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Embrace your legacy as a disruptor

first_imgThe names Schulze-Delitizsch, Raiffeisen, and Desjardin might not ring a bell for you, but they should. No, they aren’t name partners in a high-powered law firm. These three individuals disrupted the status quo and created the catalyst for you to be reading this article today.Here is a quick history for those who don’t recognize the names.  Herman Schulze-Delitizsch, a young German lawyer, formed the first practical cooperative credit societies in 1846. By 1859, he had helped organize183 “people’s banks” with approximately 18,000 members.Friedrich Wilhelm Raiffeisen, in his role as mayor of Fammersfeld, Germany, organized his first cooperative credit society in 1849 after becoming alarmed by the actions of unscrupulous lenders. By 1888, 425 credit unions were created in Germany, and the ideas shared in his book The Credit Union had spread across the Atlantic to North America.Alphonse Desjardin, a Canadian journalist, was an enthusiastic evangelist for credit unions in the late 1800s. He worked with a group of Catholic priests in Manchester, New Hampshire to create what is often considered to be the first U.S. credit union in 1909.Many others, of course, contributed to the growth and success of the credit union movement. Without these disruptors, however, you might not be part of an industry that serves over 112 million members with assets of over $1.4 trillion. The Power of Purpose to Drive ChangeYour world is more complex and uncertain than ever. Many traditional and community banks have improved their customer focus. Fintech operations are changing the entire definition of a financial institution. The subscription economy that brought us Netflix and Hulu is coming for autos and other items that currently require loans. Your very existence continues to be attacked by questioning your relevance in today’s world.Your ability to quickly change and adapt in pursuit of fulfilling your purpose is the difference between member insistence by your supporters and irrelevance.People and organizations change for basically two reasons: crisis pushes or opportunity pulls them to change.If your credit union is losing members and assets, the immediacy of the crisis is a powerful motivator to try different things. Unfortunately, that might be difficult since you are already running from behind. Catching up will require radical change and a considerable investment. The change you might be required to pursue is to stop going it alone through partnerships or merger. While that change would be painful, it isn’t necessarily bad if you are purpose driven. The credit union movement has always been about self-help self-governance, and self-responsibility. It is safe to assume that those early credit union leaders would focus more on fulfilling that vision than on how credit unions are operated.For those that are growing or at least sustaining themselves, it is all about refocusing on your purpose and changing to capture opportunities. Here are four areas on which to focus right now.1. Become obsessed by purpose as well as member satisfaction.Your current – and most active – members love you, and you want to keep it that way. That’s why continuous improvement of existing products, processes, and performance is a must. Unfortunately, focusing too much emphasis on keeping your current members satisfied might be preventing you from taking the bold steps necessary to appeal to a new generation that will resonate with your purpose if you meet them where they are.That’s where becoming obsessed with your purpose comes in. Focusing on new ways to demonstrate the true uniqueness of your credit union catches the attention of the next generation.This is a difficult balance with limited resources. You want to show your members and leadership that you are being responsible with their funds. Likewise, you must innovate to attract new members.Google operated for years with the 70 – 20 – 10 Rule. Seventy percent of their innovation and continuous improvement funds were focused on improving existing processes to keep their current customers happy. Twenty percent was devoted to adjacent improvement and innovation that had a high probability for acceptance and success. The final 10 percent was allocated for transformative innovation to open completely new opportunities.If you are fighting from behind, you might want to consider an allocation that is closer to 65-20-20. Regardless of your final formula, the opportunity to reinforce the credit union’s role as a disruptor lies in innovation that fulfills your purpose. 