By Lisa Hochgraf
As a CU land magazine editor in this tough fiscal year, I've been reading and hearing a lot about what to cut from a credit union's budget--and, perhaps more importantly, what not to.
For example, I got some great insights from interviewing Mike Neill, CSE, when researching Stay in Motion, the cover story of this month's issue of Credit Union Management. It talks about how now is no time to stop acting strategically lest it be hard to get competitive momentum again when the economy springs back.
President of MNA Associates Consulting, Atlanta, and CUES' partner in ServiStar, Mike suggested that credit unions' budget cuts--especially as they affect staff--need to be balanced with a continued drive for excellence, and real discussion about a CU's plan for continued growth and vitality.
Enter my catch-up reading. In the May 27 issue of CU Times, I found Bob Dorsa's editorial, "Penny-Wise, but Pound-Foolish: The Importance of Meetings and Conferences." And I couldn't agree more with Bob's assertion that CU leaders need to keep up their commitment to attending professional development events--including national meetings--even while budgets are tight.
Said in Mike Neill terms, attending top-notch learning events now, while times are tight, will be a key part of a CU's effort to support having plans and skills in place that will pay off when the market starts cooking again.
Bob, a longtime CU industry innovator and now president of the American Credit Union Mortgage Association, describes in his editorial some of the differences between destination meetings and in-house training.
"First, when you are outside the office in another city attending a meeting or a conference, you hear great speakers from all walks of life, subject-matter experts you usually do not have a chance to meet at home ...
"Next, the level and intensity of a professional business conversation is different when it's conducted during lunch or social settings rather than in a meeting room ...
"Another important factor derived from on-site conferences and meetings is that you get to network with people from all over the country or sometimes even the world."
There's more, but you get the idea.
Bob has been coordinating meetings in the CU industry for more than 20 years. And CUES has been organizing meetings twice as long as that. So promoting the idea that professional development shouldn't be cut completely as budgets tighten is definitely self-serving for both Bob and me. But providing the best possible learning programs is also an effort to serve our members well, keep them nimble, help them thrive.
In his article, Bob suggests that meeting planners and association execs need to always strive to raise the bar on coordinating meeting destinations, topics, and speakers. He suggests even looking for ways to combine our efforts based on the fact that we all market to a relatively small universe of players.
I say amen to that and give a hat tip to CUES' efforts to make continuing professional development a reality for as many CU leaders as possible:
"Pay what you can" allows CU leaders wanting to attend eligible events to waive regular registration fees and pay what they can to attend. This started with CEO Network last year (now called CEO/Executive Team Network) and continues with several events this year.
The CUES Experience Webinar series is bringing a tremendous number of wonderful conference sessions to CU executives' desktops, eliminating travel costs. (Free coverage of five of the sessions is available: Data Security in a Budget Crunch, Closing Branches is Counter-Productive, Redefining Convenience, Finding a Portal to Operational Agility, Inside Marketing: Unexpected Ways to Improve Your Web Site)
Originally planned to be held in Spain, DLI: Strategic Planning is moving stateside, with more details to come.
CUES and CUES Director members have always gotten a discount on event registrations. For 2010 membership renewals, each voting executive member additionally will receive a complimentary 2010 CUES membership for a non-member executive to be used by Jan. 31, 2010. In turn, each director member will receive upon renewal a complimentary 2010 CUES Director Membership for a non-member director to be used by Dec. 31, 2010.
I've already run on too long--but clearly I believe in the mission of the company I work for. And I believe the vast majority of CUs can keep learning during these times without spending excessively.
I say cut away, trim the budget if you need to, but also keep in mind that continuing to learn can pave the way for success in brighter times.
