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Coast Capital's corporate culture gets national nod


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Date: November 17 2011

SURREY, BC, Nov. 17, 2011 /CNW/ - If you're looking to work for an organization with one of the top 10 most admired corporate cultures in Canada, you might want to consider B.C.'s Coast Capital Savings, based on the results of a national evaluation of workplace cultures released today.

The credit union known among other things for its humorous television ads was selected by leading executive search firm Waterstone Human Capital as one of the winners in its Canada's 10 Most Admired Corporate Cultures™ program, which is now in its seventh year. Coast Capital is one of two B.C. organizations to make this year's list.

"It is an honour to receive this award and the credit goes to our amazing employees who work hard to build and maintain our unique Coast Capital Savings culture," said Tracy Redies, Coast Capital's president and CEO, adding that the credit union is marking the honour by giving all employees an extra day off.

"We are committed to changing the way employees feel about work and giving them a reason to choose us that goes beyond a pay cheque," Redies said. "We believe a great workplace culture definitely adds to our appeal as an employer."

Marty Parker, Chairman and CEO of Waterstone Human Capital, said companies on this year's list are all leading examples of how winning cultures impact performance.
"This award recognizes the importance of great workplaces, but more importantly, great workplaces where culture drives performance," Parker said. "Culture is the one thing that distinguishes an organization. It's the greatest asset any organization can have, because it has the single greatest impact on performance."
Redies said Coast Capital has an employee engagement score of 82.58 per cent, adding that the credit union's corporate culture is rooted in its purpose to "Change the way Canadians feel about banking, forever." It's also displayed in the credit union's fun spirit and sometimes irreverent sense of humour, as well as a strong commitment to helping customers and supporting the community.

"We take our business seriously, but not so much ourselves, and that applies to everyone from branch staff to the executive team," Redies said. "We have a great work environment that leads to increased employee engagement, which in turn translates into the ability to deliver an even better service experience to the public, because happy employees help keep customers happy."

According to Waterstone Human Capital, the performance of the companies on the top 10 list in terms of three-year average revenue growth significantly outpaced the S&P/TSX 60 by an average of over 1,300 per cent or 13 times. Their performance in terms of a three-year compounded annual growth rate also outpaced the S&P/TSX 60 by an average of over 700 per cent or seven times.

Redies said Coast Capital posted strong financial results in 2010 and has one of the fastest customer growth rates in the industry. These successes, Redies said, were driven by the credit union's values, an integral part of its corporate culture.

"One of our values is, 'We invite innovation' and that was demonstrated when we put together a large, cross functional team of employees to develop our award-winning You're the Boss™ Mortgage," she said. "This is a great example of a group of people coming together to create a unique product to help our customers and then seeing the benefits of that product in action."

Coast Capital Savings Credit Union is Canada's second largest credit union with total assets under administration of $12.3 billion, more than 454,000 members and 50 branches in the Metro Vancouver, Fraser Valley, and Vancouver Island regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution and the country's most flexible mortgage product, the You're the BossTM Mortgage, which was named 2010 Mortgage of the Year by canadianmortgagetrends.com. Coast Capital is a member of Canada's Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit www.coastcapitalsavings.com.



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