"We Are SECU": "This is Our Strategic Plan"
😎 The SECU Board and senior leadership are clearly in strategic disarray, which puts the Credit Union, its' member-owners, and SECU employees at risk in innumerable ways...
Now... neither the members, nor the staff are certain about the future direction of their Credit Union, nor the business purposes and practices, the ethical principles, nor the core values which will define what our SECU cooperative will be in the future.
✅ For 85 years the purposes and principles under-girding SECU were strategically clear, inarguably successful, and highly beneficial to SECU member-owners and all of North Carolina.
It is quite alright for the SECU Board "to change" the business purposes and practices, the ethical principles, and the core values which will define what the SECU financial cooperative will be in the future. Change is most often good and is a positive part of life.
But everyone agrees, that the Legacy SECU Board is duty-bound to explain their "change of course" - particularly since there was no visible call for change from the membership and, unquestionably, the previous direction of SECU was successful
The Legacy SECU Board has failed repeatedly and precipitously to make its' case that "purpose and principle changes are needed" - in fact the "hard numbers" financial performance and system-wide service declines over the last two years speak volumes to the substantial failure in leadership and direction at the Board level.
The SECU Legacy Board is directly responsible and accountable for "the mess we're in". In the blog post on January 8, 2024 "A Measurable Strategic Plan" [link] you'll note the forecast of upcoming events in 2024 - including no great improvements in SECU financial performance. What you have now in terms of lack-luster growth, non-competitive rates, and declining service quality will be the norm, what you can expect for 2024 - count on it, suck it up.
😎 So, for the next few weeks, I would like to tell you some stories about what has driven SECU in the past 85 years of success... and what your Legacy Board is asking you to give up. Why do this?
Because 2.7 million SECU members need to decide the future direction of SECU - not the we know best, we do not need to listen, "Legacy 8" Board members . The "Legacy 8" do not have the authority to dismiss the best interests of the membership... especially when the Legacy Board can neither logically nor intelligibly explain what they are doing, where they are heading - nor why??
... let an informed membership cast their votes for the future direction of their Credit Union. Quite certain, the members will vote to: "Do the right thing!".
An informed membership will never support a clueless Legacy Board... lets' take a look over the next few weeks at what is at stake, what has made SECU "tick" so sucessfully...
How do we get "An informed membership "?
ReplyDeleteIf you aren't reading this most member/owners probably don't even know how far down the rabbit hole we've gone until it's too late. Because you can bet 'they' are gearing up for a "we are great" messaging at the senior level along with the board for 2024 while we slip further and further away from our core mission.
I don't know how we do this on a large scale ...
Get this into local, national media. Get politicians interested. Progressives would love this story of how board members were elected by the people. Get this story in Bernie’s hands. This is a bigger story than just SECU. The underdogs won in October. We’re hoping to do it again this October and reshape the organization. This is a cause that would be championed by many on the left.
DeleteNo one in the media cares. If they did why has this been allowed to happen at other credit unions in the past? Sad
DeleteNor exactly reshape it--the Board when Mike Lord retired took on that task and hired the first outsider to ruin it. We want it back to serving us.
DeleteLets see if we can make the case that the members are losing out big time with this Legacy Board and leadership. Hope folks will share their examples of why SECU is on the wrong course - from policies, practices, performance, and real people perspectives. The Legacy Board has chosen not to listen to the membership and better business practices - their poor results speak for themselves.
ReplyDeleteSHARE YOUR THOUGHTS AND EXAMPLES!
Look no further than what has been happening at the contact centers in the last 9 months. Employees went from having shifts that they enjoyed to having to go through the process of "shift bidding". Most employees were not happy with the shifts they ended up with because they were so far down the list but then we're told to work on there KPI's so that they could get a better shift next time. But now the shift bidding that was supposed to take place next month has been canceled. I am surprised that most people outside of the contact center world have no idea about these KPI's and shift bidding. I don't think it will stop there but rather will expand to all other branches and departments at SECU
DeleteAt MSS we were told that four on four off didn’t work with the new phone system but the lending contact center can keep it? Makes no sense
DeleteI'll get the ball rolling with the obvious ...
ReplyDeleteHiring Gym when there was qualified senior managers who rose through the ranks and understood SECU and deserved the chance to lead and they weren't even interviewed! Why?
