Assessment Task Two

1.    Performance objective
You will demonstrate the skills and knowledge required to develop a change management strategy.
2.    Assessment description
Using the scenario information supplied, you will undertake a cost–benefit analysis for high-priority change requirements, undertake a risk analysis, identify barriers, and develop mitigation strategies. You will develop a change management project plan, assign resources and develop a reporting process. You will then present your analysis and project plan to management for approval.
3.    Procedure

1. Review the simulated workplace information for Fast Track Couriers.
2. Develop a change management strategy for Fast Track, which you will present to management (your assessor) for approval, by following steps 3–8 below.
3. Identify change goals and specify:
   • Who/what is impacted
   • How they are impacted
   • When the impacts will be realised.
4. Identify the change goals you have identified are related to the organisation’s strategic
5. Undertake a cost-benefit analysis of the change requirements. Include:
   • The change requirements
   • The costs of changes
   • Risks
   • The possible benefits of each change
   • Assessment of the benefits against the costs and risks
   • Categorized changes:
     • Feasible (F)
     • Maybe feasible (MF)
     • Not feasible (NF).

6. Undertake a risk analysis of the change requirements:
   • Identify the risks and barriers
   • analyze and evaluate the risks and barriers
   • Identify mitigation strategy.
7. Develop a change management project plan. In order to justify your plan, include a brief explanation of the change management theory/methodology followed to embed change. Your plan must reflect theory and you must be prepared to explain to management how key elements of your plan, such as stakeholder management, communication, and education/training plans, show elements of a particular theory.

 

8. Include the following components in your plan.
   • Stakeholder
     • Identify key stakeholders and roles.
     • Identify commitment level.
     • Identify concerns/issues (and how these will be addressed).
     • Develop consultation methods for engaging identified stakeholders.
   • Communication plan:
     • audience
     • message
     • when this communication will occur
     • how the message will be communicated (e.g. email, face to face, newsletter)
     • Person responsible.
   • Education/training plan:
     • participants
     • the skills the training will provide
     • when the training will occur
     • how the training will be delivered (e.g. classroom, online, on-the-job)
     • Person responsible.

9. Your project plan should also include a measuring/reporting Measurement and reporting strategy should include:
   • how you will measure success
   • how you have reached agreement for reporting protocols with managers including:
     • who the relevant managers are
     • who will submit information for reporting
     • who will produce the report
   • how you will report success including:
     • format of reports
     • when reports will be produced (weekly, fortnightly, monthly)
     • Who will receive a copy of the report?

10. Finally, your project plan should also include a list of resources (tools, supplies, )
11. Deliver a formal presentation (using PowerPoint) to management (your assessor) to gain approval for your change management strategy. Your assessor will approve your strategy based on your completion of this assessment task and satisfaction of specifications
12. Ask for authorization to implement strategy.
13. Submit all documents to your assessor as per the specifications Ensure you keep a copy of all work submitted for your records.

4.    Specifications
You must present and then submit a copy of:

• One PowerPoint presentation containing analysis and change management project plan. Your assessor will be looking for how you:
• explain the change management process or cycle and outline strategies for communicating and embedding that change
• explain components of the change management project plan
• explain specific organisational requirements
• outline potential barriers to change
• demonstrate leadership skills to gain acceptance of plan and gain trust
• demonstrate planning and organising skills
• Utilise problem-solving skills to identify and respond to barriers to change and analyse risks
• Use verbal communication skills to describe and promote
• change management plan.

Appendix Task: Fast Track Couriers Pty Ltd

It is the end of the 2015 financial year. You are an external change management consultant employed by Fast Track Couriers. You have been asked by the General Manager to develop a change management strategy and present the strategy to management for approval.
Management has identified the following high-priority change requirements.

• Goal A: Implement PDA/GPS usage (productivity function) on truck fleet in the first quarter of the 2016 financial year.
• Goal B: Implement one person per truck policy using automatic lift gates in the first quarter of the financial year.

Achievement of these goals should increase net profit in the next financial year by $200,000 due to increased efficiencies and increased business.
Goal A is essential to the business to ensure (in priority order):

1. Most efficient use of resources to cover market Management will look at more than the raw hours spent on job, and consider all factors such as job difficulty, traffic conditions, etc., in order to optimize fleet usage
2. job performance measurement for training needs
3. Recognition of outstanding performance (bonuses for exceeding targets; advancement/leadership opportunities).

