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INTERIOR SAVINGS CREDIT UNION (1705) (FORMERLY THOMPSON VALLEY SAVINGS CREDIT UNION)
In-text: ("Interior Savings Credit Union (1705)
... [Show More] (formerly Thompson Valley Savings Credit Union)", 2019)
Your Bibliography: Interior Savings Credit Union (1705) (formerly Thompson Valley Savings Credit Union). (2019). Retrieved 15 October 2019, from http://former.bcgeu.ca/collective-agreement/interior-savings-credit-union-formerly-thompson-valley-savings-credit-union
THOMPSON VALLEY CREDIT UNION
WHO WE ARE?
In 1939, 20 members came together to create Interior Savings Credit Union. Their deposits totaled $96.50.
Their vision was a financial institution that would keep their money safe while growing, built on cooperative principles that would keep their money local and doing local good.
Now when you become a member, you’re joining 72,000 other locals, served by 21 branches and two Commercial Services Centres. Assets exceeding $2.1 billion produce profits that are put to work for our members and their communities.
Over the decades, we’ve seen enormous social, technological and economic change. Credit unions have lead a lot of that change, including:
full service ATMs -- debit card services – depositing cheques by mobile phone -- mobile text banking -- daily interest accounts – loans to women – registered education plans
One thing has remained constant – our solid commitment to our cooperative principles. Our head office is still here. It’s still where decision makers live and work. We’re here for one reason - to serve our members and communities, where we all call home.
Mission: At Interior Savings we make a positive difference in people’s lives and enrich each member’s life journey while keeping the human touch in a digital world
Vision: We put our expertise and profits to work for our communities, stepping up to help everyone get ahead. When they succeed, we all succeed.
We can be counted on to help our members do more, reach higher and live richer. Our members are our focus.
We work hard to perfect the blend of digital banking and personalized care our members need to succeed in today’s changing world.
We Commit to Our Values
Being collaborative
• We support our members, communities and colleagues
• We are team players, making the most of our colleagues’ and partners’ expertise
• We welcome different points of view and share knowledge to help each other
Being curious
• We ask questions to understand members’ needs and have a can-do approach to solving every challenge
• We are always looking for new ways to make everyone’s lives easier
• We love to learn new skills and seek out knowledge
Being courageous
• We do what’s right, not what’ easy, going the extra mile for our members
• We embrace change and take action in the face of uncertainty
• We are not afraid to speak up and challenge the status quo
UNION, I.
Interior Savings Credit Union - Search
In-text: (Union, 2019)
You’re Bibliography: Union, I. (2019). Interior Savings Credit Union - Search. Retrieved 15 October 2019, from
https://www.interiorsavings.com/ToolsAndCalculators/Search/?origin=%2FAboutUs%2FWhoWeAre%2F&query=STAFF+INFO&search=Search
UNION, I.
Interior Savings Credit Union - About Us
In-text: (Union, 2019)
Your Bibliography: Union, I. (2019). Interior Savings Credit Union - About Us. Retrieved 15 October 2019, from https://www.interiorsavings.com/AboutUs/
Community Investment Fund
Funding the futures of our communities
The Interior Savings Community Investment Fund provides seed money or one-time financial support to help launch sustainable programs that empower people in our communities with the knowledge, skills and confidence required to achieve their potential. Eligible projects must have a far-reaching, positive impact on the community and a plan to be self-sustainable.
The application must clearly demonstrate how the project will further one or more of Interior Savings’ four community impact objectives:
1. Empowering parents with young children
If given the right tools, we believe parents can make a remarkable difference in setting their children up for success in life (that covers emotional, social and financial success). We’re focusing our efforts in support of programs that give parents the tools they need to help their children.
2. Maintaining mental wellness through all stages of life
Mental wellness has a significant impact on a person’s quality of life and ability to achieve their potential. More can be done to encourage members of our community to take action to protect not only their physical health but also their mental health.
3. Maintaining social connection with age
As we age, there is a tendency to become more isolated which is detrimental to one’s health and happiness. We’re working to stay connected as a community and to help prevent social isolation with age.
