If the SECU Board truly wants to "provide clarity to you, the people delivering value for our members", here are 11 simple questions for the SECU Board to answer. One for each Board member, so they can add their signature!
Direct and complete answers not only will benefit the staff, but will also benefit all SECU members, the members of the greater North Carolina credit union and banking communities, the State Legislature, and, for that matter, all North Carolinians.
There is a growing Statewide skepticism as to the accuracy and authenticity of statements handed down by the SECU Board Directors. Whether it be the "bogus dialogues" of those "Fireside Chats", the faux "we're doing this only for your benefit" New Board Election Procedures hustle, the H. 410 "widows and orphans & financial deserts" charade, or the comically contradictory "non-answer answers" flung about by both the SECU Board and senior management; whatever !!!, with this memo the "B" score - balderdash, bunkum, and baloney - meter continues at max, out of control.
SECU seems to be playing everybody for the fool, nobody is buying it - most especially the staff, legacy and otherwise!
Chairman Chris Ayers kicked off the dis-ingenuity with his infamous weasel pronouncement that: "SECU never made a formal offer to merge with LGFCU." And, it has been all downhill since, in terms of belief in the credibility of the SECU Board.
Pretty sure that SECU member-owners are a good bit less dumb than Chris Ayers believes; and of course, it's painfully obvious that Mr. Ayers is a good bit less smart than he preens himself to be.
Let's take a look at this latest round of pettifoggery (look it up, you'll like it!) from the SECU Board. But fair warning! Be sure to keep in mind the first rule of propaganda: "Repeat a lie often enough and it becomes the truth." - Joseph Goebbels [Yes, "that Goebbels" - the Nazi communications minister!].
Each paragraph has been given a high, overall "B" score rating - this is definitely not "A" paper! Most of the memo actually appears to have been written by a primitive, low grade AI Chatbox (probably some of that 1983 technology!), but if you wish to pull on your waders and slog through the muck, have at it. The questions posed are listed below each section.
✔ [To the SECU Staff - May 25, 2023]
Good morning,
The
SECU Board of Directors writes this letter to address recent
conversations and rumors about the leadership and direction
of our credit union. We recognize that changes bring questions and
uncertainty, and we want to ensure that we provide clarity to you, the
people delivering value for our members every day.
-
The
Board of Directors fully and unanimously stands behind Jim Hayes as CEO
and is excited about his ability to lead SECU through
the advancements and improvements our members demand and deserve. Jim
is eminently well suited to lead SECU through the improvements needed to
best serve our members and he is building a strong leadership team.
When evaluating what kind of leader would be
needed to effectively bring SECU into this next phase, the Board worked
with a top national firm to ensure a comprehensive search, aiming to
identify an experienced candidate that would meet SECU where it was and
pursue change on terms that align with our
mission, vision, and values. Jim Hayes was and is that leader. He is a
highly qualified executive whose full background clearly demonstrates
that he has the dedication, experience, and skillset to fully realize
the strategic plan and deliver on our collective
promise to our membership. Allegations that Jim has acted in bad faith
at SECU, or at any prior organization, are reckless and false.
Q 1: What is the "next phase" to which you are bringing SECU and how did the 12 of you unilaterally decide on this "next phase" plan for SECU's 2.7 million member-owners?
Q 2: How was that "top national firm" selected?
Q 3: Which specific "allegations" against your CEO are reckless? Which are false?
-
We
are aware that some former leaders are positioning themselves as
credible authorities on the current direction of our credit union.
Though appreciative of their prior service to SECU, we are deeply
disappointed by the misleading attacks on policies and on people who
continue a long tradition of service to SECU — including on current
management and the volunteer Board. Importantly, the
confusion this causes for our employees and our members is of great
concern. We are also emphatic that addressing current challenges — in
this rapidly changing environment — is the responsibility of
this Board and of current management. More specifically, the
current and necessary technology, personnel policy, and product changes
that are required are known to
this Board and to current management. To be clear, SECU’s current
leadership and the Board of Directors remain united in pursuing
necessary improvements to better serve our members and support our
employees. The advancements we are making are consistent
with our mission, vision, and values, and driven by our earnest desire
to “do the right thing” for our 2.7 million members. Our members’ trust
and their business must be earned and maintained in the light of every
new day, as times and circumstances change.
