...What is Vancity's competitive advantage over other types of financial institutions? Vancouver City Savings Credit Union usually known as Vancity is Canada's largest credit union providing financial service to customers who get rejected by other banks and financial institutions. Founded in 1946 and starting from just $350 in total assets, it has reached $17.1 billion in assets and has over 500,000 customers. According to Tamara Vrooman, CEO of Vancity "the key thing that differentiates us from a large bank, is local decision-making." It means Vancity believes in value-based banking, even though its compelled to achieve financial success it focuses heavily on environmental, social and community issues. Vancity strongly believes in keeping a healthy environment in the workplace to ensure productivity and financial success. It has a casual setting at work, employees dress casually and listen to music while they work and have team building activities like social events and sports. They are also flexible with employee schedules who have small children or other commitments along with a competitive pay, dental and life insurance plans, three to six weeks of annual...
Words: 502 - Pages: 3
...1.) What is Vancity’s advantage over other types of financial institutions? Vancity demonstrates an analysis of organizational environment that aids them in being one of Canada’s preeminent credit union. Vancity has a competitive advantage through their quality, costs, and flexibility. In order to create better quality for customers, it starts with the front lines of the business – the employees handling the customers. Vancity “invests in … people, tools and processes to deliver great service to members, [they] include… training program[s]” (Schermerhorn, Wright, p.40). Through their curriculums, the company creates intellectual capital; thus, increasing competency and commitment in the company. In addition, operating at a lower cost creates...
Words: 277 - Pages: 2
...VANCITY Vancity’s Competitive Advantages Satisfied and Committed Workforce – Vancity has emphasized on the fact that a committed workforce can lead to financial success in the industry as well as efficient productivity. Vancity provides various staff benefits such as business casual dressing, flexible working hours, hosting various social events to keep up the morale at the workplace and various employee benefit services. Unique Approach – Vancity was the first Canadian financial institution to provide mortgages to women, and marketed via traditional methods to the gay and lesbian community. Apart from that Vancity was the first North American firm to acquire R1 rating from Dominion Bond Rating Service and also provided their own socially responsible mutual funds. Decision Making – The CEO of Vancity, Tamara Vrooman, admitted that they use a locally based decision making for the success of their firm and that was what differentiates them from the big financial institutions. Stakeholder’s Satisfaction As Vancity is a member owned credit union, its shareholders are primarily its employees, members and the communities that are linked to the credit union. Members: Founded in 1946, Vancity started with $22 in total assets and started lending money to the bank-rejects with a purpose to help the people and communities associated with them to prosper. With the introducing the direct marketing strategy to the gay and lesbian community, providing mortgage services to women, Vancity...
Words: 547 - Pages: 3
...This helps to maximize their potential as they are able to work stress free as there is a healthy balance between work and their other commitments. Providing a stress free and flexible environment helps to get the best results from each of its employees. There is a famous quote, “do what your doing when your doing it”, this will help you to accomplish tasks in effectively and Vancity does a great job at providing an environment where distractions are limited and productivity is high. 2. Describe how Vancity creates value for the customer using Figure 1.2. Follow one aspect of Vancity’s service to the customer through this model. Vancity is a credit union that offers an innovative approach for its customers, introducing different ideas and concepts that meet the needs of it members. It utilizes its people and money to focus on environmental and social sustainability. By taking advantage of its healthy financial position, it used traditional media to market directly to the gay...
Words: 2481 - Pages: 10
...Chapter 4 Workplace Emotions, Attitudes, and Stress Y Learning Objectives After reading this chapter, you should be able to: LO1 Explain how emotions and cognition (conscious reasoning) influence attitudes and behaviour. LO2 Identify the conditions that require, and the problems associated with, emotional labour. LO3 Describe the four dimensions of emotional intelligence. LO4 Summarize the consequences of job dissatisfaction in terms of the exit-voice-loyaltyneglect model. LO5 Discuss the effects of job satisfaction on job performance and customer service. LO6 Distinguish affective and continuance commitment, and discuss their influences on employee behaviour. LO7 Describe five strategies to increase organizational (affective) commitment. LO8 Define stress and describe the stress experience. LO9 Explain why a stressor might produce different stress levels in two people. LO10 Identify five ways to manage workplace stress. ou know the fun is about to begin at Suntech Optics when employees spot the pineapple wearing sunglasses. The bespectacled fruit is mascot for the North Vancouver-based eyewear supplier’s Have Fun Team, which is responsible for creating various forms of workplace levity. Employees might discover a puzzle on their desk, with a prize awarded to the person who first solves it. Dozens of stuffed bears are brought to work on Bring Your Teddy Bear to Work Day. Halloween is a special treat as staff dress up...
Words: 15522 - Pages: 63
