SECU is different!
😎 The Mission: To prove that SECU was truly a uniquely different animal than a bank - and perhaps even a unicorn!
Don't give up, we'll start those "How to Build a Unicorn" stories this week, - "Esse Quam Videri" - which will be more fun, probably more interesting to most.
The purpose of Chapter 7 - "Greed Is Good?" [link] was two-fold. 1) To make sure you understood that an investor in a bank (or any for-profit enterprise) is different from a member shareholder in a non-profit credit union. A bank investor-owner benefits through stock dividends and hopefully an increase in the price-value of the bank stock; a credit union member-owner benefits from lower cost, higher quality financial services - hopefully. A bank stock holder may not even be a "customer" of the bank; a credit union member is always a "service customer" - why else belong? Got it? Different ideas, different financial goals, different animals - one is "industry standard", one is a financial unicorn!
"Don't Worry, Be Happy! Love, Gordon G.
2) Equally to point out that if the Legacy-8 Board and senior leadership intend to operate SECU as a for-profit, Gekko bank, then that model means that the importance of SECU employees [and all members!] will "come second - often a distant second" in SECU's "strategic planning" - after all, that is the Gekko "industry standard". Gekkos like nothing better than to proclaim record profits!
That industry standard may have already been put in motion at SECU, if the many comments on compensation, promotions, "PTO", shift bidding, "module training", stalled comp surveys/career paths, under-staffing in branches, "hire from outside first", and low morale are accurate.
The cost of employee salaries and benefits is the largest cost for most financial institutions - usually @ 65-70% of total operating expenses. With the Gekko model, if employees are viewed as "just another cost input" hindering profits, then SECU employees might want to glance at the top picture (an "adorable SECU puppy" turned wolf?) to consider their precarious situation and.... what to expect next at a "for-profit, Gekko-type" credit union.
For the record, SECU never had a lay-off in the first 85 years of its existence. It would have been viewed as a catastrophic management failure, a breach of faith. There was an unwritten covenant of trust among employees, management, and the SECU Board... but more on that in the unicorn stories, because that "Employee Covenant" - that coming together - helped make SECU unique.
Gecko - definition: a carnivorous lizard. Uh-oh!
Human employees should NOT be viewed as date or just a number. That’s where we will lose our touch if employees are no longer valued in the company.
ReplyDeleteYou'll get better service from an alien.
DeleteThank you again Mr. Blaine. You are sorely missed. I can confirm that the employee complaints about compensation, promotions, shift bidding etc. are 100% true. Also, the FCB staff continually berates the legacy SECU employees who love this credit union. It’s not right. Jennifer Varron is nasty to legacy employees. Also, I’m not sure where she gets her superiority complex from. She brings very little to the table. The FCB folks will be gone in a couple of years as they’re just padding their resumes. It’s a shame how much devastation they will leave.
ReplyDeleteI’ve personally had the distinct displeasure of working under Jennifer Varron. She has no right to treat pre-existing SECU employees like she does. I honestly can’t believe there hasn’t been a lawsuit yet.
DeleteYou hit the nail on the head about Jennifer bringing very little to the table. She underperformed at FCB, and then she comes to SECU and is promoted to EVP. Really???? Did she somehow catch up on years of experience in a few months at SECU? Meanwhile there are so many loyal employees who actually know what they’re doing who have been frozen in place with the promotion freezes that somehow don’t apply to Bombastica’s cronies.
DeleteYeah. JV is in way over her head. Her and Bomba seem to be the only folks that don’t know.
DeleteYeah, it seems to be well known that the FCB folks were half a$$ flunkies in their old jokes. Can’t count the number of people who have told me that. How could they have fooled such a brilliant mind like Hayes…..?
DeleteI can’t count the number of times that people, familiar with the FCB folks before they came to SECU, have said they are way unqualified for their current roles. Let’s start with the biggest offender. Bomba qualifies as a Manager of a small IT group at best. Sr. Manager would be pushing it. But CITO??? Sorry, I can’t stop laughing.
DeleteThe new grifters in IT are many. Their arrogance consistently outweighs their skills. As time passes and there is nothing to show after so much money spent, their stress levels will rise and we can expect more ugly behavior. But everyone learns the the emperor has no clothes eventually.
DeleteUntil then, they have each other. And they are all in charge.
Will someone simply list the IT accomplishments over last 3 years? Are there any?
DeleteIT accomplished spending lots of money. How many promotions might have been given instead?
