Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

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Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

1. What is Vancity’s competitive advantage over other types of financial institutions?

Vancouver City Savings Credit Union commonly Vancity, is a renowned credit union with its headquarters in the city of Vancouver, British Columbia. Asset wise it is the largest union offering credit in Canada with 59 branches and a staff capacity of slightly over half a million employees. Initially, a society of 14 resident members, the facility boasts of an asset value of approximately 19.8 billion dollars up from $2,966 in its founding year. The facility prides itself on living and working in the environment where their members reside and work in (Bouw, 2017). These provide an edge so huge and different to competing companies. Due to this, the company understands, and is able to provide flexible services according to the needs arising. In every business, satisfied employees provide the synergy to propel the business to achieve its goals. Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

Through the provision of an enabling environment to work, employees dress casually to work, listen to music while working and engaging in different sporting activities with fellow employees. Salaries in the union are competitive enough along market forces and the staff gets benefits, dental and life insurance, vacations, top-ups all which are motivating factors in a work setting. Parents of infants and small children get flexible working hours and schedules to ensure that their domestic affairs, as well as work matters, get well balanced and the employee operates without a hitch. Tele computing as an alternative working option is also a practice common in this institution. All these factors led to their induction to the top 100 class of the best employers in the country. Being community-based it realizes the need for supporting women and is the first firm to lend directly to women without a male consignor (Simon, 2016). Similarly, it is the first Canadian firm to openly market to the gay and lesbian communities opening up new frontiers of business which gives them a relative competitive edge 

2. Who are Vancity’s stakeholders and what value does the organization create for them?

This organization is owned by various groups which include its members, the community, and its employees. Special attention is given to each of the mentioned groups as they are vital to the continuity and the success of the firm.  Being among the top 100 best employers is a clear picture of the commitment the firm has on its employees. The company allows and involves its employees in the creation of policies and procedures influencing their work, having them double up as employees and owners provide a thrilling effect as they work not only to preserve their daily job but also their investment. Benefits such as dental and life insurance as well as 6 weeks mandatory vacations only attribute to a conducive working environment. Training workshops on leadership and developing sound decision-making skills are just ways in which the firm adds value to its staff (DAHL, 2014). Tasked with these, administration of the institution is easier. Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

To the community the firm rededicates some of its profits (30% to be precise) annually, to facilitate positive change in the community through various programs. The ‘giving back’ initiative redistributed a total of $238 million to the community as grants and on other initiatives. Among the beneficiaries of this grants is a non- profit organization providing employment to those who encounter hitches in getting work. These organization dealing with flowers soldiered ahead to provide floral bouquets for the 2010 winter Olympics held in Vancouver. Another beneficially includes the Pigeons park savings program which provides necessary financial aid to the challenged in the community. Through the corporate social responsibility, huge amounts get reinvested. Here, the firm is credited with its accountability and its commitment to serving its members. Impact lending loans geared towards transforming lives of people, used in construction of proper houses and generation of local and organic foods, the organization ensures their members get surrounded by a healthy and sustainable community for the long-term (Benn et al, 2016). Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

3. 3. Which of the four functions of management does Vancity appear to be doing quite well? Draw from the case to support your answer.

Recruitment at Vancity refers to a well-managed affair, the company is able to recruit a young, energetic workforce that relates to the emerging trends and issues in today’s world. Achieving a 94% of employees under 40 years is a true manifestation of their belief in a youthful staff. Diversity in the recruitment is also a key area in which the firm has excelled. Having a female CEO and five out of its 9 board members being women shows their willingness to empower women (Woodside, 2015). Motivation in this institution is nearest to perfection. For an employee to achieve satisfaction at work, working conditions are vital motivating factors. Top ups, competitive salaries, and vacations ensure that the employees get catered for well to avoid poaching by other companies and fatigue and burn out. Allowing for teleconferencing enables flexibility where an employee can work from home. Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

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Problem-solving in the case where they did not meet the employee engagement target gets well undertaken. Research and survey-based remedies get presented to inform the correct decision and way forward to tackle the challenges. These eventually contribute to the elimination of the human resource associated problems and eventual ranking among the crème de la crème. Corporate social responsibility is a key contributor to the success of these company. From supporting noble initiatives such as green building projects, carbon neutrality of the institution, financial aid, and grants to its members and the community, Vancity management not only shows interest in the community, but also its financial accountability to funding these initiatives to completion (NAT, 2016). Through this, there is constant interaction with the community due frequently engaging them in beneficial projects. Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

References.

