By Katie Kean, Principal, Advisors Plus Consulting 

After several years of uncertainty, the global economic outlook is starting to brighten. While it may never feel like a good time to pause and assess your credit union’s operations and overall staff performance, now is a prime opportunity to shift focus to training and developing your staff, deploying new procedures and approaches, or enhancing product offerings. If you wait until the financial markets are pitching a no-hitter – that is, when the economy is booming – you may not have the time nor the bandwidth to make significant changes. 

In honor of the return of baseball season, here are a few questions to consider when looking to improve your credit union’s game: 

How deep is your bench?

Payments require a wide array of experience and knowledge working across various departments, teams and systems. It’s not uncommon in the credit union industry for employees to stay in their roles for years, even decades. Because of this, a few “go-to” employees often have knowledge and historical context that no one else knows – these employees are our MVPs. The benefit of having such valuable employees is clear – they are team players, able to assist members and internal staff with their vast institutional and operational knowledge. 

In some cases, these MVP employees are the only ones with knowledge of certain credit union processes and procedures. With MVP employees, there is always a risk of “what if?” – what if they retire, get promoted or leave? By 2030, approximately one-fifth of the U.S. population will reach the traditional retirement age of 65, according to Retireable. Even with many older Americans postponing retirement – either by choice or necessity – this looming shift in our population means it’s essential to ensure your credit union is fully staffed with engaged and knowledgeable employees. 

What’s in your playbook?

A credit union’s playbook – that is, documented processes and procedures – is a critical component of long-term success. MVP employees can be so efficient at their roles, that their “get it done” mentality can mask areas of risk or inefficiency across the organization. It’s imperative that the MVP’s vast knowledge is passed down and documented before they leave the credit union. Look out for training gaps among your team, as well as a lack of change agents or a reluctance to change. 

To overcome some of these roadblocks, try to create a sense of ownership and engagement for employees. Encourage them to take an active role in building and documenting the next phase for the organization and garner a team-based approach to efficiencies and cross-training. Ask for input on where processes can improve to allow staff to focus on doing bigger and better things. 

Do you know your stats?

How do you know if your batting average is good enough to win over your cardholders? You can’t win the game if you’re struggling with defense – like risk tolerance and collection practices. And you can’t swing at every pitch – you need strategic marketing segmentation to ensure your messages reach the right members. 

Understanding what works within your product offerings will help you stay competitive and provide maximum value to your membership. Benchmarking can help you know where you stand amongst your peers and where to focus your energy to make improvements. 

What equipment do you need for success?

Just like a baseball player can’t hit a home run without a bat, your team needs the appropriate tools to successfully do their jobs. Talk to your employees about what they need to be successful – from computer software and office supplies to new and emerging technologies that aid in automation, supplemental services and guidance. With so many potential risks and opportunities in the payments landscape right now, it’s vital to discuss with your extended team to gain a deeper understanding of the needs within your dugout. Don’t be afraid to reach out for coaching assistance where needed, as leveraging internal and external partners could help give your credit union the edge you need. 

Lastly, ensure your whole team is on board with your game plan. When employees are engaged, performance improves – everyone wants to feel like a valuable member of the team. Understanding where your team stands in the game and what plays need to be called within your programs, coupled with filling and developing your roster and leveraging the equipment and optimal tools, is the secret to a winning season. With the right game plan, your credit union will be ready to knock it out of the park when the economy throws a curveball your way!

Katie Kean is a Principal Consultant of Strategic and Operational Consulting for Advisors Plus. With three decades of experience in financial services, Katie enhances portfolio profitability and member experience through her extensive operational and industry experience and deep-dive market analysis. Before joining Advisors Plus, Katie served as part of the CFO team for PNC Bank. Katie holds a B.S. in Business Administration, an MBA and a graduate degree in Enterprise Systems from Central Michigan University and is completing her doctorate at the University of Michigan.