GMS200 Mini Assignment 1

Mini Assignment #1| Vancity- On Top of Its Game 1. What is Vancity's competitive advantage over other types of financial institution? Vancity's competitive advantage over other types of financial institutions is their goal of operating with integrity, innovation, and responsibility, all to help people and communities thrive and prosper. Firstly, Vancity truly values their employees and their needs, which a lot of companies are lacking. Vancity has policies in place which allows its employees to feel comfortable, motivated, and involved in their workplace. This company prioritizes the well-being of its employees by building flexible workdays in order for their employees to balance work and life commitments. Moreover, the employees are assisted in creating personal plans for themselves, which also includes competitive pay, dental and life insurance, maternity and paternity leaves, annual vacation, and to add on to these benefits, the employees also get rewards like tuition reimbursement, retirement planning, and reduced rates on personal financial services such as mortgages and loans. Secondly, Vancity uses a triple bottom line business method where the company commits to focusing on social and environmental concerns as much as they do on profits. Vancity shows initiative in fulfilling the financial needs of its members, leading the company to have increased memberships and being in a healthy financial position at the same time. "It was the first Canadian financial institution to offer mortgages to women, the first to use traditional media to market directly to the gay and lesbian community, the first North American credit union to receive an R1 rating from the Dominion Bond Rating Service, and the first financial institution to offer its own socially responsible mutual fund." Lastly, Giving back to the community has been Vancity's priority from day one, "'when you start to expand beyond that we need to make sure that we keep the key thing that differentiates us from a large bank,
which is the local decisionmaking. That's the biggest challenge: how to keep the credit union niche while you grow.'" All the actions Vancity has taken up till now for their employees and the community has given them a competitive advantage over any other types of financial institutions. 2. Which of the four functions of management does Vancity appear to be doing quite well? Vancity appears to be doing quite well in leading. Vancity has its priorities straight, focusing on making the workplace a safe and comfortable environment to work in which shows their management skills are adequate. Vancity has over 2,594 employees working for them and they are committed in creating opportunities for their employees to be more involved by hosting Vancity sports teams and social event, where hip hop dancers and slam poets entertained the young group of employees. Moreover, Vancity focuses on their employees' well being, from providing competitive pay and benefits to flexible working hours for the employees to balance their work and personal life commitments, Vancity has considered their employees' needs in all aspects. In addition, they also have numerous opportunities available for their employees for a better lifestyle by giving them "a chance to attend Vancity's cooperative studies program in Italy, where co-ops are well established". The employees can trust and rely on Vancity's management, where they feel comfortable to share their concerns and have an understanding and flexible work environment. "An employee survey found that 95 percent said they feel great about the organization's corporate social responsibility approach". Vancity's commitment to their employees has demonstrated nothing but exceptional leadership skills which will only help their company grow and be more effective and efficient in helping the community.
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