Benn, S., Abratt, R., & O’Leary, B. (2016). Defining and identifying stakeholders: Views from management and stakeholders. South African Journal Of Business Management, 47(2), 1-11.

Bouw, B. (2017). Top company profile: Vancity: B.C.-based credit union continues to lead corporate Canada on sustainability. Corporate Knights Magazine, 16(3), 34-35.

DAHL, J. (2014). COOPERATION AMONG COOPS. Credit Union Magazine, 80(10), 30-34

Jacobson, G. P., & Shepard, N. T. (2016). Balance Function Assessment and Management. San Diego, CA: Plural Publishing, Inc.

NAT, M. (2016). CSR THE POWER OF SOCIAL GOOD. Credit Union Magazine, 82(8), 32-35

Raduški, D. (2016). Basic Management Functions in Culture and Arts Organisations. Management (1820-0222), (81), 59-66. doi:10.7595/management.fon.2016.0024

Simon, B. (2016). Top company profile: Vancity. Corporate Knights Magazine, 15(3), 34. Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

Woodside, A. G., & Quaddus, M. A. (2015). Sustaining Competitive Advantage Via Business Intelligence, Knowledge Management, and System Dynamics. Bingley, UK: Emerald Group Publishing Limited.

1. What is Vancity’s competitive advantage over other types of financial institutions?

Vancity is a credit union that first originated in 1946, with 14 members, and total assets worth $350. However, today they have become a well known company in Vancouver, and are considered to be one of the largest credit unions in Canada. A main reason for their accomplishment would be the competitive advantage that Vancity gives towards its employees, compared to other companies. Vancity provides many benefits towards their employees, by offering their workers with manageable working hours. Flexible working hours work well for workers with young children, because the employees will be able to balance out both their personal life, and work life, without having to worrying about their job hours. Moreover, Vancity provides telecommuting, which allows employees to have an option of being able to do their work at home, without having to travel to work. Furthermore, Vancity creates a positive relationship with their workers, by conducting surveys to create a connection with their employees, and come up with ways in which the company can improve their service. Vancity also provides several employee assistance programs, which potentially improves their social corporate responsibility.  The company provides dental and life insurance, leave days that can be used for personal reasons, and maternity leave benefits. In addition, the company gives back some of their net profit to the community, and members, so that customers can receive banking services that they did not receive from other large banks. Till this day, the company has given over $238 million to their customers. The program is called Shared Success, which gives about 30 percent of its net profit. Hence, the program creates a functioning relationship with their customers. Another factor that increases Vancity’s competitive advantage, are local decision-making. Vancity are a larger credit union due to the fact that they are community-based. They make local decisions so that their members are well aware of the situation. They get to know their members personally, which creates a better customer relationship. In conclusion, Vancity’s competitive advantage are greater benefits and relationships over other types of financial institutions. Vancity’s Competitive Advantage over other Financial Institutions Sample Paper

2. Who are Vancity’s stakeholders and what value does the organization create for them?

Vancity’s stakeholders are their employees, future employees, members, and the community. Vancity’s workers are able to do their job freely, by dressing casually, and listening to music. The company also provides many events such as social gatherings and sports teams that the workers can participate in. In addition, the company conducts surveys about how the employees feel in their working environment. If there are problems, the company come up with ways to find solutions. The employees play a major part in the organization, due to the fact that their training programs, and better customer service relies on the company’s well being.  For future employees, the company gives back tuition reimbursements. This gives a successful working environment for students to complete their education. Moreover, Vancity provide many benefits to their employees, and future workers, that other companies would not give out. These are just small benefits, however, can potentially increase a positive working environment for the employees to work in the company. Additionally, the organization strives for a better environment by providing programs such as Shared Success, that gives back over 30 percent of net profits to the members, and the community. In addition, another program: Just Beginning Flowers, is a non-profit florist that give job opportunities for people who are unable to find an occupation. As a result, these programs are ultimately small steps that can maintain an improved working environment. In brief, the organization creates many programs and benefits for the stakeholders: employees, future employees, members, and the community. Vancity’s Competitive Advantage over other Financial Institutions Sample Paper