27 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 Corporate Redesign In addition to the realignment of structures and resources to optimize performance and bring about greater efficiency while preparing the group for the demands the future will bring, the corporate redesign is also part of a wider transformation project consisting of a number of major deliverables including leadership development, greater member and customer centricity and the refreshing and renewing of corporate values and culture.The corporate redesign project has progressed significantly during the past year. Key milestones were achieved including the roll-out of the Voluntary Separation Program to all employees; strengthening of the Management team through the establishment and recruitment of key management roles in the areas of Risk and Compliance, Project Management and Marketing and Communications; completion of the alignment of employees to the new corporate structures. At the time of this report the main outstanding element of the corporate redesign is the implementation of the revised grades and salary ranges; this is scheduled to be completed by December 31, 2022. As we move towards the conclusion of this phase of the redesign project we commit to ongoing review and improvement to ensure our corporate structures can and do support our continued growth and effective service delivery. We continue to support the development of all employees, and the establishment of positive behaviours, values and culture within the organization to ensure our business sustainability and future readiness. Looking Ahead 2022-2023 The Barbados Public Workers’ Co-operative Credit Union Ltd like all other financial service providers must continue to evolve in line with the changing times in which we currently find ourselves. Our continued growth and financial soundness and robustness must be underpinned by effective and efficient systems, operational and technological flexibility and the ability to leverage opportunities to quickly deliver to our members in the manner that benefit you most. From a macro-economic perspective, all indications are that we are making progress in returning to a state of normalcy, even though normalcy now has a new definition in the face of an economy that has shrunk with sectors that have ground to a halt and now have to be accelerated back to their former levels of productivity and economic contribution. There are solid predictions for economic growth and expansion, labour market conditions are no longer deteriorating as unemployment has stabilized and by and large there is enhanced optimism about the way forward in light of improved pandemic conditions. That said, we must remain alert, conscious that change is now a constant and as such we must be adaptable and flexible as we seek to meet your needs while being responsive to our competitive, economic and regulatory environment. Now, more than ever, it is clear that we must continue to push the cooperative way to transition members and potential members through the various stages of the financial lifecycle – helping them to move from economic disenfranchisement and non-participation in the formal financial services processes through to financial independence and generational wealth creation. As a Board we recognise the significant changes that have taken place in the lives of our members throughout 2021, and as a member-owned credit union acknowledges that we cannot be strong unless you our valued members also are. You are the reason the Barbados Public Workers’ Co-operative Credit Union Ltd exists and it is with that in mind that we will continue to focus on what is in the best interest of you our members. Despite changing times and circumstances at the country and personal levels, we remain committed to the seven cooperative principles and the anchoring credit union tenet of people helping people - improving our members well-being and upholding our communities, one member, one opportunity at a time. Building on what we have achieved in the past while focussing on continuous operational improvements and other necessary transformations will allow us to be adaptable to the changing needs of our members. The Barbados Public Workers’ Co-operative Credit Union Ltd must, and will, continue to provide equal opportunities for all Barbadians to succeed and in doing so will demonstrate that without a doubt, this is where you belong. Acknowledgement The Board of Directors wishes to extend gratitude to members of the elected committees, our committed staff, sub-committees and of course, you, our members for the commitment, perseverance and resolute support of the achievement of the Credit Union during the year under review. We could not have achieved these milestones without your unswerving support. In addition, the Board of Directors also wishes to place on record appreciation for the immense contribution, devotion and commitment of retiring directors Sisters Kieva Cadogan and Julie Corbin and Brother Mark Hope. Condolences We take this opportunity to extend special condolences to the families of our longstanding and esteemed stalwarts who passed on this year. To all our members, staff and the wider credit union family who lost loved ones during the year under review, we extend our deepest sympathy. May perpetual light shine upon them.
RkJQdWJsaXNoZXIy MTA2MDM=