32 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED There was renewed focus on our member education initiatives with the relaunch of member education sessions throughout the year. These sessions included: • Benefits of Credit Union Membership • Preparation of Wills and Estates • Pathways to Home Ownership Corporate Re-design The Board of Directors and management continued its focus on the completion of the second phase of the corporate redesign project during the fiscal. During the first phase, the organisation successfully completed the Voluntary Separation Program and the implementation of the revised structures for all entities within the Group. In concert with our focus on strengthening our resources in key member service areas, we have executed on the following: • Recruitment for the role of Chief Marketing and Member/Customer experience Officer • Recruitment for most of the key roles in the Operations Department • Provision of additional resources to the Contact Centre • Provision of additional resources to the Card & E-Services Department • Strengthening of our in-branch service through comprehensive robbery response training, CyberSecurity training and Supervisory Developmental training During the year under review we also implemented the Loans Processing Centre and filled the roles of Relationship Officers and Lending Associates to support this change in structure, and to streamline our lending process while standardising members’ experience across all branches. This change has brought about improvements in the quality of our loans underwriting and has resulted in a lower delinquency rate for those loans underwritten during the period compared to previous periods. We re-affirm our commitment to continuous evaluation and improvement, remaining flexible and agile in adapting to market requirements. The job evaluation exercise, as the last remaining component of the corporate redesign, remains ongoing; however, the Group has made significant progress with discussions with its staff representative, the Barbados Workers Union. There is a commitment from both sides to progress to as speedy a conclusion as circumstances allow. Board of Directors’ Report (Continued) We continue to support the development of all employees ensuring that the Group is future-proof and retains the talent required to meet our strategic goals. Our values are key to this and to ensuring our business sustainability and future readiness. We believe in the use of these values, the 5Cs – Care, Collaboration, Commitment, Continuous improvement, Courage - to support the establishment of positive behaviours and culture within the organization. In the current competitive landscape, aligning performance management remains a key focus for the organisation’s culture. A new performance management tool was implemented in late August 2023 to support the modern administration of performance appraisals. This is essential to ensure sustained success to cement an engaged workforce, enabling feedback that leads to lasting improvements and better manager-employee relations. In addition, a new Recognition & Rewards Programme will be introduced across the Group and is also driven by our values, recognising those employees who embody the spirit of the 5Cs. We will continue to ensure the organisation is focused on providing you with the level of customer experience you deserve. Digital Transformation Under the banner of digital transformation, it is noteworthy that our Credit Union actively sought out partners to provide specialised expertise and support in its journey to enhance its digital framework. Following a very competitive bidding exercise, and in collaboration with Cornerstone Advisors, well-established and acknowledged providers in this area in the North American Credit Union space, the initial phase of this collaborative project was completed and we have been able to map out the technological enhancements considered essential for the Group’s future progress. The first phase of this digital transformation journey included the identification and documentation of the requisite technological changes required across the operations, and the determination of an appropriate plan and framework to ensure a successful phased approach and implementation. This encompassed a comprehensive assessment and documentation of digital deficiencies and technological gaps, culminating in the provision of a robust roadmap to be followed through and implemented.
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