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There are a lot of reasons for which Vancity has become the largest credit union in the nation, one of which is their remarkable competitive advantage. Vancity has accumulated over 19.8 billion dollars in assets which is an increase of 900 million percent since they first started in 1946. They use 30% of these assets in favour of the community and their clientele which improves the quality of their business. For example, they have the capacity to serve many, including people who are turned away by banks.
Furthermore, they were the first financial institution in Canada to offer mortgages to women and the first to market to the LGBT community. This flexible approach that fits all customer needs has improved their position within the community and enhanced customer loyalty which makes their customer base superior to other financial firms.
Vancity does not only focus on improving their own business, but they have also been focused on environmental sustainability since 1995. Vancity became the first carbon neutral financial institution in the continent, investing in climate change research and supporting multiple green projects.
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This innovative strategy has promoted positive changes in the environment and is the reason for which they have won many awards. Recognition has provided competitive advantage as they have seemingly out-performed other institutions in the eye of the public. Vancity’s managerial decision-making strategy has successfully implemented methods to facilitate social and environmental changes all while acquiring the most return which has increased competitive advantage.Vancity has done an exceptional job at leading their credit union because of their multiple efforts as employers to ensure 2594 employees across 59 branches lead their best work life.
Vancity has established multiple worker-oriented corporate procedures that encourage workers to be enthusiastic and productive while remaining comfortable. This positive approach to business procedure includes: flexible hours, short workweeks and the option to work from home while offering full work pay for 35 hours. Of course, people may draw conclusions that this leadership approach is too laid back, however they do reduce pay when fewer hours are worked which enforces diligence in the workplace. Alongside this employee-friendly system, they also provide several benefits such as extended health benefits, life insurance, a long annual vacation period, paid maternity/paternity leave and “care days” which are allocated to sick days or family medical emergencies.
Employees can also be rewarded with tuition reimbursement, reduced personal financial service rates and retirement planning. Since Vancity’s quota of employees under 40 is about 94%, their cooperative education program in Italy can motivate growth in younger employees as they are given the opportunity to understand banking within another nation. Another way by which they have been able to strike enthusiasm is by holding special events for employees. Not only do employees find these events enjoyable but they are also beneficial as they allow employees to network and build connections within the corporation. This improves collaboration and teamwork in the workforce. Vancity has a very forward-looking approach to leadership which has struck a lot of financial success because employees are inspired and motivated to do their best for the organization’s success.
The History & Strategies Of The Largest Credit Union "Vancity". (2024, Feb 22). Retrieved from https://studymoose.com/the-history-strategies-of-the-largest-credit-union-vancity-essay
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