Garry Woods is one Elevations board member who came to the organization through the executive recruitment process. In his day job, Woods is a partner and executive director of governance, risk, compliance, and privacy services at Richey May, an audit, tax, and business assurance company.
He serves on two boards in addition to Elevations’ governing body: one supporting a nonprofit foundation and the other a property management company.
Always open to a new board opportunity, Woods learned about the Elevations opening through a former colleague’s recommendation to a headhunter in 2021.
“That colleague was approached by the headhunter,” says Woods, Elevations’ board secretary. “He already serves on several boards, and he didn’t think he could adequately provide time. So he gave the headhunter my name.”
Woods says the vetting process was mutual. “I spent a significant amount of my professional career working with executive management teams, and part of that is working with and presenting to boards. I know there are telltale signs of dysfunctional boards.”
The first step in the process was to meet with the recruiter and learn more about the opportunity Elevations offered. “We discussed my background, my skills, and what Elevations was looking for,” he says. “I was one of four or five people presented by the recruiter to the governance and nominating committee.”
Woods also took a cultural assessment by the board’s executive coach to determine his cultural fit before meeting with the full board of directors.
He next met with members of Elevations’ governance and nominating committee, and eventually met with the full board for an interview.
Woods appreciated the thorough assessment because he wanted the right fit. “For me, there’s always a self-awareness about whether this will be a role where I can step in and add value, and grow myself as well,” he says.
He found Elevations’ board term limits appealing. “It provides a mechanism to refresh creative thought by bringing in different thought leaders on a regular basis,” Woods says. “If you end up with board members who have been there 25 or 30 years, it can be a detriment to recruiting.
“Using myself as an example,” he continues, “I didn’t want to go in there and be a person who helps the organization maintain a steady state. I wanted to be a new voice in the room that would provide value.”
Woods says he’s been energized by the board’s positive culture. “It’s been a great experience for me, both in what I’ve been able to learn and in the ways I’ve been able to add value.
“There’s a real collaborative aspect to our board,” he adds. “Some boards operate by consensus and others seek collaboration. Consensus is much more political, and so often you get caught up in paralysis by analysis. With a collaborative approach, we’re always asking, ‘How can we come together and find the best solution for our membership?’ ”
Like the financial industry, board recruiting has changed for credit unions over the years.
“A couple of decades ago, a credit union may have served a particular manufacturer or select employee group, and then it converted to a larger community charter,” says Jeff Rendel, president at Rising Above Enterprises and a former credit union director.
“The challenge is that the board of directors often didn’t change with the charter. So you may have a group of teachers or mill workers who are now serving on the board for a community-chartered credit union. Boards must look to the general public or the community for new directors.”
In looking at the broader community, credit unions must also seek leaders with specific skills and proficiencies that can elevate the organization strategically in a more complex and disrupted financial services marketplace.
“They’re not recruiting talent specifically, in that they’re seeking an attorney or an information technology professional, but a general skill set,” Rendel says. “That skill set would be twofold: to lead at the highest levels and stay focused on the strategic and governing level, and be willing to expand their understanding of the changing financial services landscape. You need someone who’ll stay out of the weeds and make certain that the credit union is safe and sound.”
He notes that honing that general aptitude to the financial services environment requires networking, individual study, and attendance at local and national conferences.
“You have to continually sharpen your saw to the ever-changing needs of the business dynamic,” Rendel says. “That’s a reality for all leaders in the business world today.”
That expectation requires credit unions to take a more focused approach to board recruiting, he says. Most of today’s prospective board members accept the position with an understanding of such expectations.
“When you find that right person, they will be up for that challenge and they’ll want to get better and serve in a larger capacity,” Rendel says.
Among the best methods to identify prospective board members is through contacts with senior executives, especially the CEO, he says.
“Obviously, there’s some separation and vetting that needs to occur,” Rendel says. “But the executives of most credit unions know their local business communities, and CEOs often serve in high-profile roles within their communities. Those contacts can not only elevate the board, but also the credit union’s place as a corporate leader in its local community.”