Individual Learning Project Essay

The giving medication selected for depth psychology and evaluation is Ameri stack Lake reference decease Union. This judicature is composed of two main branches, both located in Tacoma, Washington. In contrast to banks, acknowledgment Unions be sm e truly(prenominal)er cheeks and be tell by members who atomic proceeds 18 selected via a vote to serve in an exclusively-volunteer plug-in of directors for the organization (Scott, and Johnston, p.2, 2011). Specifically, this creed union was founded in 1948 and has grown since then. (C. Fitzer, in the flesh(predicate) parley April 7, 2014). For instance, although the organization is small in size through a coalition with a credit union net doing, it is able to bid popular m unmatchabletary usefulnesss at diverse locations throughout the country (cooperative fiscal helpers, 2013). In addition, the active CEO Fantz (2013) asserted that the organizations mission is to provide a variety of quality run to a diversified social rank while maintaining monetary soundness additionally, they legitimately report close to 50 billion dollars in assets on organizations balance sheet.Strengths, Weaknesses, Opportunities, and Threats ( rig out) compendium Arumugam, Chang, Ooi, and The (2008), emphasized that in install to facilitate the drive towards exalted deed, numerous companies be using self-assessment tools to measure their reliable side of meat and develop system in order to asses where they argon and where they want to be within their industry. (p.141). SWOT analysis is superstar of this tools or processes. Boone and Kurtz (2006) defined the c erstwhilept of SWOT analysis as a methodical approach to develop strategy as it compels omnibuss to do an inwrought reality check, and an analysis of the external environment (p.274-275).This avouchment 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 divisors in order to complete 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 atomic number 18 strengths, weakness,opportunities, and threats. These are listed in Table 1 for Ameri deal Lake Credit Union. Table 1Strengths-High quality aggressive employee preparation programs parallel with organization high audited account and regulatory compliance grade-Membership to CO-OP Shared forking net income 1-Local commercialiseplace Position/Community Relations Program-Cost wages and Pricing compared to banks-Physical Locations-Strong and Experienced ManagersWeaknesses-Employee Turn-Over-Requirements to become a member-Lack of Market speciality as it relate to financial operate2-Only two physical branches-Lack of a crease/Market Development Section-Technology, b ad turn around in communications equipment repair, need to redo contract for topical anaesthetic IT SupportOpportunities-Online Market- carve up Expansion- outside(a) Training Program-Rotating client Base in the local anesthetic installation-College population in nearby universities-Available location for Branch at Air Force LocationThreats-Military feed run through ( long term), affect main posterior merchandise-More exposed to economic issues (recessions) than bigger organizations due to limited size-Loss of one segment of the commercialize with the deactivation of 4-2 Brigade Combat Team -Columbia swear Plans to Open Facility in the immediate area 2 -Cyber CrimesExternalNote. Lists Adapted from (C. Fitzer, personal communication April 7, 2014) with the exception of 1. CO-OP Financial inspection and repairs. (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 man-made lake is a commercialiseing consultant for non- emolument organizations, has worked closely with the American Lake Credit Union, and provided zippy feed back into the credit union during the interviews.A brief watchword of Table 1 is provided belowIn the area of strengths the one of the more(prenominal) or less grievous strengths provided during the interview was their current training program for federalregulatory compliance, this put the organization at an advantage even with more veritable organizations In the area of weaknesses, the biggest challenge was employee turnover. Even with the recession and the current harvesting line market good talent could and can be found, but it is unsaid to prevent 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 the current drawdown within the Department of defending team structure, in the short term, the population have currently lost 1400 servicing 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 balance ScorecardSoderberg, Kalagnanam, Sheehan, and Vaidyanathan (2011) presented the balance card as a strategic plan procedural tool used by organizations to balance financial concerns, node 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 admixture of focused key quadrants, sight 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 ana lysis with C. Fitzer and C.H. Chapman provided enough data to produce the balanced scorecard depicted in Table 2 below.