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Five tips for preparing for uncertain times

first_imgAfter 9/11, PenFed built a strategic plan to transform our business within a decade to be 95% remote and only 5% brick and mortar. Over the years, our branches have encountered challenges (like hurricanes in Puerto Rico and blizzards in Nebraska), but the coronavirus pandemic has been the greatest test of our business model to date.What we have learned is that the model works – largely because we were prepared for what was to come, and we spent a decade rehearsing for it. By March of this year, 80% of our transactional business was already conducted through our mobile or web platforms (versus through phone calls or in branches). Our employees already had the capability to work from home and transitioned quickly at the onset of the virus. In our branches, we shifted to drive-through only. We have been holding our board meetings remotely, and earlier in the month we held our annual meeting virtually for the first time in our 85-year history.Year to date, our volumes are up nearly 30% from 2019. We reached 2 million members and have surpassed $26 billion in assets. This was the result of long-term preparation by our board of directors and senior leaders and the hard work of exceptional employees. Strategy, Focus and Execution has been our mantra.PenFed is just one data point. But I hope our experience with a remote business model will be helpful to other credit unions. As our economy reopens, here are five tips for credit unions to consider when preparing for the future:Take care of your employees first and foremost. The best way to prepare for the unexpected is to focus on your employees. My second week at PenFed, when I was the chief administrative officer, two female executives came into my office. They had each worked their way up from teller to executive vice president over many years and had the trust and respect of everyone who worked with them. “No matter what you do here, take care of your employees,” they advised me. I will never forget it, and it has proven to be true. “People helping people” isn’t just about helping members. It’s a chain philosophy. If you take perfect care of your employees, they will take perfect care of your members.Develop guiding principles. Develop a guide for a safe return-to-office plan that can be applied or adapted to different scenarios. At PenFed, our guiding principles are: ensuring the safety of employees; accomplishing our mission and goals; and building to “better” (always striving to add more value in our products, services and infrastructure).Be physically prepared. In his foresight, Frank Pollack, my predecessor as president and CEO, spearheaded the planning for a variety of crises. For years, we have made sure to have stocks of meals ready to eat (MREs), water, generators and masks. We have made significant investments in the physical technology that enables remote work.It’s dangerous to be wedded to an idea. Sometimes the best thing you can do is let go of that “great” idea. What you don’t do is as just as important as what you do. For example, does building another branch align with your strategic vision of becoming remote? Do you need that ATM in that location, or should you wait until you have a location that’s frequented by more members? We all have limited resources, and for every decision there is an opportunity cost. In the hard times, you will be glad you didn’t overspend, overreach or stray from your vision in the good times.Be agile. When I was in high school, I always worked several jobs at one time. I would go from a manufacturing job to mowing grass to my job as a teller at a financial institution. It taught me to focus on agility within our institution. If leaders and employees are able to move seamlessly from one task or demand to another and remain levelheaded and flexible in responses, the credit union as a whole will be better prepared to handle new challenges.In our work to ready our credit unions for future challenges, don’t lose sight of the big picture. We realize “success” for a credit union isn’t all about profit – it’s about helping people. Real success is inspiring others to do better. Remember that “many hands make the load light.” Within the credit union, when teams and people go out of their way to help each other succeed, the organization is stronger. We’ve got to stick together. 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,James R. Schenck James Schenck is President and CEO of PenFed Credit Union, headquartered in Tysons, VA.  PenFed is America’s second-largest federal credit union, serving more than 2 million members worldwide with … Web: https://www.penfed.org Detailslast_img read more

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WR Steve Ishmael doing all he can to turn Syracuse from underdog into frontrunner