Goal B is essential to the business to ensure:

• Most efficient use of resources to cover market needs
• Reduced need to hire external truckers; use of present employees as much as possible
• Reduced possibility of lifting injury

The change management strategy, once approved by the General Manager, should be implemented immediately.
People/structure
Fast Track Couriers has implemented and recruited the people required to fill the roles in the following organisational structure:
Managerial duties/role description
General manager/CFO: Oversees company; approves major business decisions such as strategic goals, change management initiatives; reports to board of directors; prepares financial reports.
HR manager: Oversees and implements change management programs; collect feedback, assessment results, and all other data regarding change management; provides report to the General Manager on implementation of major changes; oversees recruitment.
Sales manager: Coordinates sales team; provides sales team training; manages performance of sales team.
Trucking/operations manager: Coordinates activities of trucking team; manages performance of trucking team; compiles productivity reports; manages operations, authorises purchasing of operational equipment, etc.
Office manager: Coordinates activities of accountant and administrative support. Authorises payroll.
 
Resourcing/budget
The budget for implementing the change strategy (excluding cost of new trucks, technology and lift gates, lost productivity from truckers) is $25,000. Overruns must be approved by General Manager.
You will be employed for two weeks full-time (40 hrs/week) and 8 hours a week until end of the first quarter.
Resources:
The following resources are available for your use:

Resource	Cost	Availability
Project analyst/manager (you).	$100/hour	Length of project, as needed
Trucking manager (Bob Rogers).	–	Length of project, as needed
Sales team member with high-level oral and written communication skills to assist new Human Resources manager (Jessica Smith).	–	Length of project, as needed
New Human Resources manager (Peggy Anderson).	–
PDA/GPS trainer (Jack MacDonald).	$150/hour	Length of project, as needed
Lift gates trainer (Erin Mitchell).	$150/hour	Length of project, as needed
Head office training rooms equipped with training supplies for five participants.	–	2nd week of July 2011 only
PDA/GPS device, based at office.	–	Length of project, as needed
One new truck with tailgate based at office	–	Length of project, as needed

Other resources must be requested for approval by General Manager.
Education/training

• Goal A: Implement PDA/GPS usage (productivity function) on truck fleet in the first quarter of the 2016 financial year. Requires a half-day training session.
• Goal B: Implement one person per truck policy using automatic lift gates in the first quarter of the financial year. Requires a half-day training session.

Project management reporting
The General Manager would like you to report to her on a daily basis in the initial week of the project, and then weekly until the end of the first quarter. The HR manager should receive a copy of this report.
Template
Fast Track Couriers policy mandates the use of the following project management template.

• Green: completed
• Amber: in progress
• Red: not completed.

Reporting element	Measures	Status
Change goal
Project management	Delivery of project activities as per project plan for each stream	Overall status:
	•   People
	•   Process
	•   Technology
	•   Structure
Stakeholder management	Stakeholders engaged and comfortable with current position
Communication	Communication plan activities on schedule
Education	Education plan activities on schedule
Cost benefits	Project budget on track
	Cost benefits on track to be realised
Risk management	Risk management plan effectively managing risk

 
Background information: Fast Track Couriers Pty Ltd
About Fast Track Couriers
Fast Track Couriers is a courier company that has been operating in New South Wales for the last 15 years. Its primary business function is delivering medium to large size packages across metropolitan Sydney.
Strategic plan goals
The organisation’s strategic goals are:

• To expand business in the metropolitan area so that small to medium package deliveries market share increases by 5%.
• To expand the business to include small and medium package deliveries to regional NSW.
• To develop an integrated approach to distribution management utilising technology such as PDA devices and GPS.
• To develop and maintain a cohesive and well-motivated workforce.

Strategic goals are supported by the following operational and human resources goals.
Operational plan goals

• Testing of the distribution management system is to cease and allow implementation within the first quarter of the 2016 financial year.
• The truck fleet will need to be expanded by 8 trucks within the 2016 financial year.
• Small distribution hubs will be positioned at Maitland, Goulburn, Nowra and Bathurst, each manned by two employees within the next eighteen months.
• Fast Track Couriers will complete 20% of deliveries to regional locations in the next three years.

Human resources goals

• Incorporating a Human Resources function to facilitate the changes in workforce management in the first quarter of the 2016 financial year.
• Introducing professional development and training to achieve organisational goals and promote understanding of organisation’s strategic goals in the first quarter of the financial year.
• Eliminating industrial relations problems in the financial year. Concluding negotiations with employees and union.
• Eliminating lifting injuries.

