The relationship between chaotic events and credit union leadership practices: A phenomenological study
The purpose of the exploratory qualitative phenomenological research was to explore the experiences of leaders in charge of individual credit unions during a period of economic contraction. Twelve credit union leaders from Texas were interviewed. The general and primary research question of the research study was, "How did the top leaders of certain individual credit unions experience the credit crisis and recession of 2008-2010?" The design selected for data analysis was derived and adapted from the Moustakas method of analysis and phenomenological data. Six significant themes emerged from the analysis of the interviews. These themes were fast pace of change, leadership disagreement on internal and external data analysis, anger, shock, frustration, the need to reduce rumors and fear, external environment seemed chaotic, and the crisis forced creativity. The findings of the current research study may strengthen the use of transformational leadership practices among credit union leaders. Based on the results of this study, it was recommended that credit union leaders adopt the organizational operation model and the degrees of freedom model to help credit union leaders increase his or her capacity to manage change when experiencing what appears to be the onset of chaotic events.
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