BlackRock hasn’t suddenly donned a white hat. No, the company with more than $5.7 trillion under management says investors and the society they live in are increasingly expecting the private sector to do more as the public sector does less, to address what Fink calls “a paradox of high returns and high anxiety” as secure employment and retirement become a distant dream for millions.
The letter is a good read. But it got me thinking …
Imagine if the mayor of your city, or the governor of your state, sent a letter to the major employers and companies in your region laying down a similar challenge. How would your credit union respond?
Answering tough questions requires honest assessment, introspection, and consultation. It’s an arduous process, but tough questions demand nothing less. Callahan’s Strategy Lab helps credit unions think differently about how to frame challenges and develop answers. Learn more today.
This is comparing apples and oranges to a degree, of course. Credit unions are chartered not-for-profits with members not shareholders, but the fundamental point is much the same. That point is that credit unions' long-term sustainability, much less growth, is based on how well they serve the needs of their community.
So, sure, your mission statement and the cooperative movement’s founding principles speak to social purpose. But, specifically, when responding to a letter like this, how would you respond? Are you satisfied with how you would respond today? Moreover, what might you aspire to include in your 2023 response?
We’d also love to hear from you. Comment below or share your ideas with me at firstname.lastname@example.org.
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