Employee profile (pre-changes)
Fast Track Couriers employs the following people:

• General Manager (GM) – Generally on the road; never in office.
• Chief financial officer (CFO) – Reports to GM and keeps office hours; 9–5, Mon–Fri.
• Accountant – Reports to CFO and keeps office hours; 9–5, Mon–Fri.
• Truck drivers (x20) – Report to office.
• Office team manager – Reports to GM and keeps office hours; 9–5, Mon–Fri.
• Office team members (x5) – Perform administrative, sales, customer relationship management Monitor truck drivers and handle enquiries. Report to office team manager.

Head office employees

• Covered under individual
• Salary range is $32,000–$75,000
• Small team of mainly female employees, ranging in
• Lots of opportunity to participate in learning and development programs due to management support; however little desire to
• High employee engagement scores. Employees cite team work and opportunities as motivating factors affecting the business

 
Drivers

• Covered by an award.
• Salary $45,000 per annum.
• Heavily unionised.
• Employee demographics are all male employees aged 25–65.
• Little opportunity to participate in learning and development programs due to being on the road; however, little to no interest in participating in development opportunities.
• Large number of workplace injuries due to heavy lifting.
• Low employee engagement scores. Drivers cite pay as an issue.
• Currently experiencing low turnover.
• History of industrial disputes regarding pay and previous change initiatives.

Background to workforce management and relations

The company communicates with employees via email for head office employees, and a printed monthly newsletter for drivers. The company provides information regarding policies and procedures through documented manuals that are held in each truck as an employee manual. Office-based staff can access copies of these manuals at the office.
All trucks are fitted with a GPS system to assist drivers with navigating to each pick-up and drop-off location. Trucks are also assigned a PDA that provides drivers with the details of each pick-up and drop-off and records when a job starts and finishes. The data from this device is sent back to head office to monitor job progress but is not used to complete productivity reporting. When this device was introduced, drivers were not happy, as they felt the organisation was saying that it did not trust the drivers to manually record the time spent on each job. Many of the drivers also resented having to learn how to use the device and thought it was a waste of time.
Head office employees work very closely together and are a very cohesive and motivated team. They are positive about the organisation’s direction and respond well to change.
Drivers have historically reacted negatively to change. Change implemented in the past has met with resistance and was therefore difficult to implement. Drivers have in the past done their best to block any
changes from being implemented, even going to the lengths of threatening strike action and having the union involved to assist with resolving the issue.
Fast Track Couriers currently allocates two drivers per truck to ensure that drivers are able to load and unload heavy packages. The strategy going forward is to remove the need for having two drivers per truck by installing an automatic lift gate on the back of each gate at a cost of $10,000 per truck. This will mean that only one driver is needed per truck as no heavy lifting will be required.
It is Fast Track Couriers’ intention to use these surplus drivers to drive the new trucks that will be purchased to enable the company to extend its services to regional NSW.
Drivers are currently happy with the work environment, as they enjoy working as part of a two-man team. The organisation typically leaves the drivers alone and lets them do their job as this is what seems to make them happy. Management has tried in the past to have drivers participate in organisational activities. These
activities were not received positively and the drivers complained and asked not to be involved. The drivers’ view is that their preferred team is their two-man driver team and they only see the benefits of that specific working arrangement. There is a high value placed on communication with trucking team members.
Example key elements of presentation to General Manager
Goals
Goal A: Implement PDA/GPS usage on truck fleet (productivity function) in the first quarter, 2016 financial year.

Impacted	How	When
Trucking team	Will need to learn how/why to use PDA/GPS productivity function.	First quarter, 2016 financial year
Trucking/operational manager	Will need to incorporate productivity information into reporting. Will need to manage operational aspects of PDA/GPS usage. Will need to enforce compliance.	First quarter, 2016 financial year

Goal B: Implement one person per truck policy using automatic lift gates in the first quarter, 2016 financial year

Impacted	How	When
Trucking team	Will need to learn how/why to use lift tailgates.	First quarter, 2016 financial year
Trucking/operational manager	Will need to manage operational aspects of one-person trucks. Will need to coordinate large team.	First quarter, 2016 financial year

Cost-benefit analysis

Option	Cost	Risk	Benefit	F/MF/NF
Implement change management strategy (PDA/GPS and one person per truck policy).	$19,800	Change rejected by truckers due to poor support and industrial action. No productivity and efficiency gains and therefore no market share or net profit increase.	Increased productivity.Increased efficiency and speed of service. More attractive to customers. Increased sales and market share. Incentivised, motivated workforce. Increased safety. Potential net profit gain of $200,000.	MF
Not implemented this year.	–	Loss of net profit gain.	No immediate cost.	NF