2. Scout the future.A few of you will remember the television show Wagon Train. For those who missed it, the show was about a … wait for it … wagon train crossing the country headed west. It is doubtful that show could be made today.Ward Bond starred as the wagon master whose job it was to keep the train moving forward. This was mostly mundane work of operations mixed with the human relations challenges that come from a group of people traveling together for long periods.There was, however, a special group that worked for the wagon train—the scouts.Every day the scouts rode out over the horizon to answer two questions: Where is the water that can sustain us? Where are the hostiles that could harm us?Your credit union needs scouts. It could be as simple devoting a set amount of time each week to scouting potential threats and opportunities. You could also create a group or groups responsible for this function as part of their jobs. A few of our past clients have developed cross-functional Scout Teams reporting to senior leadership for that purpose. The change that catches you off guard isn’t the one you can see. It is the one lurking out of sight over the horizon3. Hire, retain, and promote for Altitude.Hiring for aptitude – the candidate’s skill and experience – was conventional thinking for decades. Then companies such as Nucor Steel and Southwest Airlines pioneered the idea that you should hire for attitude and culture fit. The reality is that the companies hiring for attitude and fit still looked for people who are qualified to do the job. You don’t get to fly the airplane at Southwest Airlines simply because you can tell a funny joke. The combination of aptitude and attitude created a higher standard for hiring, retention, and promotion. It is now commonplace in world-class organizations, and it is no longer enough.The talent you need to flourish in the future also has altitude – the ability to grow to meet the needs of members and the workplace of the future.Talent with altitude has everything you are looking for today and more. They supplement their aptitude and attitude with competencies such as curiosity, critical thinking, and creativity that give them room to grow.Pursuing high-altitude employees can be frustrating. Supervisors and managers will have to work exceptionally hard to keep them engaged and funnel their energy toward keeping your operation relevant. The upside of channeling their discretionary energy and effort toward new ways to deliver your purpose is worth the effort. They are the profile of the member you want in the future.4. Enable collaboration.Much of what we call collaboration is really cooperation. The difference is important for your future success.Cooperation is working with someone toward a mutually recognized and beneficial result. The existing work of your credit union would be nearly impossible without people cooperating toward your common goal.Collaboration, on the other hand, is actively working with someone to create something new. It requires the active solicitation of diverse viewpoints, skill sets, and experience. Enabling collaboration requires leaders to create the space for discovery that feels messy. It fosters co-creation, and it forces the collision of ideas to solve problems that are not easily defined. Cooperation makes the work easier and more pleasant. Collaboration pushes us out of our comfort zone to create big ideas that could be revolutionary … or a failure. It is comfortable with the notion that you can’t wait for change to find you in today’s world. You must pursue it.Schulze-Delitizsch, Raiffeisen, and Desjardin would have loved the environment in which you credit unions find themselves today. They would, I suspect, be envious of all the tools at your disposal to connect people of similar interest to join forces and obtain better access to financial markets for personal and common benefit. It is time to reclaim that legacy as a disruptor as your credit union moves into the future. 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Randy Pennington Randy Pennington is an award-winning author, speaker, and leading authority on helping organizations achieve positive results in a world of accelerating change. He is author of the award-winning books Make … Web: www.armstrongspeakers.com Detailslast_img read more

