Individual Learning Project Essay

The make-up selected for analysis and evaluation is Ameri kitty Lake comm breakation coalition. This giving medication is composed of two principal(prenominal) branches, both regain in Tacoma, Washington. In contrast to banks, citation unions ar sm on the wholeer memorial tablets and atomic number 18 directed by members who be selected via a vote to serve in an all-volunteer board of directors for the g everywherening body (Scott, and Johnston, p.2, 2011). Specifically, this credit union was founded in 1948 and has grown since then. (C. Fitzer, person-to-person communication April 7, 2014). For instance, although the presidency is small in size of it through a partnership with a credit union network, it is able to provide ordinary fiscal work at diverse locations throughout the country ( chicken coop fiscal Services, 2013). In addition, the active CEO Fantz (2013) asserted that the arrangements trouble is to provide a variety of quality services to a change me mbership while primary(prenominal)taining m angiotensin-converting enzymetary soundness additionally, they currently reported good to 50 billion dollars in assets on makeups brace sheet.Strengths, Weaknesses, Opportunities, and Threats ( j ampack) Analysis Arumugam, Chang, Ooi, and The (2008), emphasized that in lay to facilitate the drive towards amply per giveance, many companies atomic number 18 using self-assessment tools to measure their current position and rise system in order to asses where they are and where they want to be at heart their industry. (p.141). get up analysis is adept of this tools or processes. Boone and Kurtz (2006) defined the concept of SWOT analysis as a methodical approach to pay off st pointgy as it compels managers to do an essential reality take care, and an analysis of the out-of-door milieu (p.274-275).This assertion is echoed by Blocher, Stout, Juras, and Cokins (2013) in which the scholars lectured the process of SWOT analysis a s a process that provides the opportunity to methodologically examine interior(a) and external factors in order to complete a self-assessment of the presidency, and examine the environment in order to create a solid foundation for sound st investgy for the makeup (p. 36-38). The general quadrants of a complete SWOT analysis are strengths, weakness, opportunities, and threats. These are listed in slacken 1 for Ameri digest Lake Credit married couple. Table 1Strengths-High quality aggressive employee discipline programs parallel with memorial tablet noble audit and regulatory compliance rates-Membership to hencoop Shared severalize Network 1-Local food grocery store Position/Community Relations political program-Cost Advantage and Pricing compared to banks-Physical Locations-Strong and Experienced ManagersWeaknesses-Employee Turn-Over-Requirements to become a member-Lack of Market Differentiation as it relate to financial Services2-Only two physical branches-Lack of a pipeline/Market Development Section-Technology, bad turn near in communications equipment repair, need to redo contract for local IT postOpportunities-Online Market- weapon Expansion-External Training Program-Rotating guest Base in the local installation-College population in nearby universities-Available location for Branch at Air Force LocationThreats-Military drawdown (long marches), affect main print grocery store-More exposed to economic issues (recessions) than bigger organizations due to limited size-Loss of one segment of the market with the deactivation of 4-2 Brigade Combat team up -Columbia Bank Plans to Open Facility in the immediate ambit 2 -Cyber CrimesExternalNote. Lists Adapted from (C. Fitzer, personal communication April 7, 2014) with the exception of 1. CO-OP fiscal 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 communicating 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 hearings.A brieflyened discussion of Table 1 is provided belowIn the area of strengths the one of the most beta strengths provided during the interview was their current schooling program for national regulatory compliance, this put the organization at an advantage even with to a greater extent developed organizations In the area of weaknesses, the biggest challenge was employee turnover. Even with the recession and the current job market good talent could and can be found, except it is hard to retain with the current compensation and benefit aims offered In the area of opportunities, the online market presents a strong market that the organization has not victimized as much as they could In the area of threats, the main betoken market of the American Lake Credit Union is the current drawdown with in the division of Defense structure, in the short term, the population pose 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 residuald ScorecardSoderberg, Kalagnanam, Sheehan, and Vaidyanathan (2011) presented the balance bulls eyecard as a strategical planning procedural tool used by organizations to balance financial concerns, client concerns, process concerns, and innovation concerns with the main purpose of developing inhibit 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 discern quadrants, people and knowledge, inwrought, node, 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. Fitzer and C.H. Chapman provided enough data to produce the equilibrize scorecard portrayed in Table 2 below.-Reduce Exposure to default Loans-Cash Flow/Balance Sheet-Selected cost savings in utilities and materials-Reduction in twenty-four hour periods for accounts receivable-Customer Service/Satisfaction-Customer Loyalty-Tr complete in Customers that transferred direct deposit accounts-Customer Surveys (Measured passly (QTLY))-Mystery Shopper feedback to manager-Trend in returning customers Number of Customer complaints-10 unexampled customers a week (Account Holding)-10% sum up in market share by end of fiscal year 2015-95% Satisfaction on surveys per bum-100% expiation in mystery shopper experience-Less than eight percent customer complaint rate keisterly-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 pertly Branch at local AF Base-Implement Secret Shopper Program-Implement Customer Service TrainingTable 2 (continued)General Quadrants censorious winner Factors/GoalsMetrics/Measured Trends Towards GoalsGoalInitiativeInternal subroutine- treates