Throughout constant changes in modes of delivery and products and field
of membership over the past 85 years, SECU’s core commitment has been
to its member/owners — all its members. This Board fully embraces our
duty to continue that unwavering commitment,
and any assertion to the contrary is simply incorrect.
Q 4: Does "this Board" understand that "this Board" answers to "the Membership", not its own self-interests?
Q 5: Is there any chance that the source of employee and member confusion and concern is "this Board"? [BTW, why did you feel it necessary to italicize "this Board" - just askin'?]
Q 6: Did "this Board" make a proposal to merge with LGFCU?
-
We
are proud of our organization, our employees, and the unprecedented
success we have experienced, but what got us here will not
keep us on top. The world is rapidly changing, as are our members’
needs. We, like every Board before us, are charged with the
responsibility to assess risks and competitive challenges, and to adapt
so that we can remain current and responsive to our members’
needs. It is increasingly apparent we need to evolve in some
significant ways to meet our members’ changing needs and expectations,
from technology to competitive and convenient products and services. Our
members are not immune to the increasing technological
advances being offered by other institutions all around us. The fact is
that member engagement has been steadily declining for a number of
years, with data showing that we have not been providing the financial
services our members seek. When those needs and
expectations are not met, our members turn to other institutions. In
fact, we know — from you — that our own employees often turn to other
financial institutions to meet their lending needs. We reject the
dangerous idea that SECU’s historical growth automatically
means that our members are satisfied or that the way we do things
should be frozen in time. Our report card is defined by how well we
continue to serve our members as times change, not by how we served our
members in times past.
Q 7: Would you please share with staff and members "the data" which shows a decline in member engagement?Q 8: By the way, just exactly what is "member engagement"?
Q 9? Could your non-competitive loan and deposit rates be hurting "member engagement"?
-
We
welcome innovation. We know you do too. New technological developments,
such as mobile apps and modern back-office software, allow
us to better serve our members and make our employees’ jobs easier.
SECU installed “Bob White,” our principal core system, over 40 years
ago, decades before the internet and cell phones took over modern life.
Many other core systems are likewise due for replacement.
SECU’s prior strategy focused on avoiding major technology changes, but
that strategy is no longer viable in today’s world. We must modernize
the way we serve our members or we will be left behind. While our core
systems have served us well, we owe it to our
members and employees to undertake the hard, expensive, and necessary
work to put in place systems that are designed to function in the modern
world. Newer, more modern technology will improve our members’
experience and our employee experience. We need to
make it easier for you to do your job. Holding onto old manual
processes does not provide a great experience for anyone. And as we
adopt these new technologies, we will see increased expense — we are
addressing decades of catch-up all at once, even as the
rate of change in technology accelerates. It is critical that we now
make these investments for our members and employees.
Q 10? Who is against innovation? [For the record, this malarkey received the highest "B" score for inanity ever recorded!]
-
At
the same time, we recognize the incredible value our branch network
delivers to our members. Our branch network is the envy of
every credit union in the country and is one of the things that makes
SECU so special. That will not change. Digital innovation will
complement — never replace — our branch network.
Q 11: Why doesn't your branch staff believe you?
-
In closing, we want to make five things perfectly clear:
-
We are committed to our 2.7 million members and have no intentions of leaving anyone behind.
-
We
are committed to remaining a credit union and to our longstanding
Mission Statement. We have no desire or intention to become a
bank or operate like a bank.
-
We
are committed to providing a great place to work for our employees,
including stronger benefits, a great culture, and a safe place
to work.
-
We
are committed to our core values and to the integrity of our “People
Helping People” belief. We will not pay our employees based
on commission. We want our employees to do what is best for the member.
-
We are committed to the leadership we have in place to achieve these goals and to move SECU into the future.
👍 Can't argue with much of this. Another AI Chatterbox! Actions always speak louder than words and the on the ground decline at SECU is deafening! There is growing agreement among staff and the members, however, that "this Board" does need to be committed.
