The CEO Review product is centered around a management-by-objectives program. The overall objective of this program is to align organizational goals and objectives with the CEO’s performance review and compensation. It is a tool for credit union boards to use in evaluating and rewarding the CEO’s annual performance.
“Our experience working with HR Solutions in creating a formal CEO Performance Review has been a rewarding exercise. Not only has it validated what the board has done in prior years to determine a fair and equitable salary for our CEO, but it also provides us with a consistent tool that becomes a permanent record for the Credit Union.” – Board member of a $700 million Midwest credit union
While the CEO Review product is a tool designed for boards, credit union CEOs also appreciate the many benefits of a formal, transparent review process. They also recognize the advantage of providing the board with a trusted advisor when it comes to their evaluation and compensation.
“I wanted to drop you a line and say thanks for all your hard work on my review and the presentation you made to my Board. You did a great job, and my Board liked your presentation a lot. Looking forward to working with you next year.” – CEO of a $600 million Mid Atlantic credit union
Both boards and CEOs recognize that there is a mutual benefit to having a documented review process that can be built on year after year. Once performance attributes, metrics and initiatives are agreed upon, there is minimal work left to be done outside of the formal year-end evaluation.
Using a third party for data and expertise in the CEO’s evaluation and compensation process is a commonsense solution. Board members are volunteers with varying backgrounds and levels of experience. Asking them to complete such an important function on their own is unfair to both them and the CEO. Take the burden out of a task that is crucially important to the governance of the credit union. Consider CYUSG’s CEO Review as a one-stop solution to the evaluation and compensation process.
“I wanted to take a moment and express our gratitude for the support and guidance you provided over the past week. You did a great job of taking our board through the CEO Eval process and helping them feel confident in the resources and process provided by CUSG. We completed our board meeting and met with our CEO just now to share the excellent news that the Committee’s motion was unanimously approved as presented. Our CEO is extremely happy, and so are we all.” – Board committee member of a $200 million New England credit union
