Thursday, October 22, 2015

Strategic Review leads to job losses at Northern Savings Credit Union

Internal changes and job losses
were announced this week at
Prince Rupert based Northern Savings
Barry Delaney, may be the interim CEO for Northern Savings Credit Union, but an information release from Wednesday carrying his name, puts in place decisions that will have a major impact on the financial institution for years to come.

After a strategic review by the Board and manager of Northern Savings, the Credit Union has announced a number of changes to their operational structure, starting with the sale of their technology company which was based for the most part on Vancouver Island.

Northern Savings also reviewed some of its other business approaches, some of which involved portfolios in Southern British Columbia and has now consolidated much of its efforts back into the Northwestern region of the province,.

And while those shifts in approach have addressed some of the concerns that Credit Union officials had determined following their strategic review, the changes have also had a direct impact on the North Coast, resulting in the departure of a dozen employees at the Credit Union's head office in Prince Rupert.

A decision described as a hard one for the financial institution, which has been serving the community for 75 years and made for a fairly tight knit group working out of the Third Avenue West offices.

“Our staff are important to us and we strive to treat everyone with integrity and fairness, those who were impacted by our recent decisions were exceptional employees who contributed immensely to our credit union, even though these employees are no longer with Northern Savings, we continue to provide them with support,” -- Northern Savings Interim CEO Barry Delaney on the recent announcement of staff departures at the Credit Union head office in Prince Rupert.

In the media release of Wednesday, Mr. Delaney also noted that the decisions that the Credit Union had to make were designed to ensure the future stability and long term viability of Northern Savings and it's ability to adapt to the changing business environment.

It's been a year of change and review for the Prince Rupert based credit union, in March the Credit Union announced the departure of then President and CEO Ken Doleman, launching the now completed strategic review and tasking Sharon Stromdahl once again with the temporary duties as President and CEO while they commenced with the search for a replacement CEO.

In August, Northern Savings turned to Mr. Delaney and his 17 years of experience at a Lower Mainland financial institution, asking him to take over the reins on an interim basis.

At that time,  he introduced some new guiding statements to better identify the Credit Unions place in the region. With a new vision statement of Neighbours helping Neighbours, while the new direction for Northern Savings was outlined with the mission statement of: Strengthening our members, organization and communities through cooperative financial services.

To this point, there have been no updates provided by Northern Savings as to how long Mr. Delaney's interim status will be, or to the progress in the search for a permanent CEO and President.

Some of the background on the organizational changes announce this week can be found here.

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