1. What is the competitive advantage over other types
of financial institutions?
There are many ways in which
Vancity has a competitive advantage over other financial institutions. Vancity
is focused on keeping the workplace a healthy and happy place for employees and
members. The employees are able to enjoy business casual attire in the
workplace, as well as being able to listen to music, joining social events and
even playing on sports teams within the organization. Vancity allows for
flexible schedules for members of the institution with small children, giving
them the option to telecommute, have flexible hours, as well as shortened and
compressed work weeks. This gives us the impression that Vancity understands
the difficulties of balancing work with personal life commitments and they give
their employees the power to do their best in both areas.
Vancity has many programs in
place in order to ensure that employees are living a healthy lifestyle. They
offer what is called a competitive pay and benefits program which consists of
insurance, 3-6 weeks of vacation time, as well as any maternity leave necessary
for their members to use as they see fit. This also comes with other benefits
such as tuition imbursements, retirement planning, and mortgages.
Vancity has a competitive
advantage over other financial institutions because of the way they approach
and treat each and every employee. They make sure to reward them for their hard
work and service towards making the organization as successful as possible.
2. Who are Vancity’s
stakeholders and what value does the organization create for them?
include their members, employees, and the community that it operates in. In
order to satisfy the stakeholders, Vancity uses a triple bottom line business
model, which is driven to achieve not only financial success, but also to put
focus on the environmental and social sustainability. The reason for its
growing membership and healthy financial position is because of the innovative
approach used in serving its members. Vancity is responsible for many initial actions
within society. They were the first Canadian financial institution that offered
mortgages to woman, as well as the first to join the Global Alliance for
Banking on Values.
In 2008, Vancity’s
credit union leaders introduced redefined wealth, a new vision that was meant
to help the union do even more to support the community and its members. Vancity
defined wealth as being surrounded and connected with people who are living a
happy and healthy lifestyle.
Since Vancity is
focused on expressing a positive social change, they give 30 percent of their
net profits back to the community and its members. This has resulted in a total
of $238 million being shared with the community. According to an employee
survey, 95% feel good about how Vancity is using the social responsibility
Vancity creates a lot of value for
their stakeholders, which include mostly the community, its employees and
members. Applying the social responsibility approach is a good way for the
organization to create value overall