Individual Learning Project Essay Example for Free

Individual information Project adjudicateThe ecesis selected for abbreviation and evaluation is Ameri merchantman Lake Credit uniting. This shaping is composed of two main branches, two located in Tacoma, Washington. In contrast to banks, Credit Unions ar sm t disclose ensembleer organizations and are civilizeed by members who are selected via a vote to serve in an all-volunteer board of directors for the organization (Scott, and Johnston, p.2, 2011). Specifically, this realisation union was founded in 1948 and has grown since then. (C. Fitzer, ain discourse April 7, 2014). For instance, although the organization is small in size through a coalition with a cite union network, it is able-bodied to provide general pecuniary services at divers(a) locations throughout the country (CO-OP fiscal Services, 2013). In addition, the active CEO Fantz (2013) asserted that the organizations military mission is to provide a variety of tonus services to a diversified member ship while maintaining financial respectableness additionally, they currently reported close to 50 billion dollars in assets on organizations balance sheet.Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis Arumugam, Chang, Ooi, and The (2008), emphasized that in order to facilitate the drive towards gamey performance, galore(postnominal) companies are using self-assessment tools to saloon their current position and develop dodging in order to asses where they are and where they indispensableness to be inwardly their industry. (p.141). SWOT analysis is one of this tools or processes. Boone and Kurtz (2006) defined the concept of SWOT analysis as a methodical approach to develop st valuategy as it compels managers to do an internal earth encumber, and an analysis of the external environment (p.274-275).This assertion is echoed by Blocher, Stout, Juras, and Cokins (2013) in which the scholars lectured the process of SWOT analysis as a process that provides the opportunity to methodologically examine internal and external factors in order to terminate a self-assessment of the organization, and examine the environment in order to create a solid foundation for sound strategy for the organization (p. 36-38). The general quadrants of a complete SWOT analysis are strengths, weakness,opportunities, and threats. These are listed in Table 1 for Ameri rouse Lake Credit Union. Table 1Strengths-High quality aggressive employee training programs analog with organization high audit and regulatory ossification rates-Membership to CO-OP Shared Branch mesh topology 1-Local Market Position/Community Relations political platform- embody Advantage and Pricing compared to banks-Physical Locations-Strong and Experienced ManagersWeaknesses-Employee Turn-Over-Requirements to force a member-Lack of Market Differentiation as it relate to financial Services2-Only two physical branches-Lack of a employment/Market Development Section-Technology, bad turn aroun d in communications equipment repair, imp everyplaceishment to redo contract for local anesthetic IT SupportOpportunities-Online Market-Branch Expansion-External Training Program-Rotating node menage in the local installation-College population in nearby universities-Available location for Branch at person-to-person line of credit Force LocationThreats-Military portraydown (long term), affect main scratch market-More exposed to economic issues (recessions) than bigger organizations overdue to limited size-Loss of one segment of the market with the deactivation of 4-2 Brigade Combat Team -Columbia brim Plans to Open Facility in the immediate body politic 2 -Cyber CrimesExternalNote. Lists Adapted from (C. Fitzer, individual(prenominal) communication April 7, 2014) with the exception of 1. CO-OP Financial Services. (2013). What is CO-OP ambience and CO-OP Shared Branch?. Retrieved from http//co-opsharedbranch.org/participating-cus/ 2. (C.H. Chapman, personal talk April 8, 2014) This stemma is a marketing consultant for non-profit organizations, has worked closely with the American Lake Credit Union, and provided fresh feed bandaging into the credit union during the interviews.A brief intelligence of Table 1 is provided belowIn the area of strengths the one of the most weighty strengths provided during the interview was their current training program for federalregulatory compliance, this institutionalize the organization at an advantage even with more developed organizations In the area of weaknesses, the biggest challenge was employee turnover. charge with the recession and the current problem market good talent could and can be found, further it is grievous to retain with the current compensation and benefit plans offered In the area of opportunities, the online market presents a strong market that the organization has not exploited as much as they could In the area of threats, the main target market of the American Lake Credit Union is t he current drawdown within the Department of Defense structure, in the nobble term, the population have currently lost 1400 service members and their families, in the long term more loses in market are expected (C. Fitzer, personal communication April 7, 2014)American Lake Credit Union Balanced lineupSoderberg, Kalagnanam, Sheehan, and Vaidyanathan (2011) presented the balance scorecard as a strategic planning procedural tool employ by organizations to balance financial concerns, guest concerns, process concerns, and innovation concerns with the main purpose of developing appropriate strategy in favor of a more favorable market position (p. 689-690). Similarly, Lawrence and Webber (2008) illustrated the process as a concoction of focused key quadrants, people and knowledge, internal, client, and financial indicators with the main purpose of developing metrics to measure all areas of performance (p.79). In the case of American Lake Credit Union, interview and analysis with C. Fit zer and C.H. Chapman provided enough entropy to produce the balanced scorecard depicted in Table 2 below.