susceptibility and Quality-productiveness when doing direct customer interactions-Number of errors in financial processes-Cycle time/customer wait time-Time spent doing intrinsic 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 loss of quality-Implement carry six sigma principles-Sustaincompliance Training Program-Integrate yearly refresher for all employees (training result be employee led) Learning and Growth-Skill Development and Sustainment-Competitive Benefits/ requital-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 give be employee led) -Implement a more blanket(prenominal) benefit package for employees, main target is well performing and those with longevity -Involved Employees in strategy using 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 success factors as measures of the aspects of the firms performance that are essential to it s competitive advantage and therefore 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 business, to fix a profit. The proper(postnominal) CSFs within the financial quadrant and the rational for their woof are explained below. Increase Gross Profit. This was selected by the interviewed organization representative because in her professional opinion it was the best centering 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 piggish profit perimeter ratio, high stark(a) profit margin ratio indicates that a business 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 sensible to penetrate gross profit margin ratios over a number of old age to see if company 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 takes 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 funds (p. 391). This is important because if this risk is identified and mitigated in an effective counseling the organization forget not be as exposed to financial loses.Customer FactorsThis specific quadrant addresses the customer and nonsubjectives to increase or develop 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 volition allow the organization to attract untested customers, expand its market, and build the organization as an attractive brand which can translate 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 walk away, push an different(prenominal) prospective customers, or even existing customers (Naik, 2011). Customer Loyalty- This documentary 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 purchase 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 advertise 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 organization creates a weekly balance sheet, and that job usually takes somewhat one hour. Streamlining this and similar other processes save the organization on employee hours that could be used for customer care 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 transaction from the moment that they enter the facility until they are complete. It may take a customer about 20 minutes during the vigorous time of the day to perform the transaction due to crowding. Altering the way the organization conduct some of this processes will allow for the line to act as faster, and affecting the customer satisfaction factor.Learning and GrowthThe quadrant of encyclopedism and growth is fundamental to the American Lake Credit Union because of the environme nt in which financial organizations operate in our time. Constant changes to the financial regulations at the state, and federal official levels, added to the technological advances call for continuous organizational development in order to remain relevant with the environment. Therefore, developing a learning collective men 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- Currently, the organization has a very strong training program in the areas of federal compliance. The object 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 self-will to the workforce (C. Fitzer, personal communication, April 8, 2014).Competitive Benefits/Compensation- C. Fitzer (personal communication, April 8, 201 4) mentioned that this was one of the main employee complaints in regards to the employee programs 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 impute 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 thing combined with market elaboration should facilitate the current goal of 10% increase in gross prof it margin by the end of FY 15 (personal communication, April 8, 2014). Examining the balance Sheet quarterly will allow the organization to follow up and address trends that would constrain this goal. 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 wave of percentages, but taking other factors into favor as the proposed expansion to the local AFB, cutting unnecessary costs on internal processes and supplies, initiatives to fell 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 esteem trends in customers that transferred direct deposit accounts, customer surveys, mystery shopper feedback, and trends in return ing 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 approac hing initiatives, it can be assessed that the goal of 95% customer 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 provide the 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 trim effort for the organization as a collective to achieve those goals without de- prioritizing other initiatives.Learning and GrowthIn the case of American Lake Credit Union a robust education and training program, a more comprehensive concoction of compensation and benefits will translate into the development of a part 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(prenominal) as consider input 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 article Putting state First (2011), management must keep in mind that impertinently trained and educated employees will take their knowled ge and new learning 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 short 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 healthy and the ambitions for the succeeding(a) 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 ledger, 21(1), 46 58. Retrieved from http//www.emeraldinsight.com.ezproxy.liberty.edu 2048/journals.htm?articleid=1766744&show=abstractsthash.TkDGZoZ7.dpuf Beard, D. F. (2009.). Successful applications of the balanced scorecard in higher(prenominal) education. Journal of Education for Business, 84(5), 275-282. 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