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Hospitality Credit Union to reengineer and retool

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Monday, January 17, 2005 - The Hospitality Credit Union (HCU) has taken the lead step to incorporate re-engineering and re-tooling, as key ingredients in re-shaping the credit union’s corporate plans for the next three years.

Last week, the decision makers of the credit union met with Trinidadian consultant, Mahindra Satram-Maharaj to undertake an Organizational Diagnosis of the Hospitality Credit Union.

Treasurer of the Credit Union Mr. Elvis Alcee, said, “the executive body wanted to revamp the organization to become CSME ready. I think we have operated in the past in an adhoc manner, this time we are establishing a structured organization so when we move we can find ourselves prepared for the CSME, and the organization has to be cognisant of that. Globalisation is at our doors, we cannot run away from it.”

Moreover, Mr. Alcee said that as a financial institution, the credit union wanted to strengthen its capacity to better serve its membership.

Meanwhile, the Managing Director of Mahindra Satram- Maharaj and Associates, who administered the Diagnostic Plan, said it was an opportune time for the Hospitality Credit Union to undertake this restructuring process. He further recommended that other corporate entities conduct similar exercises.

“There’s no two ways about it,” said Mr. Satram-Maharaj. “All institutions, all financial institutions need to look at corporate re-tooling and corporate re-engineering. We have to start now; in fact we should have started yesterday from a national perspective, because CSME and FTAA mean that we are competing with the world.”

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