Finally,
a word about the function and work of the Board. We are volunteers who
often spend 15 or more hours a month in meetings, discussions, and
research on SECU matters. This
is an enormous organization and the job of a Director is important,
rewarding, and difficult. Our primary tasks include ensuring succession
planning, directing the work of the CEO, risk management and regulatory
compliance, and looking ahead to assess and
address risks and opportunities regarding service to all our members,
as well as strong provisions for all employees. We — like
any good Board and as SECU Boards of Directors have done for
decades — are constantly evaluating a range of matters, from decisions
about our IT system to real estate investments, products, field of
membership, compliance, etc. For example, discussions
about field of membership and business services have taken place for
years and years, with spirited examinations among Board and management.
Changes have been made over time in the field of membership and changes
have been sought by this and prior Boards with
respect to creation of a modest system of business services. This
process of wide-ranging examination is the job of a Board, and we salute
and honor SECU’s prior Boards as we follow in their tradition of active
engagement in consideration of options and responsibilities.
😎Translation: "Years and years..." We got caught with our hands in the cookie jar on open membership and have not yet figured out a way to cover our tracks. "This Board" may say: "We never made a formal proposal to expand membership." Do you think that will fool "them"??
Q Bonus!!: Did "this Board" discuss the use of SECU Foundation donations as a "vehicle" to let anyone join SECU? [Note: Don't ask Mr. Fleming , he claims he "doesn't know anything about that"!]
The
Board remains focused on the future of SECU and the well-being of our
credit union, our members, and our employees.
We know you may have further questions on our strategic plan, and to
that end, we are including FAQs of some of the key questions we have
observed on the plan and our direction. Please carefully review the
FAQs, which provide factual answers to the most common
questions.
👎"Factual" answers are hard to find in the FAQ's, as are specific details from the "strategic plan", but granted the rhetoric is deep and fertile. Will try to get it out to the blog in a day or so. Need to compost it first.
If you have any other questions on any of these updates, please share with
board.corporate.secretary@ncsecu.org
and we assure you they will be shared with us. We thank you for your continued dedication in serving SECU’s members.
😎 Definitely a triple B-meter score for fake transparency! Why doesn't"this" Board set up a blog! Members could submit questions to you publicly and you could answer them publicly! Just a thought.
Best,
😎 "Best"? Best what? Not certain members agree with this either...
["this"] SECU Board of Directors
✔ [End of transmission.]
...but please repeat, and then repeat, and then repeat, and then...
"If you have any other questions on any of these updates, please share with board.corporate.secretary@ncsecu.org and we assure you they will be shared with us". OPEN THE FLOOD GATES!
ReplyDeleteThe mentioned "Our Employees" several times. They are either speaking of "their employees", being those who have been hired in the last 20 months or they havent told "their employees" that the the longer standing employees can provide value too. It certainly appears that "their employees" have been directed to oust those who were in place prior to September of 2021.
ReplyDeleteIt seems that there was a false narrative provided from the beginning, whether it was by the board or by some self-serving high-level employee(s). It is sadly obvious that the goal is to push us out.
We saw this from the first week when Mr. Lord's very generous offer to help the transition was dismissed.
Allegations that Jim has acted in bad faith at SECU, or at any prior organization, are reckless and false? So how do they justify, the Credit Union Times, The American Banker articles and the suit that was filed with Gym Haze name included?
ReplyDeleteThe email to employees reeks of arrogance and desperation. The Eleven Stooges strike again.
ReplyDeleteA respected colleague gave a great example. When the owner of a sports team has to come out publicly with a vote of support for a coach under fire it's a sure sign the coach is on the ropes and likely a "dead man walking". We can only hope the coach and the "owners" are all on their way out.
a couple weeks ago they sent out that email with toll free number you can call if you're feelin down. This week they start sending out an email showing the pictures (they almost look like mugshots now in this context) of employees who have recently left SECU, saying to make sure they aren't allowed back on the premises. Are they expecting something to happen with these employees? Are they expecting an ex employee to be disgruntled or something? I don't think I've ever seen this list, certainly not published in a company-wide email, in all my time here. If so, it's like they're just admitting they know that they are depressing/angering employees with their terrible decisions. Heaven forbid they make better decisions though.
ReplyDeleteThis a operations email?
