8 Connecting Departmentsfor Efficient Mortgage
Ken Burns of Origencediscusses why siloed mortgagedepartments lead to missedopportunities.
6 Showing Agility Amid aPandemic
Nevada CUSO GreaterCommercial Lending facilitatesfunding for vulnerablebusinesses.
9 Leveraging Data to Predictthe Future
Karan Bhalla and AbhishekKamodia of CU Rise Analyticsaffirm predictive analytics’important role in a CU’s businessstrategy.
11 GeneratingSuccess-Boosting SynergyThrough CUSOs
Redstone FCU’s Wayne Siscotells the story behind his CU’sCUSO network and offers bestpractices.
12 Searching for a ModernCredit Union CFO
Shawn Cole with CowenPartners Executive Search detailswhat CUs must look for in today’scandidates.
Editor’s Column ...................4Focus Report.................... 6-11Guest Opinion ................... 12Community News............... 14People .............................. 19DepartmentsEDITOR'S COLUMN
One Step Backwards for Womankind
his pandemic has notbeen kind to men. According to a study published by the journal
Nature in August, men producea weaker immune response toCOVID- 19 than women, meaning that infected males, especiallythose over age 60, are up to twiceas likely to get very ill or die of thedisease compared to women ofthe same age.
While men are – unfairly andtragically – at a disadvantage interms of the disease itself, women are bearing the brunt of otherdisadvantages during the pandemic, particularly those that relate to financial health and careeradvancement.
With traditionally female-dom-inated industries suffering thebiggest economic hits, and families being slammed by additionalchildcare responsibilities, womenhave been placed under a disproportionate level of financial strain.Some are even calling the currenteconomic downturn a “shecession” (awful term, by the way, butit at least draws attention to thehardships women are facing). Inthe recent study “The Shecession(She-recession) of 2020: Causesand Consequences” from the Centre for Economic Policy Research’sVoxEU, authors – using data fromthe U.S. Bureau of Labor Statistics– found the recession caused bythe COVID- 19 pandemic has increased women’s unemploymentby 2. 9 percentage points overmen. The authors, from Northwestern University, the University of California, San Diego andthe University of Mannheim, alsofound that as of August, women’semployment was still 20% belowthe pre-recession level comparedto 9% for men. There are two culprits for the disparities.
“First, women’s employment is
concentrated in sectors that are
relatively stable in typical busi-
ness cycles, but were strongly af-
fected by the shutdown and social
distancing measures during the
pandemic,” the authors wrote.
“Second, as schools and daycare
centres were shut down, parents’
childcare needs multiplied. Wom-
en have provided the majority of
additional childcare during the
crisis, leaving many of them un-
able to work.”
Yes, remember that New York
Times poll from May, which found
that while nearly half of fathers
with children under 12 believed
they were helping the most with
ing, only 3% of mothers agreed
that they were? And as if wearing
the hats of teacher, parent and
employee (for working moth-
ers, that is) at the same time isn’t
enough, women are piling on the
full-time housekeeper hat as well.
The study “Women in the Work-
place 2020” by LeanIn.org and
McKinsey & Company found that
since the start of the pandemic,
mothers that are part of a dual-
career couple are twice as likely
as fathers in a dual-career couple
to spend five more hours a day on
Other findings in the McKinseystudy were particularly unsettling for female professionals withyoung children who aspire to getahead in their careers. Seventeenpercent of women with kids under10 have considered downshiftingtheir careers by reducing theirhours, moving to part-time orswitching to a less demanding jobsince the start of the crisis, compared to 13% of men with childrenunder 10; 23% of women with kidsunder 10 thought about takinga leave of absence or leaving theworkforce entirely, compared to13% of dads with kids under 10.
Depending on how many ofthese women act on their considerations, workplaces nationwidecould see the progress that hasbeen made in terms of placingmore women into leadership rolesover the past six years erased, thestudy said. And that’s bad forbusiness.
“Research shows that companyprofits and share performancecan be close to 50% higher whenwomen are well represented atthe top,” the study said. “Beyondthat, senior-level women have avast and meaningful impact on acompany’s culture.” It noted thatwomen are more likely to spearhead employee-friendly policiesand programs, promote racialand gender diversity, and serveas mentors and sponsors for otherwomen. “If women leaders leavethe workforce, women at all levels could lose their most powerfulallies and champions,” the studywarned.
In true 2020 fashion, the news
gets even worse. Black women,
who have always faced barriers
that background noise from
kids and pets during Zoom calls
has become an accepted norm.
The McKinsey study noted,
however, to be mindful not to
display gender bias as a result
of these types of calls, as wom-
en with children playing in the
background can sometimes be
perceived as less serious about
• If you’re able to, expand yourcredit union’s benefits program to provide greater supportto employees with additionalcaregiving responsibilities during the pandemic, for exampleby offering more paid leave.
• Reflect on what your expectations were for employeespre-pandemic, assess whether those expectations are stillrealistic today, and adjust accordingly. Also, encourage better work-life balance for remoteemployees by designating specific working hours that still allow them to meet personal andfamily obligations, and refrainfrom contacting employeesduring “off” hours.
• Hire and promote more womeninto leadership positions, andconsider what types of programs could be implementedto support the professional advancement of women, especially Black women.
Women have always gotten the
short end of the stick in the work-
place. As this crisis worsens and
takes new twists and turns, let’s
work to make sure they still have
an end of the stick to hold onto. n
to professional advancement, are
facing distinct issues because of
their race, according to the study.
Not only have the COVID- 19 pandemic and incidents of racial injustice taken a disproportionatetoll on the mental and physicalhealth of Black people this year,but Black women are less likelythan women of other races ormen of all races to feel supportedby their manager. Seventy-fivepercent of Black women agreedwith the statement, “I feel supportfrom my manager,” compared to80% of Black men, 83% of Hispanic women, and 84% of both Asianand white women.
Women of all races were alreadystruggling to catch up with men inthe workplace pre-pandemic, andthose in the credit union industryhave been no exception. According to a 2018 CUNA study, 52%of credit union CEOs are women,however, they disproportionatelylead small credit unions. One infive CEOs of credit unions withassets between $100 million and$500 million are women, and only14% of CEOs of credit unions with$1 billion or more in assets arefemale.
Like most of the big problems
that have emerged in 2020, this
isn’t one that can be solved by one
employer or industry. But credit
unions can take several steps to
help soften the blow:
• Extend understanding, flexibil-
ity and patience to employees
who were suddenly thrust into
juggling work and childcare at
home by no choice of their own.
Based on what we’ve heard
from CEOs so far, credit unions
have already been doing a great
job of this, with some saying
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