DeleteThe sickening part of this is that these folks are given max PTO they have not earned at SECU while members suffer and employee promotions are frozen. No excuse for this. By the way, I could care less how things are done at First Citizens Bank. If FCB is so great why didn' t these new big shots stay there?
DeleteJared Benesh has completely ruined the contact centers. So many people have fled due to low morale. When people asked him about that he stated that it was to be expected and was fine. They are looking to replace the people who have been around for a while with new people. That speaks volumes about how much they value hardworking legacy employees
ReplyDeletethey are probably looking to outsource it---way out of North Carolina.
DeleteYes the contact center is a never ending que. We are worn out and are starting to be micromanaged. We can’t take calls for 8-10 hours straight. We need to rest our brains…hire more workers! Help the existing staff!
Deleteyou really think you're all that and a bag of chips
ReplyDelete? over my head!
DeleteI don’t understand who this comment is directed at.
DeleteIf the shoe fits
DeleteLet’s take back our credit union.
ReplyDelete#RemoveLeighBrady
#RemoveJoshBomba
#RemoveJenniferVarron
4 more in 24!
Deleteand lock up the rest.
DeleteAnd get rid of Jared Quarter Pounder Benesh as well
DeleteDo Gecko's eat their own?
ReplyDeleteonly if its profitable.
Deletehttps://www.reuters.com/business/finance/truist-financial-plans-sizable-reductions-workforce-cut-costs-2023-09-11/
ReplyDeletehttps://www.ft.com/content/cbc6e15d-3c63-49af-9f98-ef8f478431bd
ReplyDeletehttps://www.cnbc.com/2023/10/19/big-banks-cut-thousands-of-jobs-more-layoffs-coming.html
ReplyDeleteI vote for some layoffs at Board. maybe reduce from 11 to 3?
ReplyDeleteBest idea In a long time!!! Amen!
DeleteOut source the lobotomy 8!
ReplyDeletehttps://finance.yahoo.com/news/wells-fargo-layoffs-mean-jobs-143425512.html?fr=yhssrp_catchall
ReplyDeleteI'm an advisory board member, we need to speak out about the distress of branch staff and horrible service that is happening. Employees aren't at fault. Can't deliver if they don't have enough people.
ReplyDeleteI'm not hearing this from my branch.
DeleteHave you asked them in private? Do it with someone you trust.
DeleteIf you don’t have distress in your branch, then you should count your blessings. It’s very prominent in the branch network.
DeleteYou haven't asked. Do next visit, privately.
DeleteMost branches are poorly managed and thus the reason for bad service. For years they relied on their top talent for serving the bulk of their members and let sorry employees slip by and pilled it on their great Sr. FSOs. Now that a lot of the great SR FSOs are in FAS and MLO the true talent of the managers are showing! These managers were not chosen for their skills but by the good ol boys system. Branches are slowing down, even to the point where one manager has brought in board and card games for employees to play in the lobby while no members are there DURING the work day!
DeleteWhat branch do you work at? You just made a generalization on your experience. Not wise to do.
Delete"Branches are slowing down, even to the point where one manager has brought in board and card games for employees to play in the lobby while no members are there DURING the work day!"
DeleteI was always told growing up 'if you got time to lean, you got time to clean' ... Do 'something' productive! It's good for your mind and soul!
Working is more than just collecting a paycheck ...
I don’t know what branches are doing this. Certainly none that I know of. I have heard of HR playing board games but I have no idea if that is true.
DeleteMy branch did have a lot of longer term talented Sr. FSO II’s go to FAS/MLO. Other talented employees have filled their roles and taken on responsibilities. Unfortunately, this group of talented employees hasn’t been eligible for promotions they deserve because of the freeze and lack of career path.
Unfortunatly there probably won't be much of a career path. Look to industry standard for branch bankers. Teller or relationship banker. Maybe a senior relationship banker. The branch path is most likely not going to be a career anymore. It will be a stepping stone.
DeleteThis is true, but no one in the branches complains about wanting FAS back
DeleteSuch generalized comments are very unnecessary. Branches want their FAS workers back helping. They are short staffed and need the help you clown. Quit throwing things off topic trying to make branches look bad. I highly doubt you’ve been to every branch in the state and got the same feedback
DeleteSuch generalized comments are very unnecessary. Branches want their FAS workers back helping. They are short staffed and need the help you clown. Quit throwing things off topic trying to make branches look bad. I highly doubt you’ve been to every branch in the state and got the same feedback
Delete"Branches want their FAS workers back helping" is a generalized comment aswell..