DeleteYes
DeleteThe more employees continue to leave, the harder and more miserable the jobs gets…. They are not re-filling hardly ANY of these positions
DeleteI’ll bet THIS board, really regrets allowing Hayes to send out all of those emails in the beginning, laying out his plans and goals…. making it much harder for them to clean this mess up now! Poor leadership, especially Hayes! I mean I’m glad he did, but what was he thinking
ReplyDeleteHere’s another question for the board: please ask them why we are now getting a daily email from Physical Safety with a running list of employees who have resigned, including their photo, department, and date of separation. The email uses the pretense of safety and starts by saying to never let anyone in on your badge (obviously), but ends with a linked list that is a running inventory of resignations.
ReplyDeleteWhat are we supposed to do with a pages-long list of photos? Memorize all of their faces and then really not let them in on our badge. Or, could it be that the reason is as my chatbot said: “publishing a list of employees who have exited can generate turnover contagion”. Is a mass exodus the goal?
Good lord, have there been that many resignations? A running list?
DeleteIt’s apart of the propaganda machine Hayes has created. Make the employees feel uncomfortable as possible. No point at all in sending those emails other than to make employees feel uneasy
DeleteDo not resign! Stand together until we are all fired! Don’t jump to a soulless corporation when you still have an opportunity to help save this one!
DeleteAgree 100%
DeleteI swear sometimes I’m so blown away by these changes and the current administrations actions…. it really feels like we are living in what will be a future Netflix documentary… only it won’t be on Blockbuster, but SECU
DeleteZero faith with SECU, the culture changes from member first to money first. From best in service customer support to a robot that hangs up on you if it does not understand what you are asking for. More and more Members are waking up, closing out their accounts. It is going to take years to repair the damage to SECU's reputation if there is anything left once the dust settles.
ReplyDeleteI remember the days you could call in and speak to a representative. Now you have to jump through hoops and ladders to try to speak with a representative with long pre recordings when you call in and now the new implemented AI makes it harder to reach officers and representatives. They WANT wait times to be longer
DeleteEvery Board member signed that letter. That tells me that every board member is taking responsibility for this fiasco. No one is or was averse to change. No one will argue that some of the systems are due to be upgraded. It's hard to imagine that this chaos is what they wanted, but based on the disrespect shown to Mr. Lord and others during the search they should get the credit...or the blame. They have destroyed a dynasty. I will never forgive this board for what they have done to this organization and the hard working, loyal people who gave their hearts and souls to build it.
ReplyDeleteMarketing drivel, that email from the Board. More non-answers from our non-leadership. Where are the concrete answers to the concrete questions Mr. Blaine posed at the 2022 Annual Meeting?
ReplyDeleteAbout the paragraph expressing how hard the BOD works… If it's such a hard job, why are you making it harder to fill the position with your new election rules?
We all know the lesson: the more you lie, the worse it gets. You can't remember which lies you've told.
Let’s talk about just how hard they work. 15 hours a month?!?! That equates to about 30 minutes a night they spend looking at SECU Board related matters. Bet they didn’t factor their little trip to Duck in that 15 hours though-guess you’d have to be actually be working on SECU business to count towards that 15 hours rather than getting pampered at the spa…
DeleteYou’re right, why do they always act like everyone is upset about innovation? I don’t think anyone is upset about the system upgrades
ReplyDeleteWell I wouldn’t call NICE CX1 an upgrade
Deletewell it's an upgrade to them. They get to work the contact center employees to death with a never ending queue, while not paying them any more, not hiring any additional staff, not paying for overtime any more, while putting them on the worst work schedule known to man, while being able to monitor their voice tone, just in case they crack for one second under the stress at which point they can terminate. No layoffs though oh and that pesky abandon rate (that was already well below target) is solved now too thanks to the call back feature!! Win Win!!
DeleteNICE CX1 brought to you buy the same guy that suggested going to one phone number for all of SECU. Can you imagine local members not being able to call their local branch?
DeleteOf course Gym can’t understand why branches are still receiving calls.
Dear Jim Hayes, our members call the BRANCH because they want to speak with the BRANCH. QUIT HAVING CALLS FORWARDED TO THE CALL CENTER AND EXPECT US TO MEET RIDICULOUS CALL QUOTAS. IT IS SLAMMED! WE ARE NOT ROBOTS!!!! LET MEMBERS CALL THE BRANCH!