 
Risk analysis

Risk/Barriers	Impact	Likelihood	Strategies to mitigate risk
Lack of trust regarding use of productivity data.Refusal to implement.	High impact	Medium	Communications and training to specifically address issue and allay fears.GM/other managers to attend training to demonstrate manager’s commitment to truckers.
Refusal to implement one person per truck policy.	High impact	Medium	Communications and training to specifically address issue.Emphasis of benefits to business from opportunity. Emphasis of positive implications for job security in a competitive environment. Emphasise that ability to communicate with other truckers not affected (use of hands-free) to maintain sense of team that truckers may value. Safety emphasised.
Industrial action.	High impact	Medium	Benefits to truckers emphasised:●       possibility of advancement ●       bonuses ●       increased safety.

 
Stakeholder management

Stakeholders	Commitment	Concerns	Addressed by	Consultation methods
General Manager	High	Objectives of change management (CM) strategy achieved.	Frequent project management reports.	Telephone/email as often out of office.
Trucking manager	High	Acceptance of CM by truckers.	Communication to truckers and education designed to be convenient and to focus on benefits of changes for truckers.	One-on-one meetings to discuss project plan progress and CM response by truckers.
HR manager	High	Acceptance of CM by truckers.	Communication to truckers and education designed to be convenient and to focus on benefits of changes for truckers.	One-on-one meetings to discuss project plan progress and CM response by truckers.
Truckers	Low	Inconvenient training.Loss of two- man teams. Anxious about performance management use of information gathered on PDA.	Communication to truckers and education designed to be convenient and to focus on benefits of changes for truckers.	Communications emphasising benefits (incentives, safety) and relieving concerns of potential unfair use of productivity data.Training to increase skills and confidence in new technology. Training introduced by GM/HR manager/ trucking manager to build support for surveys.

 
Communication plan

Audience	Message	When	Communication method	Person Responsible
HR manager	Change management strategy – duties of HR manager.	9 am–10 am,1 July 2016	Email (invite with agenda).Face-to-face (office training room).	CM consultant
Trucking/ operational manager	Change management strategy – duties of trucking manager.	11.30 am–12.30 pm, 1 July 2016	Email (invite with agenda).Face-to-face (office training room).	HR manager
Management team	Change management strategy – duties of HR manager.	2 pm–3 pm,1 July 2016	Email (invite with agenda).Face-to-face (office training room).	HR manager
Trucking team	(Contact, awareness) Change management strategy impacts to trucking team.Duties of truckers. Business need (support). Benefits to truckers (desire). Training schedule – options group 1, 2 (desire). Opportunity for input into implementation – options (desire, commitment).	9 am–10 am,4 July 2016	Email.	HR manager (assistant may draft).
Sales team	Change management strategy summary.Benefits to organisation.	11 am–11.30am, 4 July 2016	Face-to-face (office training room).	Sales manager runs team meeting
Office team: Accountant; Administrative support person	Change management strategy summary.Benefits to organisation.	11.30 am–12 pm, 4 July 2016	Face-to-face (office training room).	Office manager runs team meeting
Truckers (All otheremployees to	(To reinforce commitment) recap of	Two weeks post-training	Email summary.	HR manager

receive brief summary only )

progress in implementing changes.

Feedback survey.Invitation to request additional training.

 
Education/training plan (knowledge and ability)

Who	Skills and knowledge	When/where	How	Person Responsible
Five Truckers (Group 1A)	PDA/GPSproductivity function	5 July, 9 am–12.30 pm (office training room).	Lecture and hands-on practise.Assessment: observation. Feedback taken.	PDA/GPS trainer
Five Truckers (Group 1A)	Automatic lift gate use	5 July, 1 pm–4.30 pm (office parking lot).	Short manual (emailed and required to review before session).Hands-on practise. Assessment: observation. Feedback taken.	Automatic lift gate trainer
Five Truckers (Group 1B)	Automatic lift gate use	5 July, 9 am–12.30 pm (office parking lot).	Short manual (emailed and required to review before session).Hands-on practise. Assessment: observation. Feedback taken.	Automatic lift gate trainer
Five Truckers (Group 1B)	PDA/GPSproductivity function	5 July, 1 pm–4.30 pm (office training room).	Lecture and hands-on practise.Assessment: observation. Feedback taken.	PDA/GPS trainer
Five Truckers (Group 2A)	PDA/GPSproductivity function	6 July, 9 am–12.30 pm (office training room).	Lecture and hands-on practise.Assessment: observation. Feedback taken.	PDA/GPS trainer
Five Truckers (Group 2A)	Automatic lift gate use	6 July, 1 pm–4.30 pm (office parking lot).	Short manual (emailed and required to review before session).	Automatic lift gate trainer

