TRANSCRIPT
To stay relevant in a rapidly changing business environment, many credit unions are considering leadership changes or restructuring that org chart of theirs.
Why?
New technologies are disrupting the credit union industry. Our members’ needs and preferences continue to evolve, and by restructuring we can become more member centric. Then there's addressing things such as performance gaps, employee engagement, and improving our credit unions' agility, decision-making, speed, and overall efficiency.
Take, for example, Netflix. They transitioned from a pay-per-use model into a subscription model for DVD rentals. And then, they went into online video streaming service. Even today, Netflix continues to change and evolve –recently dividing their film division based on genre instead of. budget in an effort to increase quality, improve efficiency and diversify content. And you best believe that with each of these changes they've adjusted their organizational chart.
At YMC, we challenge credit unions with the question, "Are we green and growing or ripe and rotting?" Taking a hard look at your organizational chart is certainly a piece of that.
Today, I want to shed light on how to navigate change and transitions at your credit union.
First, beware of implementing changes too quickly or without proper planning.
Change management is pivotal during organizational transformations, and yet credit unions often downplay its significance or skimp on resources to guide employees through the process. Assuming that employees will effortlessly adjust to changes without guidance is a common misstep. Without robust change management efforts, employees may feel bewildered, leading to diminished morale and productivity.
Credit unions also frequently neglect the crucial elements of clear communication and transparency through the change journey. Employees must grasp the reasons behind the changes and understand their implications. Inadequate communication can fuel rumors and distrust – intensifying resistance to change.
As we navigate through reorganizations and transitions, it's natural that our employees will feel overwhelmed at times. However, it's how we manage this stress that truly matters.
Creating a supportive workplace culture is crucial. Encouraging in open dialogue, active listening, and empathy allows employees to voice their concerns and seek assistance without fear of judgment. Leaders must be approachable and accessible, ready to address any anxiety or questions that may arise.
Here's the kicker: As leaders, instead of focusing solely on explaining the rationale behind the changes, you should also strive to understand and validate employees' feelings, fears, and anxieties. By demonstrating empathy and offering support, change managers can help alleviate feelings of overwhelm and resistance among employees, fostering a smoother transition process.
The modern credit union workplace demands adaptability and problem-solving skills with a strong team effort. The journey is not a solo endeavor – it's a collaborative one.
As you go through change at your credit union, we wish you and your team the best as you position your team for a new normal. And remember... Ideas spark change; actions ignite it