DeleteThey create the problems and now they are trying to act like they have the solution. We don’t buy your BS, Hayes. You did this. You are at fault. No one else to blame, but YOU and of course the bod as well. If you blame prior admins or current employees. It’s time to take a look in the mirror because at this point, I’m starting to feel sorry for you because you are oblivious to who you are as a person, but everyone else can see it clear as day. Just resign already.
DeleteCan someone explain the mentioned new contact center schedules? I have heard a lot about that but nothing explained
DeleteThe MSS use to be on a 4on4off schedule. They took that away and put the MSS group Monday-Friday or Tuesday-Saturday. As far as I know, the loan and mortgage departments still have the 4on4off schedules. Would be a shame if employees lost that schedule. It’s a great work schedule that I was hoping the branch eventually adopt a similar model that would align with branch operations, but with Hayes around. That won’t happen. I look for him to do away with that schedule before it’s all said and done because that will have people out the door QUICK! Let’s take away more of what people like about working here and turn around and say “we are creating a better environment:)” how is taking that schedule away from the MSS improving their work environment? You made it WORSE
Deletei have not seen the schedules myself but according to a friend who is over there (who has become one of the most unhappy people i've ever met over the last few months), there's basically two teams now. They both work the same rotation just opposite of each other. Let me try to get this right: 3 days on, 2 days off. 2 days on, 1 day off. 1 day on, 1 day off. 2 days on, 2 days off. They still do 10 hour shifts, some minor changes to the actual hours of the shifts (most people apparently are keeping the same hours excpet the people who were 10am - 9pm are now 12pm-11pm yikes).
DeleteAnd apparenlty this mostly applies to the people who have been in the contact center forever. A group of employees more recently moved from the branch to the contact center and get to keep M-F 8-5 or 830-530 i cant remember which (OUCH! those older contact center employees!!)
It isn't just that the new schedule is wacky, it also begins on a very specific date so that it is structured to be a two week long rotation. Contact center employees on the new schedule will now work every single Friday. So if you're on one of those later shifts no more Friday nights for you. They will work every other Saturday and Sunday in an alternating pattern. So if they work Friday then Saturday, they will have Sunday off or if they work Friday and then have Saturday off, they will work the Sunday. So to break it down by day, the very first week this starts is Thursday-Saturday on, Sunday/Monday off, Tues/Wed on, Thursday off, Friday on,
DeleteSaturday off, Sun/Mon on, Tues/Wed off. Then it repeats. The other team is doing the same thing just staggered by one week so the two teams are essentially working opposite each other except for every Friday in which everyone works. They will never have anything even close to resembling a weekend or social life ever again. Two of their "weekends" are 1 day long. And when it comes to PTO "mileage", they now have the worst schedule in the entire company. Using the mandatory 40 hour we all have to take each year as a base, the best they can do with the new schedule is 8 calendar days off. That is IF they take their PTO in the exact right time during the rotation. 40 hours of PTO for 8 calendar days off. No thanks
For Gods sake, change the schedule back to the way it was.
DeleteThat sounds like the most insane schedule. Who would want that?
DeleteI'd like to correct the BOD regarding the following statement:
ReplyDelete"Importantly, the confusion this causes for our employees and our members is of great concern".
Employees and members are not "confused" at all. This is yet another back handed insult and example of how the BOD has assumed something incorrectly and how they are trying to control a false narrative. In fact, it is crystal clear to most folks that the decisions being made in the past 24 months and how things have unfolded have NOT been beneficial to the organization. Stop hiding behind the premise that these negative results are temporary and are necessary for the greater good of SECU. Nobody is buying that. I ask the BOD to please step off their high horse and possibly consider if they are now the ones who may be confused?
The BOD DON'T CARE about the membership ... period! "They" are going to do what "they" want period!
DeleteDeflecting. They are deflecting the blame on the former CEO's and this blog. No self responsibility.
