Board Retirements Looming?
Succession planning can present some of the toughest challenges facing boards today. In this competitive recruiting environment, it is wise for credit unions to consider if how they run their board, and the technology they use to manage meetings, might be creating a barrier to attracting new directors.
Aprio is familiar with the unique challenges that can be faced when it comes to board succession planning. As developers of the leading credit union board portal software, Aprio helps simplify meeting preparation, engage directors, and achieve well-run board meetings.
“Recruiting top board talent is imperative to successfully running a credit union,” said Jason Smith, Vice President of Strategic Resources. “Sharing easily accessible, timely information, and running productive meetings is vital to keeping directors engaged. The Aprio portal has enabled the Northwest Credit Union Association to run board meetings that are more effective and efficient and will certainly help attract and retain the next generation of board directors.”
The Aprio team has helped hundreds of credit unions streamline their board meetings. These five tips will help credit unions attract and retain the very best board talent:
- Focus board recruitment and board meetings around a vivid vision. Younger generations of directors often join with a passion to make a meaningful contribution. The vision of your organization can spur them into action. Keep your vision front-of-mind by including it on board meeting agendas, and always test board decisions against your broader mission.
- Equip yourself for rapid onboarding. Surveys show the most common reason new directors resign a board in year one is because it took too long to become an active contributor. Establish an onboarding process that gives new recruits immediate and full self-serve access to board information. Set the expectation that to be constructive contributors they must also be accountable to stay informed.
- Make onboarding and meeting preparation convenient and digital. Today, Board members expect online access to board information, including via mobile devices. Board portals are purpose-built to present vital board information (including meeting dates, contacts, and board packages) in the most intuitive way for directors to prepare for meetings and fulfill their board role.
- Run high-input meetings. A productive agenda and good board chair are the backbones of the best board meetings. Technology can help keep meetings on track and focused with digital agendas that link to related documents. Equally as important are discussion tools that highlight key topics for debate, allowing background questions to be answered before taking up valuable meeting time.
- Give every board member an equal voice. Inclusion at the board level requires making all members feel welcomed and giving them an equal voice. Technology that invites online discussion between directors, that supports equal-weight voting, and that guarantees fair and timely access to informationsends an important signal about your commitment to inclusion.
As you work to recruit and engage next generation board members, consider the role board management technology like Aprio can play on your board. If you have questions, contact Smith at 208-286-6794.