			Hands-on practise.Assessment: observation. Feedback taken.
Five Truckers (Group 2B)	Automatic lift gate use	6 July, 9 am–12.30 pm (office parking lot).	Short manual (emailed and required to review before session).Hands-on practice Assessment: observation Feedback taken	Automatic lift gate trainer
Five Truckers (Group 2B)	PDA/GPSproductivity function	6 July, 1 pm–4.30 pm (office training room).	Lecture and hands-on practise.Assessment: observation. Feedback taken.	PDA/GPS trainer

 
Reporting plan
Measurement of success

Strategy element	Measures
Change goals	●       Goal A/B achieved by first quarter. (Trucking operational manager to report on productivity function use or non-use by truckers).
Change impacts	●       Feedback from impacted employees regarding the effectiveness of the change program.
Project management	●       Delivery of project activities as per project schedule.
Stakeholder management	●       Red, Amber and Green status against stakeholder mapping.●       Unsolicited feedback from stakeholders.
Communication	●       Delivery frequency, audience response, event attendance, levels of awareness and knowledge, communication survey, unsolicited feedback.
Education	●       Assessments (observation of skills).●       Training feedback.
Cost benefits	●       Second quarter financial results to show increased sales as effect of increased market share.

Strategy element	Measures
Risk management	●       Frequency and intensity of identified risks occurring. Data collected and reported on by HR manager.

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

• The British Credit Union Movement

There are approximately 570 credit unions registered in Britain today. These credit unions provide services to over 600,000 members and hold combined savings in excess of £600 million. Scotland has 130 credit unions and assets totaling over £300 million. Capital Credit Union is the third largest in Scotland, serving over 13,000 members and managing over £13m in assets. Credit Unions in Britain are regulated by the Financial Services Authority – the same regulator as high street banks.

• Credit Unions as a global phenomenon

Credit Unions do have some unique features over mainstream financial services. Worldwide, credit unions follow a set of International Operating Principles, as developed by the World Council of Credit Unions. These principles are:

• Democratic Structure
  • Open and voluntary membership
  • Democratic control
  • Non-discrimination
• Service to Members
  • Distribution to members
  • Building Financial Stability
  • Service to Members
• Social Goals
  • On-going Education
  • Co-operation amongst Co-operatives
  • Social Responsibility

Credit Unions are run on these principles in relation to how members are treated, as well as giving direction to the leadership and providing good practice for the governance of the organisation. However, in order to survive in such a competitive environment, credit unions must also be run on sound business principles.
Credit Unions also tend to have a number of unique benefits that are not found in other organisations within the financial services sector in Britain. Not least, the following features are not normally found in most competitor organisations in the British financial services sector:

• Free Payroll deduction
• Free life insurance
• Ethical lender
• No stock market investment
• Competitive rates for savings and borrowing
• Use of volunteers – keeping operational costs low
• Surpluses paid directly to members or reinvested in business

Another unique selling point (USP) of credit unions is that members’ savings and loans are insured, at no direct cost to the member, in the event of death. Credit unions adopt the principle that the” debt dies with the debtor” (CUNA Mutual 1939).

• Credit Union Regulation

The first credit union legislation in Britain was introduced in 1979 and was written by the banking community. The legislation was so restrictive that credit unions were, and still are, one of the smallest parts of the financial services sector in the UK today. Since 1979, however, the Credit Union movement has changed dramatically, particularly in the last four years. Since 2002, as a result of the change in regulator, members’ savings are covered by the same compensation scheme as the banking sector. The significance of this is that prior to 2002 savings in credit unions in Britain, which would have been in excess of £100 million, were not covered by any form of insurance and members had no recall to their savings if a credit union became insolvent.
Prior to the change in regulator in 2002 to the FSA, Credit Unions were unable to offer regulated products such as mortgages, insurance and higher value loans. In fact, until 2002, credit unions could only lend individual members up to £5,000 in excess of their savings. Also, the total value of savings was capped at £5,000 as was the number of members a credit union could allow into membership.
In 2006, one of the most significant changes introduced by the FSA was a relaxation of regulations to allow credit unions to offer current accounts to their members. The ability of Credit Unions to offer a full range of banking facilities alongside, and in competition with, the traditional high street banks will have a significant impact, not only on the ability of the credit union movement to grow generally, but for Capital Credit Union specifically as the organisation should be in a much stronger position to meet more of its members’ financial needs. The development and introduction of the CUCA also allows credit unions to provide services to people that have previously been “unbanked” and who are suffering from being financially excluded from mainstream financial services. It is estimated in Edinburgh alone that over 23,000 people are unable to open a basic bank account with one of the high street banks due to their financial circumstances and lack of wealth or assets.