first_img Related Stories Steve Ishmael has breakout performance in loss to Pittsburgh Steve Ishmael’s greatest weakness was his weakness. He lacked the physique of a college football hopeful.Then a high school freshman, a 162-pound Ishmael went to make a block on a defender 40 pounds larger. He was pushed backward so easily the defender taunted him.“‘Man you got to go to the weight room,’” Ishmael said the defender told him. “I took that so personal. Ever since then, I’ve literally been in the weight room every day taking it serious.”His older brothers were bigger than he was too. Their size reminded him of the same thing that the defender did.With Ishmael’s strength a perpetual work in progress, his college aspirations were nonexistent until he received his first offer from Western Michigan. It was a shock to Ishmael in his junior year, something he never expected and hardly believed when it happened.AdvertisementThis is placeholder textI was like, ‘Wow. Me?’Steve IshmaelIshmael eventually chose Syracuse over offers from Oregon and Tennessee in order to help a program trying to turn things around — a desire to help that defines him. He increased his weight from 178 pounds as a freshman last season to 205 now and is the Orange’s (3-5, 1-3 Atlantic Coast) leading receiver with 397 yards, 26 receptions and four touchdowns, three of which have come in the past four games.Ishmael wants to be a part of what makes Syracuse great. He accepts the current struggles, because ingrained in his decision to play for SU was his desire to turn things around and make an underdog a frontrunner.“When you see them change, that’s when you’ll be like, ‘Man, they really did it,’” Ishmael said. “… If I changed the channel and saw the Rockets vs. the Suns and the Suns are losing by 20, I’ll be like, ‘Come on Suns!’” In three games this year, Ishmael’s caught just one pass. But the Orange won two of those three and he understands it comes down to matchups. While he says there’s always room for improvement, especially in his route running, Ishmael takes pride in blocking for teammates when he doesn’t get the ball.Since the age of 5, Ishmael’s been working on his craft. He’d play outside with his older brothers Kemal, a safety on the Atlanta Falcons, and Trevor, a former player at Western Michigan.That’s how Ishmael learned to snatch passes out of the air. His fundamentals grew and his outstanding body control followed suit.On a 53-yard touchdown against Wake Forest on Sept. 12, Ishmael caught the ball behind the cornerback covering him in a cover two. The safety sprinted toward him to make a tackle, but Ishmael swung out his hips and avoided him.“I think it’s his ability to make plays when everything in front of him is a bit of a mess,” SU head coach Scott Shafer said, “which says a lot about his ability to see multiple things at once.”The reliability that Ishmael provides on the field is the same one he does off it.The summer entering Ishmael’s senior year of high school, neighbor and teammate Immel Rai needed a place to live due to family issues. The Ishmaels took Rai in, which was one of the only ways Rai could continue playing for North Miami Beach (Florida) High School. They treated him like any other kid in the family.I probably wouldn’t have made it through high school or made it anywhere without Steve and his family.Immel RaiOne time, former teammate Buthler Jean’s car broke down on Interstate 95 traveling north and he needed a jumpstart.Though Ishmael lived more than 20 minutes away, he was the first person Jean called.“I knew he would come through for me,” Jean said.In high school, Ishmael also played cornerback. In three seasons, only two catches were made against him, Jean said. Ishmael, though, never saw himself as a cornerback. His primary focus was wide receiver and that’s the position he considered playing in college.He did it anyway because it was a way to help his team.“That’s Steve for you,” Jean said.Ishmael, a devout Christian, recognizes the power faith has in bringing people closer together. He’s tried to drag teammates to church, roommate Ervin Philips said. Amid a season in which Syracuse has used four different quarterbacks, it’s his way of trying to build team chemistry.When the Orange lost to Pittsburgh on Oct. 24, Ishmael surpassed career highs in both receptions and yards. But in the fourth quarter, he dropped a crucial pass in the red zone that could have helped extend a drive to give SU the lead.Three days afterward, offensive coordinator Tim Lester said the only thing Ishmael thought about following the game was that one drop. Lester assured his receiver that SU wouldn’t have been competitive without him that day.He tried to cheer him up, but still, Lester took comfort in how focused Ishmael was on improving on his failure so it wouldn’t happen again.Ishmael roots for underdogs, but he doesn’t want Syracuse to be one anymore.“That’s the way he thinks,” Lester said, “and that’s a really good sign about what type of kid he is and where he can go.” Comments Facebook Twitter Google+center_img Published on November 4, 2015 at 11:14 pm Contact Paul: [email protected] | @pschwedslast_img read more

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Imperial Pacific issues profit warning ahead of expected 2018 loss

first_imgImperial Pacific International (IPI) has issued a profit warning for the 12 months ended 31 December 2018, stating that it expects to record a loss for the year.In a filing to the Hong Kong Stock Exchange, IPI – which owns and operates Imperial Pacific Resort in Saipan – said its expected turnaround from profit in 2017 to a loss last year is mainly attributable to a decrease in total revenue and the impairment of trade receivables. The company will release its financial results before the end of March. Imperial Pacific pays remaining US$10.5 million balance on annual license fee Imperial Pacific adds to Board of Directors as regulator looks to impose US$375,000 fine for late license fee payment RelatedPosts Load More Calls for 10% gaming tax renewed as report reveals Imperial Pacific tax payments of just US$21,000 in 2019 IPI recorded revenue of HK$13.3 billion from record VIP roll of HK$385.9 billion in 2017, with profit of HK$637 million. However, outstanding receivables were HK$8.5 billion, up from HK$5.9 billion a year earlier.The company has also endured a lengthy list of construction problems, most recently due to a shortage of workers on the site of Imperial Pacific Resort. Despite the delays, IPI stated earlier this month that it expects to finish construction within this year.When complete, the property will comprise a 329-room luxury hotel; 14,140 square meters of gaming area; 3,870 square meters of food and beverage outlets; 186 square meters of retail space; 930 square meters of meeting space; 15 villas; and 1,500 square meters of spa/fitness area plus associated infrastructure.last_img read more

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