Ask Kirk Kordeleski, onetime CEO of Bethpage Federal Credit Union on Long Island. How SERPs – supplemental executive retirement plans – figure into credit union strategic thinking and he comes back with a blunt answer: Talent retention.
Face this reality: today credit unions are at war but this is a war with multiple enemies – big banks, community banks, other credit unions, non banks, you name it. Many kinds of institutions want to hoover up your members’ money and nowadays it is the better institutions that are winning.
Why are they winning? In most cases it’s simply that they have and retain better talent.
Serps play a key role in that. Yes, they reward executives financially when they retire, but – structured properly – they also help keep those executives at the institution. And that latter bit – retention – is not easy in a world where suddenly lots of institutions want to poach your best talent.
Consider this podcast a must listen for credit union board members, also credit union c-suiters, and, definitely, also credit union execs who aspire to a seat in the c-suite.
SERPs are often misunderstood on multiple levels. In these shows Kordeleski gives the true skinny about SERPs.
Listen up.
This show is in a Money Talks series where credit union compensation is untangled. This show will help some executives negotiate better pay packages and will also help some board members understand the ways in which 2023 credit union compensation is utterly different from 1993 comp plans, even 2013 plans because now competition for talent is so much fiercer.
Hear episode one in Money Talks here. Episode 2 is here. Episode 3 is here. Episode 4 is here. Episode 5 is here. Episode 6 is here. Episode 7 is here. Episode 8 is here. Episode 9 is here. Episode 10 is here.
Want to know more about SERPs - or other matters raised in this podcast? Email Kordeleski Kkordeleski@om-financial.com
Have suggestions for topics to explore in this show? Email me, Robert McGarvey - rjmcgarvey@gmail
Ask Kirk Kordeleski, onetime CEO of Bethpage Federal Credit Union on Long Island. How SERPs – supplemental executive retirement plans – figure into credit union strategic thinking and he comes back with a blunt answer: Talent retention.
Face this reality: today credit unions are at war but this is a war with multiple enemies – big banks, community banks, other credit unions, non banks, you name it. Many kinds of institutions want to hoover up your members’ money and nowadays it is the better institutions that are winning.
Why are they winning? In most cases it’s simply that they have and retain better talent.
Serps play a key role in that. Yes, they reward executives financially when they retire, but – structured properly – they also help keep those executives at the institution. And that latter bit – retention – is not easy in a world where suddenly lots of institutions want to poach your best talent.
Consider this podcast a must listen for credit union board members, also credit union c-suiters, and, definitely, also credit union execs who aspire to a seat in the c-suite.
SERPs are often misunderstood on multiple levels. In these shows Kordeleski gives the true skinny about SERPs.
Listen up.
This show is in a Money Talks series where credit union compensation is untangled. This show will help some executives negotiate better pay packages and will also help some board members understand the ways in which 2023 credit union compensation is utterly different from 1993 comp plans, even 2013 plans because now competition for talent is so much fiercer.
Hear episode one in Money Talks here. Episode 2 is here. Episode 3 is here. Episode 4 is here. Episode 5 is here. Episode 6 is here. Episode 7 is here. Episode 8 is here. Episode 9 is here. Episode 10 is here.
Want to know more about SERPs - or other matters raised in this podcast? Email Kordeleski Kkordeleski@om-financial.com
Have suggestions for topics to explore in this show? Email me, Robert McGarvey - rjmcgarvey@gmail