Here’s the big, immense, mind blowing idea that is central to this podcast: a competitive credit union has to view executive compensation as a strategic initiative, really no different from putting investment money into a CUSO or rolling out a spiffy new mobile banking app.
Understand this: NCUA regulations explicitly allow this allocation of capital.
And grasp this: unless a credit union has invested in creating a first-rate leadership team, it won’t have the staff capabilities to make the most of its capital investments in more traditional vehicles.
With leaders it’s as simple as you get what you pay for… and the results your credit union gets are determined by the leaders you have invested in.
That’s the bold idea put forth by Kirk Kordeleski, onetime CEO at Bethpage Federal Credit Union, one of the nation’s biggest, and now an executive at OM Financial Group, which specializes in SERPs which are building block retirement plans for key credit union executives.
In the podcast, Kordeleski offers more than his big idea. He also spells out, in some detail, the steps a credit union needs to take to keep its executive team competitive and what the coats are likely to be.
Note to board members: if you want to know what these steps will cost your institution, you will find out in this show.
Want to know more about SERPs – or other matters raised in this podcast? Email Kordeleski Kkordeleski@om-financial.com
This show is in a Money Talks series where credit union compensation is untangled. This show will help some executives negotiate better pay packages and will also help some board members understand the ways in which 2022 credit union compensation is utterly different from 1992 comp plans, even 2012 plans because now competition for talent is so much fiercer.
Hear episode one in Money Talks here. It’s not a prerequisite for understanding episode 2, but it does offer more insight into the credit union exec comp landscape.
Have suggestions for topics to explore in this show? Email Robert McGarvey: firstname.lastname@example.org