DeleteWe employees are most certainly NOT confused. We know crap when we see it, and are having to witness it, every single day as we watch our credit union crumble. I'm sure our membership is confused & wondering why the BOD would allow this to happen. Welp, folks, this is what happens when you don't stick to credit union roots and "Do the right thing". Everything goes all to pieces and you finger point to everyone else except yourself. Thanks Gym. Thanks she/her. Thanks BOD. I wish you all the day you deserve! #GIVEUSOURTIESBACK
DeleteThe Credit Union Board probably shouldn't have used AI to write this letter to the employees. And now that we members are reading it, it sounds even worse. The Board should be reminded Members don't know the Board or Executive Team Members, they do know the ones (employees) who have served them for years. If this was an attempt to explain away their bad decisions since 2021, the Board failed. But by their language they still don't get just how badly they failed us. You brought in a CEO who brought division to all parts of a perfectly smooth running strong and united organization. That's what we members are seeing right now. SECU has never lost so many employees since it's beginning. "The Board worked with a top "national" firm in their search for SECU's new CEO", why didn't you look in North Carolina first or better yet within SECU?
ReplyDeleteQuestion they will never answer…”Why didn’t you look in North Carolina first or better yet within SECU?” Answer: They wanted to purge the culture. Simple as that. They want an Allegacy type credit union.
DeleteThere were several in-house executives that earned the right to lead SECU ... it was just a matter of deciding which one you wanted.
DeleteInstead of making comments about SECU's previous strong, successful leaders This Board needs to follow the direction of the previous SECU Board of Directors who worked for the members and employees, not against them.
DeleteIf the BOD and Jim/Leigh would be creative and give raises this year based off longevity/legacy and show how strong and great things really are as they say then folks might not complain as much. If we only get 1 or 2 and a small bonus, what does that say after ALL these years of good ones? Show 'us' the money!!! Or morale will continue to drop..... better yet, how bout hold someone accountable. Centralizing collections isn't working, rbl not working, end of day not working, new phones not working. Who in charge of all these? I hate seeing all these folks I don't know when I am in the office.
ReplyDeleteMany of us have more knowledge on how SECU operates than all Board members. Most of us have also believed in moving forward with better tech. To assume confusion amongst the troops is insulting. We believe in this organization and it is much more apparent to the troops when strategy is failing. We are in it. You are not during your ‘hours’ of reading. Come talk to us. Come visit or call. Have a talk with a 1 year EVP - rewarded early and often vs anyone with 10-15 + years…YOU will see a difference. It will be crystal clear. The promises an outsider can make vs people that know SECU/members and most importantly - the troops - know how to navigate change purposely. You should have already seen promises not delivered - but delayed for multiple years now. We could have told you that. We are complex - not ‘dated’. And we are complex because we choose to be different. It’s who we are. You need to be proud of that and not cast shade on what you don’t understand - cause your CEO knows you don’t. And he will fill your years with what sounds good and right. But his actions outside of your view demonstrate simply fluff. We know LB wrote that for you all. Hard to believe you allowed her to be so long winded, repetitive, and condescending to ‘staff’. It just shows none of you are ever going to admit mistakes or bad decisions. Ben should know better. Alice is a gambler and checked out on staff long ago. MW I see someone wanting to avoid reputation risk. JS has chosen to look the other way. MF has no clue. CA is becoming blinded by increased ambition. Thomas, well, who knows - he never speaks up. BB - he knows, but courage has failed him. SW - clearly has potential but is following the herd. MM had her moment but lost
ReplyDeleteConviction. You all have a responsibility that can come back to hurt you - see WesCorp. We can get there another way. And it starts with an admission that we may not have the leadership we need. At a minimum - you should have opened up interviews to a broader SECU talent pool if for nothing else but to listen to voices of commitment and purpose. Our alignment is off. Step back as one and correct. Don’t lose this at the Annual meeting. Be the bigger person.
Anyone with 1 year of McDonalds cashier experience can run SECU better than Hayes. There isn’t one thing he has done right. I guess thanks for the floating holidays??? I can’t think of really anything else.
DeleteNotice the board letter states “stronger benefits” but nothing on pay!
ReplyDeleteI said the very same about when a coach is voiced support by the owner/school. Dead Man Walking!
Gym (Mr No Emotional Intelligence) and the board could take some advice from George Costanza (Seinfeld)…If every instinct you have is wrong, the opposite must be right! Maybe give that a try.
