Fired Up For Life Or Just For Now?

transcript

Fired up for life, or just for now?

Tim McAlpinePRESIDENT & CREATIVE DIRECTOR

CURRENCY MARKETING

• Founded in 1990• Based in Canada• 80% of business is in U.S.• 100% credit unions

currencymarketing.ca/think

Typical staff pictures

Typical board pictures

Positive energy and a palpable sense of frustration

“I’m out!”

I wanted to stay, but I had to better myself.”

YOUNG MALE MARKETER WHO RECENTLY LEFT A $90 MILLION CREDIT UNION FOR

A CAREER IN ANOTHER INDUSTRY“

We see this huge opportunity to turn this very archaic industry into something huge, but we all see the same brick wall from our credit unions.”

A CAREER IN ANOTHER INDUSTRY

I decided I wanted to move into a leadership role at another credit union but this proved impossible. I reached out to so many contacts I met at conferences. I spent almost a year sticking it out at my credit union waiting for an opportunity to come along. I just had to give up. I was afraid I was going to be stuck in a position being a lackey forever. I really didn’t want to leave the industry but it was a life decision for me to better myself and to take my talent to a place that it could be used effectively.”

A CAREER IN ANOTHER INDUSTRY

“I’m mobile and it was time for a change”

Sometimes no matter how much you love and adore your family and your job, you just can’t stay in the city you grew up in. You have to spread your wings a little bit and attempt to follow your own calling.”

YOUNG WOMAN WHO’S FATHER IS A CREDIT UNION CEO—SHE LEFT HER CREDIT UNION TO MOVE TO A DIFFERENT CITY AND A

POSITION WITH A LARGE POST-SECONDARY INSTITUTION

“We aren’t like our parents, stuck in a rut

for our whole life.”

Mark Zuckerberg

Jack Dorsey

I wonder if the accessibility to information, the mobility of the workforce and the global awareness of a multitude of complex issues leads some of my generation to say, ‘I’ve contributed to the tackling of thesefinancial issues; maybe I’ll tackle something else for a while; the world needs me!’”

BEN IS AN ADVISOR AT $800 MILLION MENNONITE SAVINGS AND CREDIT UNION, ONTARIO, CANADA

Title here

“My credit union doesn’t behave like

a credit union.”

The bill of goods that has been sold to young credit union professionals is that our model puts our members first (and profits last). What’s hard to understand, however, is why our response to the economic collapse has been so similar to that of the banks we were told had business models that were completely foreign to ours.”

MATT DAVIS, DIRECTOR OF INNOVATION AT THE FILENE RESEARCH INSTITUTE,

MADISON, WISCONSIN

“I love credit unions, but I can’t stand my credit union.”

The thing that excites me the most and keeps a fire in my belly for this industry? What credit unions can be. What we’re capable of. It’s easy to see this and be swept off our feet by looking at credit unions that are living that right now.”

BRENT DIXON, YOUNG ADULT RESEARCH ADVISOR AT THE FILENE RESEARCH INSTITUTE

AND THE CREATOR OF THE COOPERATIVE TRUST

My young peers are also attracted to credit union history, where we sprang from the grassroots up to fill a human need and spread like wildfire. It was a time when credit unions were messy and beautiful because they were stitched together by communities with a voracious appetite for solving problems and improving lives.”

But the reality is, many credit unions today have lost sight of that purpose, suffer from the myopia of immediate stressors, the fear of change, and can’t shake loose from the inertia of what has been. I can’t tell you how many credit union employees I’ve heard say, ‘I love credit unions, but I can’t stand my credit union.’”“

If someone has a passion for helping people, for impacting their community, for building something true from the grassroots up, but spends every day in an organization that chokes that passion out (or simply ignores it), they’re going to move on to an opportunity to do that elsewhere. That next opportunity might be in credit unions, or it might not. You can only say, ‘let me in, I want to come in, please let me in’ so many times before you need to move on to the next door.”“

“We want to make positive changes that

will push our industry”

Title here

In an industry that is already old-fashioned in many ways, smothering our voice becomes a de-motivator. I think that’s what causes people to leave it altogether. I believe in the possibilities of what we can be, and that’s why I’m committed to the movement.”

RONALDO HARDY, CEO AT $400 MILLION LA CAPITOL FEDERAL CREDIT UNION, LOUISIANA

“I’m in for now, but frustrated!”

“There’s not muchroom at the top.”

A 40-SOMETHING VICE PRESIDENT FROM A $250 MILLION CREDIT UNION

I’m not a Gen Y credit union employee but I can provide a somewhat frustrated Gen X perspective on opportunities for career advancement within the industry. My peers are at the same stage—primarily middle management and some at an AVP or VP level. Credit unions are driving young talent out of the industry because the opportunity for upward advancement has been greatly diminished for three reasons...”

First, credit union executives are staying longer in their jobs because their retirement funds have been reduced and their financial security threatened given the market crash a few years ago. Almost half of our senior management team extended their retirement dates over the past three years. Many are now planning to work until 65 or even 70. If fewer VPs and SVPs retire, there’s less movement at both the management and senior management levels. This demotivates up-and-coming talented individuals.”

