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Hiring the next generation of CEOs could soon get harder

 


Credit Union Journal | January 28, 2019



The Credit Union Journal article, “Hiring the next generation of CEOs could soon get harder,” quoted Russell Reynolds Associates Consultant Robert Voth on the likelihood of female executives filling top credit union leadership roles as more and more men begin to retire. The article is excerpted below.

Recruitment for credit union CEOs will see some unique challenges in 2019.

Each day roughly 10,000 baby boomers retire, according to Investopedia. That means credit unions will have to increasingly fill the void left by CEOs and other executives who are looking to step down. An economic downturn could further exacerbate the problem if leaders decide to retire rather than fight through another difficult time.

To fill this gap, more institutions could turn to females to take on jobs at the top, but a number of challenges remain in getting more diverse candidates into the upper ranks, experts said.
 

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Over the last year, the #MeToo movement has drawn additional attention to women in the workplace. It has largely highlighted sexual harassment on the job, including in the bank and credit union industries. Some argue it has also spurred larger conversations, such as working to ensure a more diverse workforce.


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“We don’t think of women as different from men in a different standpoint in any way whatsoever,” Robert Voth, a consultant at Russell Reynolds Associates said. “In #MeToo, it’s separate from the world of recruiting.”

 

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“There are only so many qualified female C-suite existing credit union executives, that if we stay in this narrow environment and look for diversity, credit unions will not find success,” Voth said. “But if they look at a diversification of talent, if they go look into banking versus simply credit unions, than the world explodes for them.”

To read the full article, click here.



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Hiring the next generation of CEOs could soon get harder