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Belgium’s Ogeo maintains growth, lauds ‘bricks and mortar’ strategy

first_imgOgeo Fund – a Belgian multi-employer, first-pillar pension fund – grew to €1.125bn in assets under management in 2015 and posted a return above the average for all Belgian occupational pension funds.The fund posted a return of 5.08% for 2015, compared with an average return of 4.48% for all Belgian workplace pension funds.It attributed its positive performance in 2015 to its real estate investment strategy.In a statement, it said: “The success of Ogeo Fund’s management model lies in its prudent approach, which prioritises ‘bricks and mortar’ rather than paper-based property investments, supported by a reinforced monitoring system and transparent governance.” Ogeo’s assets under management grew by 3.7% last year, to hit €1.125bn.It has grown year on year since it was founded, having had some €600m in assets in 2009 and last year passing the €1bn mark.As at the end of 2015, it had €620m in “overfunding”, up 8.2% on the amount of reserve capital it held in 2014.Ogeo is the fifth-largest Belgian “Organisme de Financement de Pensions” (OFP), the Belgian vehicle for occupational pension funds.This is based on 2014 rankings compiled by PensioPlus, the national pension association.Ogeo also has a second-pillar product, Ogeo Pension 2, giving its affiliated organisations the option of setting up workplace pension schemes for contractual staff and salaried employees in the private sector.Ogeo Fund has a large allocation to unlisted real estate, capped at 25% of total assets.Its property portfolio generated an average return of 5% in 2015.Stéphane Moreau, managing director at Ogeo Fund, said: “Following a turbulent year on the stock market, Ogeo Fund is pleased to have opted for the diversification of our investments and a property portfolio in ‘bricks and mortar’, which provides us with better protection against market fluctuations compared with most other Belgian pension funds.”In April 2014, the pension fund set up a SICAV, an open-ended investment company, “Ogesip Invest”, to group the listed assets of the various companies in the Ogeo scheme.Last year, it achieved a return of 3.88%, below the average for the Belgian pension fund industry.Ogeo noted that the vehicle did not invest in listed real estate and that the pension fund’s investments in private equity and direct property were housed outside the SICAV, which also has an above-average exposure to bonds.Emmanuel Lejeune, a member of the executive committee of Ogeo Fund, said the 3.88% return was in line with the risk profile assigned to the company when it was established. He added: “Ogesip Invest has shown that, by grouping together all the listed assets of the various affiliated companies of Ogeo Fund, these companies can benefit from reduced management costs, while having access to better performing and very diversified financial assets.”Some 65% of Ogeo’s total assets are invested via Ogesip Invest.last_img read more

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Campaign group turns climate change spotlight on bondholders

first_imgKuhn is a ShareAction fellow and former head of pan-European fixed income at Aberdeen Asset Management.ShareAction called on signatories to the Principles for Responsible Investment and Climate Action 100+ – an investor initiative to put pressure on large corporate greenhouse gas emitters to drive the clean energy transition – to “engage and escalate” across all asset classes, not just equities.Asset owners should “not blindly rely on asset managers to undertake their fiduciary responsibility in this area” but should discuss with their fund managers a robust engagement and escalation strategy for high carbon issuers across all asset classes, including corporate bonds.More specifically, according to ShareAction, corporate bond investors should join forces as their engagement would only be effective in collaboration.To date, 310 investors with more than $32trn (€27.9trn) in assets under management, including major European asset owners, have committed to Climate Action 100+.Investors see challenges The research process entailed 22 in-depth interviews with asset managers, asset owners and other corporate bond market professionals, aimed at exploring their attitudes to engaging with issuers about climate change.A small number of those interviewed said they would stop investing in a company’s bonds if the issuer did not deliver on certain criteria, but the majority “saw only challenges”, said ShareAction.They had concerns about the legal implications of engaging jointly, the effectiveness of collaboration, and “publicity”. ShareAction called on regulators to act to reassure investors on legal risks.At the same time, investors acknowledged that the threat of selling an issuer’s bonds or refusing to refinance their debt could influence the companies.Bond managers cited a lack of clarity from asset owner clients on how to manage climate-related risks. The complexity of climate change and a lack of useful reported data were also highlighted as issues.ShareAction’s report comes as the UK’s Financial Reporting Council has proposed expanding the scope of stewardship to asset classes such as fixed income. Unveiling a draft new stewardship code for consultation, the regulator said asset owner and asset manager signatories should “explain their policy on bond engagement, including the extent to which they engage pre- and post-issuance of bonds”. According to Schroders, the world is currently on course for a long-run temperature rise of 3.9°C as of the end of 2018, down from a 4°C trajectory it calculated in the third quarter of 2018. The asset manager adjusted its expectations for the pace of global warming in response to higher carbon prices and increased political ambition to tackle climate change. Institutional bond investors are focused on mitigating portfolio-level climate risk but are uncomfortable committing to action aimed at limiting global warming itself, according to research carried out by ShareAction.Bond investors “balk at the suggestion they might use their ability to refuse to refinance company debt to press for stronger climate action”, stated a report from the campaign organisation.In its opinion, corporate bond investors should wield the power they have during debt refinancing and issuance to push issuers to align their business strategies with the internationally agreed global warming goal. This would involve telling issuers they would stop investing in their bonds if they did not meet their demands.Wolfgang Kuhn, author of the report, said: “Bond investors have come a long way very quickly on the sustainability dimension. What is left is to realise the power they have to create a positive impact and muster the courage to use it.”last_img read more