Second, credit unions have been forced to become far more lean which means fewer management and VP positions. Credit unions are reducing their full-time head count through attrition. The good news is that they are not conducting layoffs but the bad news is if a VP manager does leave, the duties are simply reassigned within the organization. Senior teams are far more conservative given the current financial pressures on a credit union’s bottom line and, as a result, are much less willing to take a chance on an unproven manager or VP.”

This is further compounded by high unemployment rates providing a large pool of talented and highly experienced individuals to choose from. Positions are being awarded to an out-of-work banker with 30 years experience instead of an up-and-coming talented credit union employee. And third, more and more credit unions are merging. This, once again, reduces management and senior management opportunities. These credit unions will have twice the number of people needed in these positions and will spend the next five years reducing these management and senior management teams.”

“The saddest thing about the credit union system right

now is it’s inability to articulate a vision.”

There remains a strain of idealism in the credit union system, and idealism is a young person’s game (for the most part). Sometimes credit unions consciously encourage this idealism, but more often it’s implied or inferred and it’s too often bred from inferiority complexes. ‘We may be small, but we’re different!’ It’s natural to ask why you’re different, and it’s natural for young idealists to want to believe that those differences matter.”

A YOUNG CANADIAN CREDIT UNION PROFESSIONAL IN HIS 30S

It is the responsibility of senior credit union leaders to create a sense of mission or vision that can feed and sustain the idealism. In Canada, this idealism has essentially evaporated. Our credit unions operate profitably and professionally, but our operations are bland and undifferentiated as we navigate the unclear cultural relevance of being a credit union.”

It’s not all doom and gloom

“I’m in for life!”

MATT VANCE, MARKETING/COMMUNITY MANAGER AT $139 MILLION INDUSTRIAL

CREDIT UNION, WASHINGTON

I have a voice and I see myself as part of the solution. My credit union was the first to give me a shot right out of college. I was handed the keys to a marketing department at the age of 24. I’ve had an amazing opportunity to learn, try new things and fail and grow over the past five years.”“

DEVIN SELTE, CORPORATE TRAINER, LEADERSHIP DEVELOPMENT AND CHANGE

LEADERSHIP AT $10 BILLION SERVUS CREDIT UNION, ALBERTA, CANADA

Over my past 12 years with the same credit union, I believe my career has had three phases: employed, acceleration and purpose. The employed phase lasted probably the first two or three years of employment (20 to 22 years of age). At that time, I would say that my position was just a job, with a steady pay check, rather than a career.”“

The acceleration phase started when I figured out I was pretty good at what I was doing. Over those five to six years (23 to 28), I found my niche, and wanted more, and I wanted it as fast as possible. I was lucky enough to quickly accelerate into roles with greater responsibility by being in the right place at the right time. If I didn’t accelerate through my position and had to wait for opportunities, I would have become impatient and frustrated, and I don’t know if I would have remained. Money was very important at this time as during this phase I was married, bought our first home and had our first child.”“

My current phase, and hopefully a phase that will last the longest of my career, is the purpose phase. I have been allowed to bring some of my own innovation to the credit union and run with it. This, added with my current role, has provided me with a greater purpose and it has made all the difference. It has allowed me to be more engaged, more committed and wanting to do more for my credit union, along with providing me with the motivation to do a better job in my current role. By being provided with these types of additional opportunities and responsibilities, I do believe I will be a lifer.”“

“My personal values are so aligned with

the mission”

WILLIAM AZAROFF, DIRECTOR, BUSINESS & COMMUNITY DEVELOPMENT AT

VANCITY, $18 BILLION, BRITISH COLUMBIA, CANADA

I don’t think age or size of organization has anything to do with it. I think the fact that my personal values are so aligned with the mission of Vancity is instrumental and perhaps completely unique. For me, that is the critical ingredient.”“

KELSEY BALCAITIS, COMMUNITY EDUCATION SPECIALIST AT $763 MILLION A+ FEDERAL

CREDIT UNION, AUSTIN, TEXAS

When I started, I was a teller and it was just a way to earn money for college. But it was through that job that I was first exposed to the credit union philosophy. Did it really sink in and make me a credit union lifer? Nope. But it did open the door to becoming one. It wasn’t until I started my internships with CUNA and Filene that I really started to see what credit unions were doing and what the industry was all about.”“

TINA K. HALL, PRESIDENT & CHIEF CATALYST, KIRSI CONSULTANCY,

SEATTLE, WASHINGTON

I think people are yearning for something more. What keeps them in credit unions is the philosophical alignment with the ‘betterment’ concept. We can push the boundaries and get more creative in how we translate that concept to the employee.”“

It’s not about the money‣ A credit union that believes in innovation and

free thinking

‣ A superior who they respect

‣ A belief that they are part of something bigger than just their own credit union

‣ Continued educational opportunities

More success ingredients‣ A personal passion and purpose that aligns

with credit unions

‣ Room to try new things

‣ Opportunities for growth

‣ An obvious path for advancement

CUES Next Top Credit Union Exec

ntcue.com

CU Water Cooler

cuwatercooler.com

The Cooperative Trust

trust.coop

Crash the GAC

crashthegac.com

Thanks!Tim McAlpinePRESIDENT & CREATIVE DIRECTOR

CURRENCY MARKETING

Fired Up For Life Or Just For Now?

Economy & Finance