Stronger benefits: FLEX time that has only further complicated the staffing situation/poor member service situation
DeleteThey could’ve just created a better schedule for branch workers while still having them full time. No need for part time help or weird flex hours. Hire full time salaried staff. No cutting corners. Just create a similar type schedule as the call centers employees have. Would’ve made everyone happy. Red and blue team branch workers. We could’ve done so many cool things with the infrastructure and foundation we had prior to Hayes. Such a shame. It really is. Those who have never worked outside of SECU and SECU is all you know….consider yourself lucky. Corporate America is typically not your friend like SECU has been for 80+ years. SECU is a rare gem…one big reason is because they treat their employees like humans and with respect! They understand us because they are us. What we have now is 2 separate classes of people in secu. The 1% and the 99%
DeleteI had my doubts from the first I heard "this board" hired outside the credit union. I thought to myself I won't make a knee jerk reaction, but take my time, listen, and get a feel for this outside hire. My initial gut feeling was not good, and after about a year of the new regime I accepted that my gut feeling was right. There are just so many red flags with this guy it's not even funny. I felt from the beginning when he kept repeating in multiple emails that "he had no plans to layoff or reduce staff", that was his way of saying he would be creating an atmosphere and culture that would cause employees to resign. Unfortunately, he is succeeding in that regard. The amount of outside hires in upper level management positions is ridiculous, and so are the titles made up for the positions, ie "EVP of Member Experience Transformation". There are even executive level positions already hired and presumably drawing salaries for a business lending department that really only exists on paper since business lending is illegal per SECU's State Charter. This guy works for NCUA as corporate auditor, then becomes CFO at corporate CU, said corporate CU fails and taken over by NCUA but NCUA retains their former employee while sacking the entire BOD and almost every other C-suite employee, as CFO, that is CHIEF FINANCIAL OFFICER, he has no knowledge of the companies bad/fraudulent/unethical FINANCIAL business practices. Then litigation is filed against the corporate CU, it's BOD, and C-suite employees including James Hayes CFO, then when the NCUA takes over the litigation they remove their former and current employee CFO James Hayes as a defendant. And more, as CEO, now Jim Hayes, hires Cornerstone Advisors to a huge consulting contract to examine SECU's benefits, wages, and culture. Then interestingly he is named gonzobanker.com CEO of the year, and guess who owns gonzobanker.com, the same Cornerstone Advisors that was hired by Jim Hayes. Also, "this board" and Jim Hayes do state that "data shows" the need for the change to credit score based lending, but I haven't seen any data and I'm not aware of anyone who has. I have asked many times what percentage of SECU's loan portfolio consisted of borrowers who are now considered C tier or lower because they are the ones now paying higher interest rates? They recently touted the number of newly originated car loans, but did not tell us the break down by the new credit tier based lending. Which I suspect is because it doesn't show that we are drawing the A tier borrower, but that the majority are C tier and lower which means those members are paying more. All I can say is WOW. SECU trains employees to look for red flags, and this guy might as well be wearing one. Interestingly, Mr. Hayes barrage of emails to all employees has slowed to a trickle the last several months, but as someone else mentioned it's probably to reduce his "paper trail" and have less chance of damaging and keeping control of their narrative.
ReplyDeleteYep. It says right on their website https://gonzobanker.com/ for the world to see:
DeleteA collection of observations, ruminations, predictions and random thoughts from Cornerstone Advisors.
Gonzo Who?
Cornerstone Advisors’ “alter ego,” GonzoBanker is our online information resource dispatched weekly along with a good helping of irreverence to tens of thousands of readers around the world, including banks, credit unions, trade groups, the media and industry analysts.
So Cornerstone did NOT give an award because of the 'goodness of their heart'. Hayes PAID them with contract money that SECU members worked hard for. Now how much did it cost the SECU members? Definitely NOT thousands. A few millions or like a billion? Oh well, we won't know since it's confidential proprietary data...
That’s wildly narcissistic. So the man has a huge personality disorder and he is just handed executive job after executive job. Now managing the 2nd largest credit union in the country. It is now a known fact he is a narcissist. Isn’t that dangerous alone to run a credit union that prides on EMPATHY and HELPING others which is something a narcissist CANNOT DO! He alone does not pass the personality test. Let alone this man cannot spell to save his life. He did make a smart move getting the AI generator to write up his emails now. Props there Jimmy. That has probably been your best move.