In reaction to your blog post about fee increases at FAS it was announced yesterday that an FAS Rep will be attending every 1st quarter advisory board meeting. They will not be speaking proactively but will be there in case members have questions. Can't wait to see the spin on that. No doubt they are having to learn the script.
ReplyDeleteJust hired a new FAS EVP that will get max pto, VERY high 6 figure salary and a brand new company car! But the very employees that will be serving under this new EVP have been told for the past 20 months we can't get any salary increases... really makes you wonder...
ReplyDeleteThey're so oblivious. It's just a matter of time before one of these unqualified leaders (Brady, Bomba, etc.) ends up getting SECU sued.
DeleteThat really pi$$es me off!!! Grrrr - Charity
DeleteThey should get rid of Bomba and use his exorbitantly overpaid salary to give ALL of the legacy IT employees (the ones who actually know what they’re doing) a pay increase.
DeleteWho is the new EVP? An outsider?
DeleteOur branch hired a very talented young man almost two years ago. He is a member favorite and he cannot get lending limits - because we cannot promote to the point of a loan officer (although he knows lending now)because we still don’t have a career path. Wouldn’t blame him if he left which would be a real shame. But let’s have outsiders lead?? We can’t even organize our staff in the branches like they need to be for maximum efficacy because of this evasive career path. Have they planned on the floodgates when promotions are finally available again?!
ReplyDeleteWe also have a very talented employee working very hard in lending and is a member favorite. He cannot get lending limits or a promotion because we still don't have a career path and promotions remain on hold. I was close to a promotion almost two years ago but am stuck. I have been at SECU 10 years and truly enjoy helping members. It is so hard to endure the direction we have headed since Sept 2021. RBL is not the answer to "solve" our problems. I am heartbroken that upper level management is brought in with max PTO while employees in the trenches who have served the membership and actually believe that we make a difference are overlooked. We also had our flex time reduced by 2/3; I guess to pay the new FAS EVP.
DeleteThe FAS EVP position isn’t a new position so I doubt it’s the reason for the Flex Time change.
DeleteFlex time was reduced because of abuse and effecting branch management's ability to staff the branch.
DeleteSECU management hires 'from the outside' new managers giving them maximum PTO that most all (if not all) legacy workers had to work years to get to that point (15 yrs I believe). This sows division among the employees.
ReplyDelete20 years, actually. SVPs hired from outside the org receive more PTO from Day 1 than someone that's been with SECU for 19 years.
DeleteEven Wells Fargo doesn't give extra PTO based on 'rank', just time served.
DEI .... need I say more?
ReplyDeleteEmployees were presented with a survey asking about what they were *least* satisfied with in their compensation. The overwhelmingly consensus was base pay. The Gallagher study was launched. A year and change (and lots of money) later, branch employees were informed that not only is their pay 'market rate' but in fact they are over paid. Now Gallagher is spending more time and money doing the same thing for operations. Enormous waste of time and money just to be insulted and told we make too much money. Really? In my district most of our branches serve 60-100 members a day. The LOs work their butts off from 8:30-5:30 every day. And while I support the FAS/MLO positions, the reality is employees were shifted over to these positions but not replaced, leaving the branches short handed. The LOs in my district are totally burned out. The pay may be "market rate" but every LO in the branch feels like the juice ain't worth the squeeze any more and are actively looking for new jobs.
ReplyDeleteand survey's weren't confidential ... talk about losing trust in management ...
DeleteAs an employee I don’t disagree with what many of you are saying but focus on the members. I’ve seen two examples this week that will make you question who we are anymore. If the member complained and it be reached Leigh I think she would question how we arrived at this particular decision and I know it would be unacceptable with previous administrations. Of course previously it would have never reached that level. Centralized decisions is not a place you want to send your momma.
ReplyDeletewe're just getting started ! ... this string may take months to complete ... if ever as we keep hearing of new things to add ... please post the details of what it was that we all need to know took place.
Delete(you can leave innocent names out if you choose to focus just on the event)
'Just the Facts. Ma'am'
Sgt Joe Friday
Thanks
It’s all about member service slipping because branch employees aren’t allowed to make their own decisions. Money put in incorrect member account. Employee told to tell the member they may not get their money back because money wasn’t in the incorrect account anymore. What??? Common sense=good member service. What happened to do the right thing?
ReplyDelete