4. Supporting a strong, cooperative local economy
When local people and businesses work together with a goal of creating social good, new solutions to community issues can be uncovered. We support cooperation through cooperative development. We also support programs that foster collaboration and innovation among local organizations with the goal of creating stronger, more vibrant communities.
Allocations typically range between $3,000 and $15,000 depending on the scope and scale of the project and the anticipated impact on the community and surrounding areas.
CriteriaExpand/Collapse
Applicants for Interior Savings’ Community Investment Funding will only be considered if they are:
• Community-based, non-profit, volunteer, public service, or charitable organizations
• Aligned with Interior Savings’ community impact objectives
• Serving Okanagan, Thompson and Nicola Valley communities (Osoyoos, Oliver, Okanagan Falls, West Kelowna, Kelowna, Lake Country, Vernon, Chase, Kamloops, Barriere, Clearwater, Ashcroft, Lillooet, or Merritt)
Project Funding PrinciplesExpand/Collapse
Projects must demonstrate some or all of the following principles:
• Promotion of empowerment, collaboration, and community participation
• Enhancement of the assets of a community
• Sustainability
• Demonstrable community-wide benefits
• Support of community transformation
• Capacity to leverage additional funding and community resources
The fund is not intended for:
• Capital projects (infrastructure like buildings, playgrounds etc.)
• For-profit projects
• Operation costs (such as staff wages, facility rentals, travel, food, or other consumable supplies)
• Annual funding
• Projects that impact a limited amount of people
In addition, we are unable to assist programs that:
• Take place outside of our market area
• Are controversial, or have political or religious affiliation
• Are retroactive in nature
• Only benefit one individual
• Represent a conflict of interest for Interior Savings, i.e. specific programs which are considered to be controversial, or where Interior Savings considers the issue to be one about which our members may have significantly divergent views
Application and Approval Process Expand/Collapse
Interested applicants are asked to use our online application form to provide project highlights such as:
• The amount of funding requested
• Detailed information about how the funding will be spent
• How the project supports one or more of our community impact objectives
• The number of individuals to benefit from the project
• Any other funding that is pending or confirmed
• How the program will be sustained moving forward
• How you will share your story of impact with the community and how Interior Savings will be recognized for our support
Fund Timelines Expand/Collapse
Fund allocations occur twice a year:
• Spring: applications must be received no later than March 30. Grants awarded in May.
• Fall: applications must be received no later than September 30. Grants awarded in November.
UNION, I.
Interior Savings Credit Union - Community Investment Fund
In-text: (Union, 2019)
Your Bibliography: Union, I. (2019). Interior Savings Credit Union - Community Investment Fund. Retrieved 15 October 2019, from https://www.interiorsavings.com/Community/InvestmentFund/
DECISION REQUEST
Project Name: Problems facing the Thompson Valley Credit Union Acquisition of Envision Inc.
Subject:
Decision Request No.:
Date of Request:
Issue No.:
Decision Required by:
Briefing Note No.:
Comments From Professors
55.00 % C- Excellent issue statement. Some of your bullets in the Background are too brief and require more detail. Overall, writing and editing needs to improve. Some obvious types (for example, "nagetive" insteady of "negative"). Background or discussion could have contained research on the impact a poor change management strategy can have. Option 2 was very vague. Little attempt to quantify costs and timelines, or the qualitative impact the different potential solutions could have. Option 3, downsizing, doesn't make sense to me. Are you suggesting the credit union has too many staff?
Issue:
The Thompson Valley Credit Union acquired Envision Financial, a smaller credit union but decided not to conduct a comprehensive alignment of their two distinct management structures and cultures. Rather than making relevant changes to the management team, Thompson instead incorporated the management of the new acquisition; and undertaking that created problems in the operations of the British Columbia’s largest credit union. Consequently, Thompson Valley Credit Union is faced with the responsibility of making a decision to mitigate the problem created by the differences in the culture and working systems environment after its latest acquisition. Therefore, the case presents a challenge of a lack of an elaborate change management in the acquisition of Envision Financial by Valley First Credit Union to form First West Credit Union.