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Gomes going from the Lane

first_img Press Association Tottenham have announced that goalkeeper Heurelho Gomes will be leaving the club at the end of his contract. The 33-year-old Brazilian arrived in 2008 to much fanfare in a £7.8million deal, playing a key role in Spurs’ run to the Champions League quarter-finals three years later. However, Gomes made the last of his 135 appearances for the north Londoners in November 2011 and will be leaving the club this summer. center_img A statement on the club’s official website, www.tottenhamhotspur.com, said: “Heurelho Gomes is to leave the club at the conclusion of his contract next month and we would like to wish the popular goalkeeper all the best for the future.” Gomes has acted as third-choice goalkeeper behind Hugo Lloris and Brad Friedel in recent seasons and made nine Bundesliga appearances on loan at Hoffenheim last season. last_img read more

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Why Anthony Davis declining Lakers’ max contract extension offer doesn’t really matter

first_imgThe six-time All-Star turned down a four-year, $146 million max extension from Los Angeles on Tuesday, according to Yahoo Sports’ Chris Haynes, and Davis plans on entering unrestricted free agency this summer. Why not just take the contract on the table now? Well, it makes zero sense (and far less cents) for him to do so.MORE: LeBron James reacts to critical comments from Kyle Kuzma’s trainer Anthony Davis declined the Lakers’ contract offer! He’s available! Cats and dogs living together!OK, everybody relax for a minute. This isn’t huge news. Assuming Davis declines his $28.7 million player option for 2020-21, he will be eligible to re-sign with the Lakers for $202 million over five years. That’s an extra $56 million a few months down the road. If Davis wants more future flexibility, he could sign a two-plus-one deal and align himself with LeBron James.Putting aside that giant pile of money, it’s also extremely difficult to find a logical landing spot for Davis outside of Los Angeles. As ESPN’s Bobby Marks notes, the Lakers can offer Davis the most money and a realistic chance to win titles in his prime years. Teams like the Cavaliers, Hawks, Hornets and Knicks will hold significant cap space, but good luck trying to convince Davis to join a massive rebuild.And on top of all that, “no one within league circles” believes Davis will leave the Lakers after one season, per Haynes. Sorry to all of the Lakers haters. Nothing to see here.last_img read more

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Nurkic, new father Lillard carry Blazers past Clippers

