has a large impact on the continuation of a successful leadership cycle.

There are nine identified frameworks of leadership styles – transformational, transactional, laissez-faire, servant, autocratic, democratic, bureaucratic, charismatic and situational. With these nine styles, also comes nine different ways a team can define their leader’s approach. Believing in a one-size-fits-all methodology may cause more adversity than prosperity. Leaders must have the ability to adapt their leadership strategy to fit the situation and their employees.

The responsibility taken on by any leader is more than just a guide towards the right direction. A leader must be willing to make the hard decisions, earn the trust and respect of his/her employees, believe and articulate a shared goal, and inspire people to do their best. Having the foresight to know what may lie ahead and recognize that a shared vision will distinguish a transformational leader from the rest.

Should Succession Planning be on your Company Agenda?

As the structure of an organization matures and employees begin to mature and transition from their initial roles, succession planning becomes a key piece in ensuring the organization will continue to run smoothly.

Be proactive in outlining a succession plan that works best for the culture of the company. Set aside adequate time to identify the key traits needed for another leader to fill the soon-to-be vacant position. Even if a transition is not expected immediately, proper timing and planning make a difference in the midst of any occupational shift.

In the spirit of timing, this offers an excellent opportunity to provide training to other employees that may be interested in leadership roles down the road or perform trail runs for potential candidates whom may be closer to the level of accepting more responsibility. Opening up the chance for employees to actively seek leadership roles and identifying top performers, organizations pave a greater road towards smoother transitions.

Through training and vetting, it is important to relay the shared vision of the organization. Engaging in transparent strategic conversations will not only help develop a greater vision for future success inter-departmentally but it will also magnify the strengths of top-performers.

Once an internal succession structure is identified, the process should be mirrored and appropriately transitioned to fit the hiring strategy, establishing the traits valued in top-leadership parallels that of new additions.

How to Properly Resign as an Executive

After deciding to forge a new career path, resigning from the current position is naturally one of the next steps. As an executive, the utmost importance falls on how their departure transpires and how it affects the company in the long haul.

Appropriate transparency and confidence will define how any executive leaves their current role. Naturally, as a leader departs, followers begin to raise suspicion. Being confident in the transition without making vague excuses will alleviate that worrisome feeling that may arise in employees. The reasoning behind such change should be professional and future-centric rather than focused on the specific instances that led to the transition.

An in-person announcement to the organization is the best way to break news for any leave. Falling in line with transparency, this method allows current employees the chance to ask questions, witness organizational support and positivity and, most importantly, observe the raw emotion that is paired with any goodbye. No matter the circumstances, good or bad, executives will be able to better gauge the reaction of their team and quash any potential rumors or “this is what I heard” scenarios.

Leaving the company in good standing should be at the forefront of any executive’s mind after deciding to depart from their current role. While two weeks’ notice may be the norm, more time may be needed to ensure adequate measures and plans are in place to set the company up for future success. Whether it be two weeks or two months, a proper go-ahead plan should be established and communicated to support the company that such executive was once a part of.

Never Under Estimate Your Value!

Confidence within the workplace is key to a successful career, and a portion of such confidence is the power that comes with knowing ones true value. Social interactions, energy and attitude play a major part in how people interact with one another in the workplace. Positive interactions are driven by value-led thoughts.

Believing that you have what it takes to make a powerful impact in your role and not accepting less than what is deserved solidifies the understanding of your self-worth. Have the confidence to say what you want because you know it is earned but also, have the humility to realize unrealistic expectations.

Evaluate who you are and who you want to be, while celebrating your accomplishments. Prioritizing your commitments and personally valuing who you are will translate into value in any situation.