Assignment task:
Step 1: Statement of Problem(s): Group and identify all the major case problem(s) to be corrected or resolved. Do not just regurgitate the case but utilize information from your identified theories to explain these problems.
Step 2: Analysis of Causes: Group and identify all the possible causes of the identified case major problem(s). Do not just regurgitate the case but utilize information from your identified theories to explain these causes.
Step 3: Theory Application: Group and identify all theories or models that might apply to identified problems and aid in solutions.
Step 4: Implementation of Solutions: Group and present an action plan for what solution(s) should be utilized including a timeline with dates.
Case: Blueshore Financial A dozen or so years ago, the future of North Shore Credit Union was in doubt. "Since our inception in 1941, our regional market transformed from being an outpost for fishing and shipbuilding into one of Canada's wealthiest regions," explains Chris Catliff, CEO of the organization, now called Blueshore Financial. "We needed to provide deeper financial expertise and premium client service. Yet, North Shore Credit Union had remained "little more than a paper-based savings and loan...We had no differentiated brand, and the credit union was floundering." Catliff explained to employees that the organization's survival depended on reinventing itself to better serve its clients through differentiated financial services. "Being fearless in our 180-degree strategic pivot, we rebranded, changed our name and rebuilt Blueshore's branches as Financial Spas, and deepened our advisers' expertise."A A special task force of employees and managers worked with an external consultant to develop the new business model. "They worked in a boardroom for two weeks, fuelled by pizza, the odd beer and a desire to innovate," recalls Catliff, who challenged the team "not to come back until you've reinvented banking." The task force proposed a list of dramatic innovations, including a much narrower focus on wealth-oriented services in a "financial spa" setting, rather like a luxury hotel. Communication with employees was key to the success of Blueshore's transformation. "The most practical piece of advice I can offer others is to recognize the critical importance of open communication in times of change. Be consistent, repetitive, and authentic," advises Catliff, who has been recognized as one of British Columbia's best CEOs. "Tell them (employees and others) why you are changing and what you hope to gain from the change." Catliff also emphasizes the power of employee involvement in organizational change. "Ask your staff for their input, actively listen to what they have to say, and show you value their perceptions and opinions. By doing this you will form a relationship based on mutual trust and respect, which will make it easier for you to initiate and integrate change together." Blueshore's radical transformation took several years and required some difficult adjustments. "The tough part was that some staff didn't like the change, and self-selected out," says Catliff. But the results have exceeded expectations. Blueshore Financial's assets under administration have jumped from $700 million in 2000 to $5 billion today. Blueshore's dozen branches have become leading financial planning centres from Vancouver to Whistler. Blueshore is also consistently rated as one of Canada's best employers.
Case Questions:
Q1. Use Lewin's force field analysis to describe the dynamics of organizational change at Blueshore Financial. Discuss the driving and restraining forces of change that were occurring.
Q2. Should Blueshore use a grow your own talent strategy as discussed in the 3M video shown in class to maintain their current rate of financial success?
Q3. What demand and supply forecasting techniques should Blueshore use as part of their human capital planning strategy?