Editor’s Note: After credit unions were for the first time rated below banks in terms of customer satisfaction in a recent national survey, CUToday.info has launched expanded coverage over what may be driving the change. As part of that series, Anne Legg is examining a series of service-related issues and also offering free resources to CUToday.info readers. The first in this series can be found here, the second here, and the third here.
By Anne Legg
This series has addressed the drivers of decreasing member satisfaction and actions to take to reduce flight and increase engagement. This last article in this series will address a key component to success: roadmaps.
Roadmaps come in many shapes and sizes to visually communicate a pathway toward goal achievement. A strategic roadmap defines the credit union's current state and presents a path, usually in phases, as to the road that the credit union will achieve a future state.
Because it is a visual representation, it is a powerful communication tool as it can connect strategic initiatives with business plans and time boxes. The act of creating a road map, called road mapping, is a useful exercise for leadership teams to explore different pathways to achieving future states.
Key Elements in Roadmaps
Time horizons
When created the time horizons, the following three time boxes offer the highest degree of program success. The first time horizon is near term. Near term is defined as those actions/initiatives that can be confidently completed in six months. A medium-term time horizon is defined by those actions/initiatives that can be completed in six months to one year. A Longer-term time horizon is defined by those actions/initiatives that can be completed one to two years, going no longer than three years (36 months). Duration is significant, because it helps the organization identify impact as well as end dates. This also helps with accountant ability and success measurement dashboards.
Workstreams
Workstreams are the actions/initiatives to achieve the goal.
For success, the roadmap should focus on a few work workstreams and stay high level. Roadmaps with much detail are not roadmaps but are project plans and are highly effective when utilized by departments or teams collaborating.
Roadmap Success
The primary function of a roadmap is a communication tool of a process to complete a large and complicated project. There can be many versions of a roadmap based on the audience, but usually, well thought out high-level version can work for several audiences. Most roadmaps accompany a presentation deck that explains the surrounding details. The life of a roadmap is indeed fleeting. Like life, things change, so make certain roadmaps are updated to current conditions and shared at intervals along the way to communicate the progress of the project.
To see sample roadmaps, please click https://www.anneleggthrive.com/services to enter your email to receive instructions on how to access free, exclusive CUTODAY Roadmap and explainer video.