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    Four recommendations for credit unions when planning for recovery

    May 13, 2020

    In late April, we held a webinar on COVID-19, where Celero leaders shared insights from their respective positions about topics related to cyber security, working remotely and business continuity solutions.  

     

    Celero’s Director of Digital Transformation, Deborah Moore, shared a variety of considerations credit union leaders should be contemplating, as we progress further towards the end of this pandemic.

    There were three main themes that stood out: adaptability, flexibility, and learning. Based on those key themes, here are four recommendations when planning for recovery from this pandemic:

    1. Continue to build organizational agility: Whether enabling faster adoption of technologies and processes or adopting a continuous learning culture to recognize and resolve challenges, the pandemic has presented a variety of opportunities to shift, pivot or transform. Moving forward, organizations will benefit from continuing to enhance collaboration between individuals and teams to share best practices and learnings more broadly, as well as considering reinventing how teams work and collaborate while working remotely.
    2. Retool the organization: This is really about understanding and recognizing the skillsets that are going to be needed moving into the digital future and the competition for recruiting for those skills as all industries retool their organizations. Support employees with new learning experiences, access to education and upskilling within organization. What skillsets do you as an organization need to be more successful in your digital future? This is a time to recognize those skillset gaps and identify how and when employees will be able to expand their knowledge and expertise in those areas. Some areas as referenced in this article by the World Economic Forum include: digital skills, design thinking, entrepreneurship and innovation.
    3. Reach out to better understand members’ needs as they emerge: There are several new and unanticipated needs that are likely to emerge for members during this time and through recovery. Due to the social and economic changes members have experienced, it’s important to look for gaps within your membership and communities. Where has the new paradigm created issues of inclusion? What opportunities are there to address the needs of those that may be marginalized or have issues of access to core services? Opportunities will arise from these steps. Now is the perfect time to reach out to members to better understand their needs, when they are perhaps, felt most strongly.
    4. Demonstrate the human-centered design of the co-operative model: This is an opportunity to differentiate and leverage co-operation to address emerging needs amongst our communities and provide creative, human-based solutions that solve real member problems through recovery.

    The journey to recovery is paved with opportunities that lead to greater resiliency and relevancy for members.

     

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