Mini Assignment 1- Vancity PDF

Preview

Summary

First mini assignment on Vancity...

Description

CGMS 200 Mini Assignment #1- Vancity: On top of its game

1. What is Vancity’s competitive advantage over other types of financial institutions? [4 marks] Vancity’s competitive advantage over other types of financial institutions is their commitment to its members and to other social communities and the environment. They are employee driven and have a big focus on working with communities to thrive and prosper and want to work with integrity, responsibility, and innovation. The organization has kept true to these core values which has created an environment of success for them. By being so member and employee focused they have created a good organizations culture for their employees to work in. Employees set corporate policies and procedures as it directly affects their work and home life. They also allow for employees to dress casually and listen to music at work. It gives the employees a say in how their work is set up and also gives them the space to be relaxed at work and reduce the stress of work. Vancity also puts employees forward by being flexible with work and working times, for employees with families this can be very important as they are able to take care of their kids and families better. Not only are they flexible with the hours but try to accommodate their employees the best they can. Employees are able to work less than full time and work with the company to build a schedule and times that work best for them. Vancity also pays employees who only work 35 hours a week full time pay which would require a 40-hour work week. The company also offers a lot of benefits and programs to their employees. This included dental and life insurance plans as well it offers the opportunity to work with employee assistance programs (EAP) to help with wellness and health of its employees. It offers paid vacations and extended maternity leaves for its employees. All of these efforts are changing the nature of the organization and its organizational culture. The employees at Vancity are put first and are given control over the company and of their work. The organization focuses on teamwork for its employees and have them take place in a group setting. They offer competitive pay and are financially competitive among other financial organizations. With its focus on the financial needs of its own members and to a healthy and committed workforce it allows for employees to enjoy working at the organization. The employees are happy and healthy which increases the productivity of its workers and allows for the company to get a competitive advantage. Its members want to be a part of the organization and want to do well so the organization can be more competitive. Vancity does not only care about its employees but also cares about the community and the environment. The organization has planned for programs such as Shared Success that gives back to members and different communities. It has so far given back $287 million that has been distributed to communities and its members. Vancity also offers support and help for affordable living among different communities. It also supports women and the LGBT community; they were the first to give mortgages to women. The company’s values give its members and employees something to feel proud of when they are customers and employees. They feel as thought their work is going towards a good company and people enjoy working there and being customers of the financial institution. Because of the good values of the company it puts them at a greater

advantage because its employees feel good and its customers want to be customers of a good company. 2. Which of the four functions of management does Vancity appear to be doing quite well? Draw from the case to support your answer. [4 mark] It is hard to see which of the four functions of management Vancity excels at because the functions can take the form of many different things within a company. The one that Vancity seems to really focus on is organization. Managers seem to be able to plan the goals and what the company wants to accomplish very will because of the diverse environment and workforce of the company. Vancity also offers accommodations for many of its employees which could create a more diverse environment when these plans are put into action because it is able to hire a larger group of employees. It also helps its employees create a good work-life balance that can improve and make goals easier to attain. Management also leads its employees. At Vancity it is important to lead its employees to have a healthy life and work environment by allowing the employees to work in a stress-free environment. The work culture is dependent on how the leaders and managers change the culture at work. Managers at Vancity also seem to be good at organizing, it is the function of management that Vancity has the most success in. They are able to create a diverse environment with many focuses on social movements such as the women’s movement and the LGBT community. Vancity is the first financial institution to offer mortgages to women. They also have been planning to create a program called Shared Success which gave its members and communities a net total of $287 million from its earnings. The programs that Vancity has available to its employees shows how much organizing its management needs to do. It has sports teams and parties for its employees that help bring together its members. The ability of employees to have work flexibility also is part of organizing in ensuring that things can get done on time and that the right resources are allocated where needed. Vancity is doing well in the organizing function of management as they are able to bring in a lot of things for employee engagement and empowerment that allows the members to be successful. These things also motivate its employees to be more productive and effective while at work because they are able to have flexible hours, more EAP and benefit plans, paid vacations, and etc....