DeleteYou forgot the alleged nationwide Super Bowl ad our members paid for, that might have been the next dumbest move
DeleteHayes is one bizarre leader, when your company loses $2 BILLION dollars and counting, maybe don’t send selfies and book self-reflection recommendations to your employees… who are busy cleaning up your messes in branches and operations. How about you get to WORK (hope you’re wearing your sunscreen ) and don’t be afraid to take a little advice from those little guys who, quite frankly, have been here a little longer than you ;)
ReplyDelete“Member engagement has been declining for years” is just propaganda folks. Don’t buy it.
ReplyDeleteThey’re certainly getting the engagement they so desperately crave now…
DeleteI, literally, laughed out loud when I read that part of the email. Glad I was on drive thru and members couldn't see me.
DeleteI'm personally at the point where any Hayes emails I just delete without reading. I'll continue to stick with the old school ones who are by far NOT disappointing us! We stand with you bff
DeleteI hope that the BoD recognizes the voices here are the canaries in the coal mine. You are hearing from the leaders and mentors in SECU. Our focus is taking care of our members , however they choose - digitally, by phone, or in person, and bringing up a new generation of dedicated employees. We’ve been plunged into a crisis and we are the people telling staff it will be okay. Don’t make liars out of us. We have our fingers in the dam. Correct this trajectory before SECU plunges from excellence to mediocrity. We fully support better technology. We appreciate the benefits. We are not scared of change, or hard work, but the path we’re on doesn’t look like it’s leading anywhere good for employees or members.
ReplyDeleteJCPenney let Ron Johnson go after 17 months when they realized his vision wasn't producing positive results (quite the opposite). What has the SECU board seen after 20 months? An increase in member satisfaction? Reduced expenses? Increased growth?
ReplyDelete... and they never recovered, they are a shell of what they used to be... CU heading down that same path. You have to know who you serve ...
DeleteTo the Board: Answer the emails, the phone calls you all have received and the topics that have been mentioned on this blog. Your letter to the employees invites more questions, but so far no one has received any answers from Any of You as to WHY you have allowed your new CEO to tear SECU apart. In fact, this letter states you All Approve of every destructive action that has been taken against the members and the employees. You are endorsing losing (wasting) our money, losing our well trained employees, giving us less personal service, higher loan rates and lower deposit rates. YOU ALL have allowed the hiring of outsiders into Executive Positions who have no understanding of what SECU means to it's members and it's employees...And this is just one phase of your plans? Not one SECU member in the state wants to see our credit union going in this New Direction that you state "Our Members Demand". My question for "This Board" is when it was brought to your attention at the Annual Meeting 2022 that members and employees all across the state were opposed to this new direction you Eleven have chosen for SECU... Why does "This Board " feel they are doing the right thing by continuing to take take our credit union in a Losing Direction?
ReplyDeleteToday I was asked by a friend, a long time SECU member as well, to check out this letter the SECU Board wrote to their employees. We both attended the last annual meeting and saw the concern of those in attendance over the new change of leadership within our credit union. Knowing the manner in which SECU has always functioned with strength and integrity for all concerned parties, I believed those issues would be resolved. After reading this letter and several other postings on this blog today, I can see I was wrong, this is now a much bigger problem for our credit union. Having worked in administration for the majority of my career, I am appalled SECU's long term employees are being encouraged to give up their careers or conform to less by Executive Admin, most of which sounds like They are the new hires to our credit union. Not acceptable. I understand the stance of the Board Members in this letter is all about supporting their CEO, they hired him. I do question their ability to view the whole picture from a member or employees's perspective. Time spent validating your decision is never needed when you make the right decision.
ReplyDeleteBut a word of advice to the SECU Board of Directors, the comments on this blog from past and present employees who have spent years building our credit union CANNOT and SHOULD NOT be ignored. Their concerns are real and they are not about self rewards. No one knows better than these long term employees what we as Member/Owners want and need from our credit union. It is these employees we trust and their opinions should matter to any elected Board Member serving our credit union.
The reality is that this is a cry for help from employees. This is the only outlet we can plead for help but unfortunately the BoD has turned their backs rather than right the wrongs.
Delete