To: SECU Board of Directors
Dear Chairman Ayers,
Thought I'd point out that, if you and the SECU Board, continue to neglect to survey the member-owners of SECU as to their opinion of your proposed changes such as risk-based lending, open membership, regional expansion, commercial lending - and yes it's even not too late on that tax prep mistake - that your haste will make waste and leave a bad taste!
Speaking of bad taste, a growing number of your members and staff are pretty sure you're making a "NEW COKE MISTAKE"!
Just to refresh your memory, the Coca Cola Company in 1985 rebranded one of the top 3 corporate images in the United States - if not the world - by changing the formula for it's best selling soft drink, Coke. They then launched "New Coke" (and, of course, recruited a hoard of expensive marketeers to run an Ad Campaign!) [Here's the link if you'd like to read all about it!] Is this starting to sound strangely familiar?
The Board and senior management at Coca-Cola were so smugly certain of their wisdom that they failed in their due diligence. The Board didn't feel it was necessary to ask consumers what they thought. Why bother, right?
“As an employee, it was an uncomfortable and almost surreal
position to be in… it was sort of like we were starring in a bad movie.”
With your "New SECU" branding, you will probably need a new slogan, catch-line, hook. Why not try:
"Haste, Waste, Leaves a Bad Taste!"
Members will "get it"...
They don't care about the members. They only care about "growth" *cough* profits *cough*.
ReplyDeleteWorking here is like having a ticket on the Titanic.
ReplyDeleteI'm sure the resurgence of your blog and the topics covered will draw some ire and comical responses from existing employees and members who'd like to vent their frustration. However I can assure you there is a silent majority who have real concerns with where this organization is headed. We are seeing a lack of thought and foresight in the decision-making process that will affect both members and employees in a negative manner. The irresponsible nature of what we've seen thus far from this BOD and Executive Management team is no laughing matter. Glad there is now a platform for some of the truth to be revealed.
ReplyDeleteWhy now are we seeing the lack of thought and foresight?! SECU and the BOD I thought had the best interest of the members and member money front and center. Why now have they changed this since late 2021?
DeleteWe are living in FEAR! So many employees do not feel safe enough to speak up for fear of losing our livelihoods. And if that happens, we won’t even have our credit union to turn to for help. And why, isn’t anyone talking about the LOSSES? Over $2 BILLION lost in the last two years?? Why isn’t the BOD being held accountable for that??!! Wake up, people, before it’s too late!
ReplyDeleteThere is a silent majority of employees that wish to speak out but are unable to do so because the current regime is vindictive. They operate by the credo "If you don't love me you are my enemy". There is no open discourse, instead they look for "leaks". I wish the current management team and BOD would address why the members are no longer the priority, it appears maximizing income has displaced serving members at the top of the list. Why do they wish to makeover SECU into another mediocre financial institution like all the others? Our differences and priorities from the rest is what made us hugely successful. Risk Based Lending only serves to harm those members that can least afford it. It is unconscionable.
ReplyDeleteI am also an employee and feel like I’m going to have to start looking for a new job in the coming years. I feel like the sales mentality is heading our way after this rbp is put into place…
ReplyDeleteWonder if the BOD is paying any attention to the number of ‘long term employees’ who have ‘retired’ - some of those folks, from my observation, weren’t of full retirement age - in a time of economic uncertainty, doesn’t that seem a bit odd?
ReplyDelete