• Background to Capital Credit Union

Capital Credit Union is a democratic, member-owned and controlled financial services co-operative. As an independent, not for profit organisation our aim is to provide quality financial services that meet the needs of all our members.

Mission Statement of Capital Credit Union

Capital Credit Union provides services to members who live and/or work in the Lothians and Scottish Borders areas and who save on a regular basis. Regular saving is a requirement of the members of all credit unions. At least 50% of Capital’s members also use the Credit Union for loans, insurance and mortgage products. With its Head Office in Edinburgh, Capital has a number of very small shared branches throughout the Lothian. These shared branches are run by volunteers and offer advice on credit union products and services, however, they do not offer transactional services at this time. These branches are in a shared resource with a partner organisation such as a Citizen’s Advice Bureau, or a local authority office. Transactions are carried out in the Head Office in Edinburgh.
Capital Credit Union is arguably one of the most progressive Credit Unions in Britain. This designation is borne out by a number of factors, not least the Credit Union is one of only 3 credit unions in Britain that are regulated to offer mortgages; it is one of only nine credit unions offering a Credit Union Current Account; and more recently, Capital was awarded the highest Government contract (in monetary terms) in Scotland, by the Department of Work and Pensions, to deliver loans to financially excluded people living in the Lothian and Scottish Borders areas. The Credit Union has also won several business in the community awards.
Another of Capital‘s USPs, over other financial organisations in its common bond area, is the partnership arrangements it has with 48 sponsoring employers. These employers recognise credit unions as a staff benefit and allow employees to save through their payroll, at no cost to Capital or the member. Strategically, this is a significant advantage as the Credit Union gains access to employees from induction and throughout their employment. The employer also gains an advantage, as it is perceived to be concerned with the welfare and financial well-being of staff.  Capital’s can be directly attributed to payroll deductions and this has been evidenced as members consistently cite convenience as the number one reason for opening a savings account, as it comes direct from payroll, helping to remove the temptation to spend savings.
Capital Credit Union provides numerous products and services including savings, loans and a range of insurance products to members. Capital Credit Union was formed in 1989 initially as an employee benefit for staff of (the then) Lothian Regional Council. The Credit Union could therefore market its services to just over 23,000 employees. As an employee benefit, employees were able, and encouraged, to save direct from their salary. The employer was known as a “sponsoring” employer. In 1996, as a result of local government re-organisation, Capital moved from providing services to employees from one large employer, to providing services to 18 employers.
In the past 18 years the organisation has evolved considerably, both in product offering, as well as significant changes in the target market from which the Credit Union attracts people i.e. the common bond¹. From its early marketplace targeted at government employees, later adding their families, Capital Credit Union now has a “live or work” common bond.   Anyone that lives or works in Lothian and Scottish Borders is eligible to take up membership and enjoy the benefits of the Credit Union i.e. a marketplace potential of over 900,000 people. In 2007, the Credit Union is working with 48 sponsoring employers that still support the credit union through free payroll deductions from employees’ salaries.
Figure 1 plots the growth of members and key time-frames in the history of the Credit Union. Chart 1 charts membership growth from 1989 to March 2007.
Figure 1. – Key milestone years
1989– Year of registration.
1992– Amalgamation of Capital Credit Union and Lothian and Borders Fire Brigade Credit Union. This was the first time that two credit unions in Britain had amalgamated.
1996– Local Government re-organisation. Move from 1 sponsoring employer (Lothian Regional Council) to 18 sponsoring employers.
2002– New Regulator – Financial Services Authority (FSA).
2004– New common bond – live or work in Lothian and Scottish Borders. Capital absorbs four small credit unions struggling to meet new regulations – just over 300 active members are brought in from these four credit unions
2007– Over 13,000 members and over £13 million in assets. Serving 48 sponsoring employers and government contract to serve financially excluded members of society.
Chart 1 – Membership Growth from 1989 to 2007

Place an order with us to get a customized paper similar to this or any related topic. NB: The assignment will be done from scratch and it
will be 100% original

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"