Background:
• Both Envision Financial and Valley First Credit Union received their member approvals for a merger to form First West Credit Union.
• The acquisition created the third largest credit union in British Columbia.
• The objective of the arrangement was to enhance First West Credit Union’s economies of scale and attain a competitive edge in the market.
• In the acquisition, both entities-Envision Financial and Valley First Credit Union retained their brand names and continued to operate as distinct divisions of First West Credit Union.
Discussion:
Mergers and Acquisitions involves the incorporation and collaboration of entities with diverse cultures and appropriate change management is necessary to mitigate on expected anomalies. Therefore, adequate planning of all parties is required to ensure that there is a smooth transition during the M&A process and in the subsequent operations of the new entity. Thus, the current lack of an elaborate change management plan in the acquisition exposes First West Credit Union to the following challenges:
• Stress and cultural management issues.
• Redundancies and subsequent job losses.
• Staff resistance to change.
• High turnover and subsequent talent drainage.
• Low employee motivation.
Thus, it is necessary that a change management be effected to align the business and employee units of the emergent entity.
Agency Questions
What is the mandate of the agency / organization?
How is the organization funded or how do they generate revenue?
What are the organization’s values and attitudes towards diversity?
What are the organization’s values towards individuals, families and the local community, and how is this expressed?
Does the organization participate in any research activities?
What initiatives, if any, does the organization take for social justice or social change?
How and how often are the organization's services evaluated?
How many locations do they have, and where is the head office?
Staff
Review their job postings. What types of educational requirements do they have? How do you think this affects recruitment and staffing?
Based on your own observations, how do the staff relate to one another?
How would you describe the average workload ?
What factors contribute to wellness and/or stress in the workplace?
Is this organization unionized?
How does the staff interact with other departments? What are the implications for service delivery?
Option Two: (Human Resource Restructuring)
Option Two involves conducting a Human Resource reconstructing involving changes in the location of employees, remunerations, career options, management training, duties, and responsibilities.
[Explain Further based on the comments]
Strengths:
• HR restructuring reduces costs of doing business through the utilization of economies of scale as expansion is achieved with minimal new employee and equipment acquisitions.
• Restructuring of the company structure increase vertical communication thereby eliminating barriers to communication thereby increasing transitional and operational efficiencies.
Weaknesses:
• During HR restructuring, redundant positions are lost; which may lead to short term loses in productivity.
• Increase in expenses as a result of new roles and shifts in job functions; changes that require new staff training programs.
• Reduction in employee morale.
Option Three: Downsizing: in the acquisition, Envision Financial continued to operate as a distinct brand from Valley First Credit Union- a consideration that contributed to an increase in operating expenses of First West Credit Union where Envision Financial became a subsidiary. [Explain Further based on the comments]
Strengths:
• Release of equity to finance First West operations and shareholder value.
• Change of locations to branches that are more profitable.
• Downsizing encourages labor mobility where retained workers advance their skills to occupy new positions.
• Increases in job efficiencies as job appraisals are conducted to determine redundant and non-performing positions and retained workers gain bigger roles enhancing the standard of performance in First West Credit Union.
Weaknesses:
• High turnaround costs.
• There is disruption in interpersonal relationships.
• Loss in morale among retained workers reducing overall productivity.
Recommendations & Agency Analysis
What are the any critical issues facing the organization? Explain.
Do you have any recommendations for changes that could improve the staff working conditions?
Do you have any recommendations for changes that could improve the services?
Recommendation:
Identify your recommended option and the rationale for that choice. Ensure you discuss potential costs, timelines, and impacts to service or production.
The report recommends Option One of Human Resource Restructuring as it has the least weaknesses and presents better opportunities for First West Credit Union in aligning the cultures and operational management of Envision Financial and Valley First Credit Union.
The option involves formulating a transitional board of directors to oversee post-acquisition operations. Additionally, profitable branches are to be identified and loss-making branches closed to improve efficiency and reduce operating expenses. The cost of Option one is estimated at $5 million over a period of one year after the acquisition.
Operating Assumptions:
The major assumption in estimating the cost of human resource restricting is based on the value of acquiring Envision Financial.
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