In response to the declining numbers of credit unions across the country, the NCUA in 2022 announced a proposed rule aiming to impose a succession planning requirement on many of these institutions.
Managerial development plans manage a specific function within a business, integrating steps and activities managers should take to elevate their team’s performance and reach their goals within a specified timeline.
A successful change management strategy results in more productivity and growth, while a failed implementation can damage processes, productivity levels, reputation, and revenue.
A forward-looking approach to succession planning identifies potential future leaders and team members based on their skills, knowledge, and abilities - and provides a plan of action should a vacancy occur.