There are many ways to measure performance. For Envision Credit Union, the best measure of performance is progress toward achieving the vision of being:
1. the best place our employees have ever worked
2. the best place our member-owners have ever done business
3. an industry leader in financial performance
4. an industry leader in corporate citizenship
I’m pleased to report that 2004 was a very satisfactory year by any measure. Achieving that level of performance wasn’t easy, and our job is by no means finished. But thanks to the excellent work of our employees and the loyalty of our member-owners, we strengthened our foundation so that we can continue to grow and to prosper.
Achieving top-50 employer status—again
For the third straight year, Envision was named one of Canada’s 50 Best Employers in a respected annual survey. The 50 Best designation is especially significant given the organizational changes that we have made since the merger that formed Envision in 2001.
The annual survey, conducted by global human resources outsourcing and consulting firm Hewitt Associates and published in the Globe and Mail’s Report on Business Magazine, is the only national study where employees determine if their organization makes the list. Input from Envision employees ranks our organization at number 23 in the 2004 survey, alongside the Canadian divisions of Microsoft and Mercedes-Benz, among others.
Envision also conducts an annual internal survey that measures 12 dimensions of its relationship with its employees. In 2004, all 12 dimensions showed year-over-year improvement and a resounding majority of our employees—93%—said that they are proud to work for Envision.
Our survey results and top-50 ranking tell me that we’re on the right track to being the best place our employees have ever worked. In my experience, fostering such an environment also creates the best place to do business. This, in turn, leads to high levels of performance at your credit union.
Surveying member-owner satisfaction
Knowing whether member-owners are satisfied with our products and services is a key performance measure. Our 2003 survey of member-owner satisfaction told us that member-owners were generally satisfied but that we needed to do better in two areas: being more courteous and helpful and getting it right the first time.
During 2004, we made a concerted effort to improve in both areas. And our most recent survey shows a big improvement in satisfaction ratings: 94% of our member-owners say that we meet or exceed their needs, compared with 90% in 2003. The results are a tribute to our staff, and I’m delighted with our progress. We will continue to work hard to ensure that our member-owners remain satisfied. There is always room for improvement.
Registering our best year by all financial measures
Financially, 2004 was the best year ever for Envision. Not only did we surpass our performance of 2003, we also exceeded our projections for 2004, which were much higher than in previous years.
Our successful financial performance reflects the strengths of our major markets—residential mortgages and consumer loans. A positive economic environment fostered by low interest rates has provided us with an excellent opportunity to improve financially over each of the past three years. Our subsidiary operations in insurance, investment services and automobile financing have also contributed to our improving results.
Market conditions, however, are driven by economic cycles and will not always be so favourable. In 2005, we expect residential construction and real estate markets to again be strong but for growth to slow somewhat. I am confident that we are well prepared, financially and organizationally, to deal with ever-changing market forces.
Living out our values
Our community investment program set a new standard in 2004. Envision and the Envision Credit Union Charitable Foundation together gave more than $1 million to local organizations. The Envision House Project made SOS Children’s Village BC the largest single beneficiary.
Increasingly, we are making better and broader connections with the communities we serve. From popcorn makers for fundraisers to hospital equipment and educational bursaries, we’re supporting initiatives that enhance the quality of life in our communities.
And our community investment is likewise enhancing our working environment thanks in no small part to the leadership of Peter Podovinikoff. Peter, who recently retired, has left a culture and a mechanism that enrich our community investment program. Thanks to Peter’s efforts, good corporate citizenship isn’t just corporate policy here; it’s a way of life. Knowing Peter as I do, it’s safe to say that he hasn’t really retired, just neatly transitioned into another challenge. For all that you’ve done, Peter, I say thank you.
Striving to be the best we can be—every day
During 2004, we completed all integration activities relating to the merger of the First Heritage Savings and Delta credit unions. This puts us on a solid financial and operational footing. It’s time now to move forward with new business opportunities. In the months ahead, we plan to expand our operations, such as Envision Insurance Services and Envision Leasing, and to consider other initiatives by seeking out opportunities to expand our service and product offerings and the geographic markets we serve.
Our Board gave the green light to the Pathways Project in late 2004. This innovative, interprovincial credit union partnership between Envision and First Calgary Savings, of Alberta, has the potential for numerous long-term benefits.
Pathways should be viewed from two perspectives to fully appreciate its potential to improve our organization. From a member’s point of view, Pathways provides the opportunity to benefit from the extension of our credit union services and products into Alberta and our introduction of new products and services overall. From an owner’s standpoint, it is anticipated that the Pathways partnership will generate improved financial performance and build a stronger, more-sustainable credit union.
The expectations of our member-owners for better products and services are constantly pushing us to improve, as is our quest for excellence. We cannot and will not accept status quo. Instead, we eagerly accept the challenge to better our performance for the benefit of all.
Gordon Huston
President and Chief Executive Officer
