Friday, June 2, 2023

SECU New Culture, New Direction - The "New/NEW' SECU - Inside Job?

In following a few of the comments on the blog, it's interesting to see several folks start to focus solely on issues such as fractious internal HR policies, personal pay disparities, and job security. All are important concerns to the individual, but are issues that exist in every organization. Think it's called human nature; we're just like that, aren't we - whether we admit it or not. 

On a deeper level though, it's easy to recognize that much of the growing unhappiness is proof of the erosion of trust, the lack of transparency, and the stumble, bumble mis-leadership by senior management (centralizing collections, skyrocketing head count, "confidential" surveys!) and "this" SECU Board (the no "formal" proposal proposal, "don't know anything about open membership", unlimited budget guys and gals!). Guess this may call for another mega-buck, C-suite shaman position - Senior Executive for Transformational Staff & Member Dis-Engagememt. Given the current environment, it will require a full-time+ position; job security should be infinite.

✔ But that's not what we're here to talk about. Many of the commenters have asked: "What can we do about "this"?" Well first, don't you think it might be helpful to consider what "this" is all about? 

Since it is the weekend, would ask you to do a little homework and watch the award winning documentary - "Inside Job". If you'd like to take a preliminary look, here's the trailer [link to "Inside Job" trailer]. The movie deals with the global financial collapse of 2010 - it was a very, very expensive close call! 

Why watch this movie "Inside Job":

  1. If you're under 35 years old, you probably don't know about "this".
  2. If you are over 35, you probably don't know about "this".
  3. You will be stunned by what occurred in the banking world and who was involved.
  4. You will be horrified that those responsible were not held accountable.
  5. You should be fearful that "nothing has changed". 

After you watch the movie consider "this". In the U.S. credit union industry, the 2010 financial collapse was called Wescorp. 

Wescorp failed in 2010 costing U.S. credit unions @ $6 billion in losses - the largest loss ever incurred by credit unions, then or now. SECU represents about 2% of all U.S. credit union assets.  

The direct loss to SECU, and you as a member, from the Wescorp financial collapse was @ $120 million.

😕 Consider "this"...and have a nice weekend!


... "Look forward" to your comments?!?!