Hello Conexus, Cornerstone and Synergy team members!
Welcome to the February update! We’re excited to share the latest news with you. This month’s update is a bit later than usual because we’ve been eagerly awaiting the results of the recent employee poll. A heartfelt thank you to everyone who participated—your insights are invaluable as we explore the potential merger between Conexus, Cornerstone, and Synergy Credit Unions.
GREAT NEWS!
We had strong participation in the poll, with 76% at Conexus, 89% at Cornerstone, and 91% at Synergy. Per the survey results, employees that indicated their intent to vote, the majority are in favor of the merger! The results were high with 89% at Conexus, 84% at Cornerstone, and 94% at Synergy. This is a fantastic foundation to build upon! Your feedback confirms that you understand the value and positive impact this proposed merger could bring to all three credit unions.
What We Heard
While most of you support the proposed merger, there was a common theme in the survey responses that change can bring uncertainty. Not having all the answers right now can make you feel uneasy, and we understand and appreciate this sentiment.
Many of you want to know more about the practical impacts of a merger, including integration plans, job security, team roles and structures, processes and systems, and how this will affect our members. To address your top concerns, we’ve added two new FAQs to the employee side of www.thrivingtogethersk.ca While we don’t have all the answers yet, we can share more about the process and key decision points so you’ll know when to expect more information.
The new FAQs are posted below for your reference.
Your feedback also confirmed that you value the transparency we’ve provided, and we’re committed to maintaining this approach. We’ll continue to provide clarity on the topics that matter most to you as more details become available. Thank you for your engagement and honest feedback—we’re on this journey together!
What’s Next in March
- Due Diligence Closes and Business Case Development Begins
The Organizational Culture Inventory® (OCI) survey closed mid-February and was one of the last critical steps in the due diligence process to help us better understand the unique cultures of our three organizations.
We are now thrilled to announce that our due diligence phase is nearly complete, providing us with valuable information to develop a business case. A sincere thank you to everyone who contributed to gathering the required information! This was no easy feat!
The final business case will be presented to the Boards of each partner credit union in late March and into early April for a decision on whether to proceed with recommending a member vote.
If the business case is approved, you’ll see and hear more communications throughout April as we move from the Exploration phase to the Recommendation Phase.
- Additional Support for Member Conversations
The employee poll also revealed that while many of you feel comfortable discussing the proposed merger with your leaders, some of you feel less confident when talking to members. We’re listening and want to help. We’re going to take this away and come back with extra support including key messages tailored specifically to each credit union to help you engage in meaningful discussions that resonate with each credit union’s members. And help you practise talking to members.
Our Ask of You
As we continue forward on this journey, we encourage you to:
- Stay informed by visiting www.thrivingtogethersk.ca for updates and key messages.
- Reach out with your questions! We’ll do our best to answer. https://thrivingtogethersk.ca/for-employees/#Contact
- Talk to members. Remember that as employees, you are also key ambassadors. How we communicate with members will help build trust and confidence in the path ahead.
NEW FAQs
- Is my job safe? How will I know what my role will be post-merger? How will roles, teams, and organizational structures be integrated?
We understand that you may be wondering how the proposed merger might affect you personally. It’s natural to feel some uncertainty at this early stage since many decisions are yet to be made.
While we don’t have all the answers right now, here’s why we are unable to provide the details you’re looking for just yet:
The process:
At this stage, no definitive decisions can be made regarding employees, teams, or the structure of the potential new credit union. These decisions will only take place after the membership vote, which will determine the formation of an inaugural board to oversee the new organization.
Once established, this new board will appoint a CEO from one of the existing credit unions. The new CEO will then lead the decision-making process regarding the organizational structure. Until this leadership is in place, neither the current boards nor leadership teams can make future structural decisions.
The commitment:
Although we do not know job titles and structure, we recognize the unique value each employee brings, fostering a culture of purpose, respect, and continuous learning.
We commit to transparent communication and provide a workplace that is safe, inclusive and diverse. We will invest in our employees’ development to prepare them for current and future opportunities, ensuring they are equipped to support our strategic goals.
We believe a benefit to employees will be the opportunity for employees to develop their careers over a broader network, with more variety in roles than available today. The new credit union will operate in a distributed way allowing individuals to work across the province, not necessarily needing to relocate.
To learn more about the principles that guide the discussions and decisions made by the Joint Partnership Committee, please visit www.thrivingtogethersk.ca (employee side) and check out the section titled Partnership Principles.
- How will we decide on which processes and systems will be used by the new credit union?
Following a successful membership vote, the credit unions will focus on developing a comprehensive integration plan from July to December, prioritizing key areas of work.
As with the exploration phase, the expertise of leaders and employees will be essential in shaping integration efforts. Their insights will help inform decisions on systems and processes, with planning efforts taking place in the second half of the year to ensure clarity before details are shared with employees.
We believe a benefit to employees will be able to equip them with better tools to perform their roles through the efficiency gained by sharing costs to drive improved processes, invest in modern technology and leverage broader experience.
Throughout this process, employees and members will receive regular, transparent communication about when and how changes will occur. Employees will also receive ongoing support to navigate any internal changes required for a smooth integration. Initially, members are unlikely to experience any direct impacts until integration plans are finalized, and employees are fully prepared to manage each transition effectively.