DeleteYea we get it. You are one of the cronies that want skill sets reduced and branches understaffed to make life difficult for employees. Go bootlick Brady
DeleteThis is a workers Co-Op. First Citizens folk need to study what that is. Your vision doesn’t trounce the membership. This is a collectivized credit union. Not a bAnK!
ReplyDeleteall new hires to SECU should be trained in just what a credit union is, and the philosophy behind SECU's great success for 85 years. Brady and the remaining eight(insult to legacy employees to cal them the legacy board!) should be required to take the training too. and all the FCB folks.
DeleteInstead they are sent away for 15 days. Cost of hotels, $75 dinners, gas reimbursements. The list could keep going. But hey, will give a promotion or a raise. How the hell am I supposed to do a quarterly review when nothing has changed for the staff in a positive note. “ sorry I guess when the career path comes out you’ll be ready” and that’s a big when??
DeleteKinecta Lays Off Workers as Earnings Fall
ReplyDeleteOne of the credit unions laying off workers last year was Kinecta Federal Credit Union of Los Angeles, which like others making job cuts has had tightening liquidity, falling loan originations and rising loan loss provisions.
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By Jim DuPlessis | January 24, 2024 at 03:00 PM
NCUA data showed that among all credit unions, hiring slowed by half in 2023. The largest net job cuts came from three credit unions that cut 16% of their workforce in the past year, wiping out previous expansions.
DeleteI am a long term VP in IT. I was passed over of for a Long awaited and earned SVP position only to be replaced by an outsider that has no idea what he is doing nor does he care! He is only interested in his own agenda of building new unnecessary expensive areas in order to resume build. I am concerned about my hard working loyal team members who he doesn’t even bother to speak to when we are on site! This is a valuable CU loving team who have enjoyed their jobs for years! At this point they are seeking other employment and I can’t say that I blame them. I feel as if my hands are tied and truly do not know what to do other than hope and pray that once the resumes are padded these outsiders will LEAVE! LEIGH PLEASE PLEASE step up and protect your most important assets! You have been here 30 plus years! You have to care!!!
ReplyDeleteI agree with ALL of your sentiments. Leigh should care! Unfortunately, she is completely clueless. It's sad that what we're seeing of her is the best that she has to offer. At least she approaches all of her public comments from a "good faith" perspective.
DeleteStay strong! Hold them off until October!
DeleteI have seen how we have transitioned from leading from the front to the back… with the stick. Previously, we would encourage the great employees with education, and advancement. Now there is no carrot, there is nothing, how do they expect to keep morale up? Everything they are preaching is member service but EVERY single policy or change put in place has been at the member and employees detriment.
ReplyDelete"Now there is no carrot, there is nothing, how do they expect to keep morale up?"
DeleteThey WANT folks to leave ... you do this by treating them so bad they leave ... it's been going on for 3 years now and no signs of letting up...
Laying off member owners? Hard to make sense of that.
ReplyDeletethey are not viewed that way ... they are collateral damage ... just part of doing business to make a profit.
DeleteSuch a damn shame to watch a phenomenal organization go down in flames. I don’t know Ms. Brady sleeps at night knowing she’s letting millions of people down in favor of a very small minority of rich people that just want to pillage this place. Shame. You don’t deserve to work here, Brady. You need to quit along with our goofy board
ReplyDeleteIf layoffs were to occur. The annual meeting would be jammed packed. Formers employees will organize protests since we are still members technically and have an equal voice. If layoffs occur. The annual meeting will have protests. And we will make SURE the voting isn’t rigged when we vote your asses out!
ReplyDelete'they' won't allow participation ... zoom only ...
DeleteShould employees walk out at this point? Many of us could’ve made more money elsewhere. We stayed at SECU because of the culture. Now the culture sucks at best and salaries are not industry standard. Hire maybe an Associate to the Associate EVP; someone has to get it right eventually? It’s a joke.
ReplyDeleteThings are difficult for a lot of folks. So I would always suggest having a bird in the hand vs two in the bush ... Speaking from experience of doing the wrong thing. Day-by-day, one day at a time...
DeleteGod grant me the serenity
to accept the things I cannot change;
the courage to change the things I can;
and the wisdom to know the difference.
We need to organize and mobilize without infiltration
Delete