first_imgLATEST STORIES Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew After trailing by as many as 23 points in the third quarter, the Clippers got within 92-80 early in the fourth, prompting Lillard to return to the game. Los Angeles narrowed the gap again to 102-94 with just under a minute left but Pat Connaughton answered for the Blazers with a 3-pointer on the other end.Portland remains in third place in the West, coming off a 2-1 road trip that ended with a 108-103 loss at Memphis on Wednesday night. But the Blazers played that game without Lillard, who was awaiting the birth of his first child. Damian Lillard Jr. was born Thursday morning.“I don’t think there’s any way to describe it. It’s a different level, different type of excitement. It was my son looking into my eyes. It was different,” Lillard said Friday.But his joy was tempered because his half-brother was shot multiple times in the parking lot of a Portland-area shopping mall on Thursday night. Lillard said 20-year-old Jahrell Lillard was in stable condition. Police continue to look for the suspects.“I just tried to go out there and have fun, clear my mind. I didn’t want to drag my personal things into the locker room or on to the court,” Lillard said. “I had a son, that’s a great thing. It was an unfortunate thing with my brother but he survived it so, a lot to be thankful for.”ADVERTISEMENT Cabuyao City rising above the ashes through volunteerism Bledsoe drops 39 as Bucks slip past Lakers in OT The Clippers were short-handed. The team announced that Milos Teodosic has a torn plantar fascia in his left foot and will be re-evaluated in two weeks. Already missing were Avery Bradley (abdominal surgery) and Patrick Beverley (knee).But the Clippers saw the return of Danilo Gallinari, who had missed 18 games with a fractured right hand. Gallinari finished with 11 points.“I just thought Portland was the better team. I thought they were better coached, I thought the players played better, I thought they played harder. And that’s disappointing,” Clippers coach Doc Rivers said.The first half was a highlight reel of dunks for the Blazers, who led 64-49 at the break. Collins had three dunks in the second quarter to finish the first half with 13 points, topping his career high for a game.The Blazers had 17 assists in the first half.Al-Farouq Aminu’s layup and free throw put Portland up 74-51 early in the second half. But Davis headed to the locker room later in the third quarter. The Blazers said after the game that X-rays on the ankle were negative.Portland was already playing without starter Maurice Harkless, who had a minor procedure on his left knee on Wednesday and will be re-evaluated in two weeks.TIP-INSClippers: Los Angeles had won three straight in Portland. … Austin Rivers struggled, going 1 for 8 from the floor for the game.Trail Blazers: A reporter quipped that Lillard’s newborn son had a stack of his signature shoes waiting for him. “Nothing but the finest,” Lillard laughed. … Portland had 30 assists, matching it season high.THE END IS NEAR“If you’re desperate to get wins like we are to extend our season and play in the postseason like we are, we’ve got to have a sense of urgency from the start of the game,” Clippers center DeAndre Jordan said. Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award In Liverpool, Man United sees the pain and path to recovery Don’t miss out on the latest news and information. UP NEXTClippers: Host the Indiana Pacers on Sunday.Trail Blazers: Host the Grizzlies on Sunday.Sports Related Videospowered by AdSparcRead Next Conor McGregor seeks to emerge from controversy in UFC comebackcenter_img Nadine Lustre’s phone stolen in Brazil Scarlett Johansson, Sterling K. Brown among SAG Awards presenters View comments MOST READ Nurkic had 21 points and 12 rebounds, Lillard added 17 points and 11 assists, and the Trail Blazers held off the Clippers 105-96 on Friday night.“I thought Damian was terrific with his passing. He found Nurk. They kept trapping him and he found Nurk almost every time,” Portland coach Terry Stotts said. “Someone asked me before the game about getting Nurk more shots. I think Dame is responsible for getting Nurk some shots.”FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownRookie Zach Collins came off the bench with a career-high 15 points for the Blazers, who were hurt in the third quarter when Ed Davis rolled his right ankle and left the game.The loss snapped a three-game winning streak for the Clippers, who were just outside the playoff picture in the West with six games left. Lou Williams led Los Angeles with 23 points. Jiro Manio arrested for stabbing man in Marikina Recto seeks to establish Taal rehab body to aid community, eruption victims Judy Ann’s 1st project for 2020 is giving her a ‘stomachache’ Portland Trail Blazers guard Damian Lillard, center, drives to the basket on Los Angeles Clippers guard Tyrone Wallace, left, and guard Austin Rivers, right, during the second half of an NBA basketball game in Portland, Ore., on Friday, March 30, 2018. The Blazers won 105-96. (AP Photo/Steve Dykes)PORTLAND, Ore. — Portland’s Jusuf Nurkic and Damian Lillard found their connection against the Clippers.“We understand each other,” Nurkic said. “Every possession, we already know where we’re going to be and how we’re going to play. When we look at each other we already know what we’re going to do.”ADVERTISEMENTlast_img read more

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