-Reduce Exposure to default Loans-Cash bunk/Balance Sheet-Selected cost savings in utilities and materials-Reduction in days for accounts receivable-Customer Service/ satisfaction-Customer Loyalty-Trend in Customers that transferred direct deposit accounts-Customer Surveys (Measured Quarterly (QTLY))-Mystery Shopper feedback to manager-Trend in returning customers Number of Customer complaints-10 new customers a week (Account Holding)-10% augment in market share by end of fiscal year 2015-95% Satisfaction on surveys per quarter-100% satisfaction in mystery shopper experience-Less than eight share customer complaint rate quarterly-Participate in community awareness events-Sponsor small activities for customers-Provide Western Union Services at discount to customers with direct deposit to the institution-Open new Branch at local AF Base-Implement Secret Shopper Program-Impleme nt Customer Service TrainingTable 2 (continued)General Quadrants critical Success Factors/GoalsMetrics/Measured Trends Towards GoalsGoalInitiativeInternal Process-Processes Efficiency and Quality-Productivity when doing direct customer interactions-Number of errors in financial processes-Cycle sentence/customer wait clip-Time spent doing internal tasks-Less than 5 errors per shift-Less than 10 minutes from check in to check out for customers regarding of the time of the day-Decrease time doing internal tasks by 25% without sacking of quality-Implement lean six sigma principles-Sustaincompliance Training Program-Integrate yearly re good for all employees (training will be employee led) Learning and Growth-Skill Development and Sustainment-Competitive Benefits/recompense-Employee Access and Input in Strategic Planning-Number of errors in financial processes-Employee Surveys-Employee Turn-over rates-90% employee satisfaction rate in surveys-Minimize employee turnover rate by % by 50 % FY 15-Integrate yearly refresher for all employees (training will be employee led) -Implement a more comprehensive benefit package for employees, main target is puff up performing and those with longevity -Involved Employees in strategy development and asked for feedback on current decisionNote. Lists Adapted from (C. Fitzer, personal communication, April 7, 2014) with the exception of 1. CO-OP Financial Services. (2013). What is CO-OP ATM and CO-OP Shared Branch?. Retrieved from http//co-opsharedbranch.org/participating-cus/ 2. (C.H. Chapman, personal communication, April 8, 2014) This source is a marketing consultant for non-profit organizations, has worked closely with the American Lake Credit Union, and provided fresh feed back into the credit union during the interviews.Discussion of Critical Success Factors (CSFs)Blocher et al. (2013) defined critical achiever factors as measures of the aspects of the firms performance that are essential to its competitive advantage and th erefore to its success (p. 898). Tables 2 depicted the selected CSFs within the standard four quadrants of the balance score card,and these are discussed in detail below.FinancialThe financial success factors are important because these defined the aspect of the main purpose of a task, to make a profit. The specialised CSFs within the financial quadrant and the rational for their selection are explained below. Increase Gross Profit. This was selected by the interviewed organization representative because in her professional opinion it was the best way to determine the effectiveness and financial health of the organization (C. Fitzer, personal communication, April 7, 2014). Furthermore, in accordance to Bloomsbury Information (2009), this an important factor to consider because a high gross profit margin ratio, high gross profit margin ratio indicates that a moving in can make a reasonable profit on sales, as long as overheads do not increase. Investors pay attention to the gross profit margin ratio because it tells them how efficient your business is compared to competitors.It is certified to track gross profit margin ratios over a number of years to see if accompany earnings are consistent, growing, or declining. For businesses, knowing your gross profit margin ratio is important because it tells you whether your business is pricing goods and services effectively. Reduce exposure to default loans. The concept implies reduction of credit risk. The term credit risk is illustrated by He and Xiong (2012), as the risk the organization pull aways when issuing a loan furthermore, if the organizations loan or debt market deteriorates, and loans go into default the organization would take loses in its investment (p. 391). This is important because if this risk is identified and mitigated in an effective way the organization will not be as exposed to financial loses.Customer FactorsThis precise quadrant addresses the customer and objectives to increase or deve lop value and differentiation from the point of view of the customer (Beard, 2009, p. 279). Specific CSFs for the organization