In recognition of its organizational performance and breakthrough results, Roanoke Electric Co-op has been inducted into the prestigious Palladium Group Balanced Scorecard Hall of Fame for Executing Strategy.
Co-op leaders Curtis Wynn and Marshall Cherry were on hand to accept the coveted honor at Palladium’s global summit in London on March 21.
"We are honored to be recognized among global organizations, large and small, that have drastically improved the way they provide service to their respective customers," said Wynn, the co-op’s chief executive officer. “I couldn't be prouder of the work of our employees, whose performance has moved to a new level."
The co-op is one of five companies in the world to receive the award this year. “Each of them are inspiring examples of how vision and well-executed strategy can combine to make a real difference to our businesses and communities," said Christopher Hirst, a managing director at Palladium, which is an international think tank and consulting organization that works with corporations, governments and other groups to formulate strategies and implement solutions.
The Hall of Fame designation for Roanoke Electric comes nearly three years after it launched a “more nimble and efficient” approach to planning and executing its strategic objectives, Wynn said. This type of “strategy execution” methodology has long been adopted by top-performing companies around the world to achieve far-reaching goals.
For the co-op, the ambitious goals it set centered on raising the bar of performance in customer service, financial accountability, and operational efficiency – all in response to the heightened demands of an evolving industry and member-owner expectations.
In presenting the award, The Palladium Group cited several factors in its decision to award the co-op the distinguished honor. It praised the co-op mission to provide affordable and reliable power to its 14,500 member-owners, while also serving as a “catalyst for economic development” in an economically depressed region of North Carolina.
The group also noted the great strides the co-op made to boost its power system reliability. By implementing significant system improvements, the co-op has decreased service interruptions by more than 25 percent.
Palladium also acknowledged the co-op’s emphasis on measures to boost safety in the workplace. For the past two years, the co-op earned special recognition by the state of North Carolina for its safety record: 261,833 hours without a lost-time incident.
In addition, the group cited the co-op’s efforts to boost political engagement among its membership. Member-owner participation in ACRE Cooperative Owners for Political Action, the political action committee of the nation’s electric co-ops, has increased nearly 12 times over in recent years. Earlier this month, the co-op’s board of directors was honored for this notable achievement, receiving a national industry award for its leadership in support of the co-op’s efforts.
Cherry, the co-op’s chief operating officer, said when the co-op started its new strategy, he never anticipated the major impact it would have in such a short amount of time.
“Our employee team responded in a big way to change management,” he said, noting that he was also proud of the team’s efforts. “Our core values, established during the strategy process, have risen the bar in strategic thinking and performance across our entire organization.”
Roanoke Electric Cooperative is an electric utility providing service to 14,000 members in Bertie, Hertford, Halifax, Northampton, Gates, Perquimans and Chowan counties. This institution is an equal opportunity provider and employer.