- fell Exposure to default Loans-Cash Flow/Balance airplane-Selected salute 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 sassy customers a workweek (Account Holding)-10% cast up in market share by end of fiscal year 2015-95% Satisfaction on surveys per quarter-100% rapture in brain-teaser shopper experience-Less than eight percent customer complaint rate every quarter-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-Implement Customer Service TrainingTable 2 (continued)General QuadrantsCritical mastery Factors/Goals rhythmic pattern/Measured Trends Towards GoalsGoalInitiative infixed Process-Processes Efficiency and persona- productivity when doing direct customer interactions-Number of errors in financial processes-Cycle duration/customer stay time-Time spent doing internal tasks-Less than 5 errors per shift-Less than 10 transactions 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 fragile hexad sigma principles-Sustaincompliance Training Program-Integrate yearly re reinvigorateder for all employees (training lead be employee led) larn and Growth-Skill Development and Sustainment-Competitive Benefits/Compensation-Employee nettle and Input in Strategic Planning-Number of errors in financial processes-Employee Surveys-Employee Turn-over rates-90% employee raptu re rate in surveys-Minimize employee turnover rate by % by 50% FY 15-Integrate yearly refresher for all employees (training lead be employee led) -Implement a more comprehensive benefit package for employees, main target is well 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 witnesser is a marketing consultant for non- meshing 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 perf ormance that are essential to its 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 classical because these defined the aspect of the main purpose of a telephone circuit, to make a profit. The specific 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 original opinion it was the best way to determine the effectiveness and financial wellness 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 hoggish profit margin ratio, high gross profit margin ratio indicates that a business can make a reasonable profit on sales, as long as overheads do not change magnitude. 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 track gross profit margin ratios over a number of years to get hold 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 restrains when publicise 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 volition not be as exposed to financial loses.Customer FactorsThis specific quadrant addresses the customer and objectives to increase or develop measure out 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 come outs. Prospective customer office 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 ordain throw in the towel the organization to attract new customers, hyperbolize its market, and build theorganization 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 pleased with the product line or service provided by the organization.As a general concept this is important because if the customer is unhappy is analogously that he would not comeback furthermore, it is likely that he depart walk away, repel new(prenominal) prospective customers, or even existing customers (Naik, 2011). Customer 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 testament purchase the organizations products and services repetitively, the more loyal the customer, the harder it volition 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 an otherwise 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 are a 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 closely 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 busy 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 move faster, and change the customer satisfaction factor.Learning and GrowthThe quadrant of learning and harvest-time is fundamental to the American Lake Credit U nion 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 expert advances call for continuous organizational development in order to hold on relevant with the environment. Therefore, developing a learning collective manpower 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 intent is to tolerate 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 signified of ownership to the workforce (C. Fitzer, personal communication, April 8, 2014).Competitive Benefits/Compensation- C. Fitzer (personal c ommunication, April 8, 2014) 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 damp counsel 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 everlastingly on the look to increase its profit and solidify or expand its market position. freshmanly, the risk reduction initiatives of education and member involvement have with market expansion should facilitate the curre nt goal of 10% increase in gross profit 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 undulate of percentages, but taking other factors into consideration as theproposed expansion to the local AFB, cutting unnecessary costs on internal processes and supplies, initiatives to reduce bicycle time for accounts receivable, and other initiatives within Table 2 an increase of 10% gross margin by the end of FY 15 is a down-to-earth and manageable 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, cust omer 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 of all 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, aft(prenominal) taking int o consideration the current customer satisfaction trends and rates, the upcoming 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 anticipate 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 mo ve 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 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 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 People First (2011), management must keep in mind that newly dexterous 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 utilize (p.25-26).Final ThoughtsThe purpose of this document was to provide a short commentary of American Credit Union along with a SWOT Analysis, match 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 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=1766744&show= nonobjectivesthash.TkDGZoZ7.dpuf Beard, D. F. (2009.). Successful applications of the balanced scorecard in higher education. Journal of grooming for Business, 84(5), 275-282. 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