in this specific quadrant are as follows. Prospective customer perspective towards the organization- This refers specifically for that segment of the market that are not customers of the organization yet. Lautenslager (2003) reported that aachieving a good perspective from this outer segment will consent to the organization to attract new customers, expand its market, and build theorganization as an attractive brand which can depict in to new business and profits. Customer Service/Satisfaction- This term refers to the extent that the clientele is satisfy with the product line or service provided by the organization.As a general concept this is important because if the customer is unhappy is likely that he would not comeback furthermore, it is likely that he will passing away, repel other prospective customers, or even existing customers (Naik, 2011). Cus tomer Loyalty- This objective is one of the fundaments of many business organizations. This is extremely important for any organization because once customer loyalty is achieved, these customers will bargain for the organizations products and services repetitively, the more loyal the customer, the harder it will be for a competitor to draw him, and they can provide a good source of advertising and new customers by word of mouth. (C.H. Chapman, personal Communication April 8, 2014).Internal ProcessInternal processes are another part of the quadrant that when disregarded can cost the organization in terms of effectives, quality, gross margin, and revenue. It refers to those processes that are internal to the organization, like appraisals, self-audits, customer interactions, and quality checks for example. Processes Efficiency and Quality- This area refers to the internal processes of the organization, for example, it was mentioned during the interviews that that one employee on the o rganization creates a weekly balance sheet, and that job usually takes about one hour. Streamlining this and similar other processes save the organization on employee hours that could be used for customer solicitude or employee training (C. Fitzer, personal communication, April 8, 2014).Productivity when doing direct customer interactions- This refers to the amount of time that it takes to do a customer relations from the moment that they enter the facility until they are complete. It may take a customer about 20 minutes during the busy time of the day to perform the transaction due to crowding. Altering the way the organization conduct some of this processes will deliver for the line to light upon faster, and affecting the customer satisfaction factor.Learning and GrowthThe quadrant of learning and growth is fundamental to the American Lake Credit Union because of the environment in which financial organizations operate in our time. Constant changes to the financial regulations at the state, and federal levels, added to the technological advances call for continuous organizational development in order to remain germane(predicate) with the environment. Therefore, developing a learning corporal workforce and retaining this work force is fundamental to any business organization today. The specific CSFs on this quadrant are discussed below. Skill Development and Sustainment- presently, the organization has a rattling strong training program in the areas of federal compliance. The intent is to sustain this strong program, and enhanced it by adding employee training in new technologies, internal processes, and customer service moreover, ensuring the program is employee led and centric, thus, giving a sense of ownership to the workforce (C. Fitzer, personal communication, April 8, 2014).Competitive Benefits/Compensation- C. Fitzer (personal communication, April 8, 2014) mentioned that this was one of the main employee complaints in regards to the employee pr ograms within the organization. Implementing, a more comprehensive benefits/compensation plan will ensure that employee turnover rate is minimized and allow the organization to retain the experienced employees. Employee Access and Input in Strategic Planning- Allowing employees to have more associate on the decision making process for the organization will give management a fresher perspective that can be valuable when making those decisions. Plus, it will give sense of ownership to the workforce constraining any resistance to strategic changes.Evaluation of American Lake Credit Union in Achieving its CSFs FinancialAny for profit organization is always on the look to increase its profit and solidify or expand its market position. Firstly, the risk reduction initiatives of education and member involvement combined with market working out should facilitate the current remainder of 10% increase in gross profit margin by the end of FY 15 (personal communication, April 8, 2014). Exami ning the balance Sheet quarterly will allow the organization to follow up and address trends that would constrain this destruction. Currently, on the last quarter they were down by 2% from the quarter before, but on this quarter they are up 4% (personal communication, April 8, 2014). This may sound like a range of percentages, but winning other factors into comity as theproposed magnification to the local AFB, cutting unnecessary be on internal processes and supplies, initiatives to reduce cycle time for accounts receivable, and other initiatives within Table 2 an increase of 10% gross margin by the end of FY 15 is a realistic and achievable goal for this organization.Customer SatisfactionCustomer satisfaction will be measured monthly, analyzed and evaluated quarterly, taking in to consideration trends in customers that transferred direct deposit accounts, customer surveys, mystery shopper feedback, and trends in returning customers (C. Fitzer, personal communication, April 8, 2014). Currently the organization have a high customer satisfaction rate with survey results depicting up to 88% on all customer surveys and only three formal complaints last quarter (C. H. Chapman, personal communication, April 8, 2014). This fact combined with the implementation of the secret shopper program on the first quarter of FY 15, and the customer care training program initiatives will give a customer care advantage to the organization over other local competitors (C. Fitzer, personal communication, April 8, 2014).On the other hand, although the process for customer complaints seemed to be effective at the collection and solving states, there was no current intent on adding these as part of the customer care training program. This was recommended by this author to the manager under interview. Using an objective approach, after taking into consideration the current customer satisfaction trends and rates, the upcoming initiatives, it can be assessed that the goal of 95% cus tomer satisfaction rate will be achieved and likely surpassed by the end of FY 15.Internal ProcessAmerican Credit Union is looking to reduce errors in internal processes, increase effectiveness in customer processes, and decrease the time doing internal tasks. The current goals of less than five errors per shift, less than 10 minutes from check in to check out for customers regarding of the time of the day, decrease time doing internal tasks by 25% without loss of quality are achievable, but will require commitment of the leadership and the workforce. For instance, sustaining the current regulatory compliance training program, and implementing lean six sigma principles should providethe tools to succeed in this area. However, with all the other initiatives on the horizon, and the plans for expansion in to the local AFB it will require extra effort for the organization as a collective to achieve those goals without de-prioritizing other initiatives.Learning and GrowthIn the case of A merican Lake Credit Union a robust education and training program, a more comprehensive concoction of compensation and benefits will translate into the development of a better and brighter workforce, and the retaining of this work force. This will be measure by taking into consideration the number of errors in financial processes, employee Surveys, and employee turn-over rates. Some of the initiatives on this area such as consider stimulant from employees in strategic decisions and sustainment training will sharply motivate employees within this area.Moreover, the current goal of 90% employee satisfaction rate in surveys and to minimize employee turnover rate by 50% by FY 15 is very achievable if this area is somewhat prioritized by management. However, as reported in the expression Putting People First (2011), management must keep in mind that newly instruct and educated employees will take their knowledge and new skill sets somewhere else for better pay and or benefits, if the proposed compensation and benefit packets are implemented (p.25-26).Final ThoughtsThe purpose of this document was to provide a rook description of American Credit Union along with a SWOT Analysis, Balanced Score card, and discussion of these. It can be assessed with the information provided that although there are challenges ahead, the current financial status of the organization selected is level-headed and the ambitions for the future achievable as they exploit their strengths, their environment, and address their weaknesses. Lastly, as long as the management remained focused, committed, and is able to maintain the workforce motivated it is likely that the organization will achieve its goals.ReferencesArumugam, V., Chang, H., Ooi, K., and Teh, P. (2009). Self-assessment of TQM practices a case analysis, The TQM Journal, 21(1), 46 58. Retrieved from http//www.emeraldinsight.com.ezproxy.liberty.edu2048/journals.htm?articleid=1766744show=abstractsthash.TkDGZoZ7.dpuf Beard, D. F. (2009.). Successful applications of the balanced scorecard in higher education. Journal of Education for Business, 84(5), 275-282. 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(2003), Why You Need PR Getting the word out about your product or service should always be a priority. Retrieved form http//www.entrepreneur.com/article/65672 Lawrence, A.T., and Weber, J. (2008).Business nightclub Stakeholders, Ethics, Public Policy (12th ed). New York, NY McGraw-Hill Irwin. Naik, A. (2011). Why is Customer Satisfaction Important. Retrieved from http//www.buzzle.com/articles/why-is-customer-satisfaction-important.html Putting people first. (2011). Development and Learning in Organizations, 25(1), 25-27. doihttp//dx.doi.org/10.1108/14777281111096816 Scott, K., and Johnston, C. R. (2011). Factors affecting the adoption of consumer oriented information technology biometrics solutions by the credit union industry. Journal of Technology Research, 2, 1-13. Retrieved from http//search.proquest.com/docview/887909140?accountid=12085 Soderberg, M., Kalagnanam, S., Sheehan, N., an d Vaidyanathan, G. (2011) When is a balanced scorecard a balanced scorecard?, external Journal of Productivity and Performance Management, 60(7) 688-708