We feel immense pleasure in presenting to your good self, the term report as part of our course requirement. We found this report to be truly challenging in many aspects, indeed very interesting in relation to the various interpretational and engrossing exercises. Writing this report itself was truly a comprehensive learning experience.
We have tried our level best to complete the report with respect to the desired requirements. However, if any explanation is required, we would be honored to oblige. Kindly accept this humble effort of bringing forward our research and findings on the subject matter.
Yours sincerely,
ZEHRA HASAN ZAIDI
MUHAMMAD YASIR ALI
MAHNOOR AHMAD
ZUBAIDA MALIK
ACKNOWLEDGEMENT
In the Name of Allah, the most Beneficent and the most Merciful
Firstly, we are grateful to Almighty Allah for His utmost graciousness and help throughout our work. We bow our heads in front of our Lord on the successful completion of our term report.
We are profoundly indebted to our course faculty, Ms. Fauzia Kanwar, whose enormous support, mentoring, guiding principles and constructive disparagement has enabled us to accomplish this task. Without her constant check and immense determination, we would not have been able to complete our term report.
"THANK YOU MA'AM", for you sheer mentoring and enlightening our morals and intellect for good. We put forward our profound gratefulness for your support and generosity.
We are also indebted to Institute of Business Management for providing us with an opportunity to augment our skills and rationale through such projects.
Lastly, we extend our appreciation for our group members for their cooperation; collaboration and fortitude without which we could not have consummate the task by the dead line.
Hopefully, this report will lead to the positive reception and commend for our hard work.
INTRODUCTION
"Human resources are like natural resources; they're often buried deep. You have to go looking for them; they're not just lying around on the surface. You have to create the circumstances where they show themselves."
Ken Robinson
The shift in value from tangible assets (property, plant and equipment) to intangible assets (brands, intellectual property, people) has been evident for some time in many organizations. According to Peter Drucker 'The most valuable asset of a 20th century company was its production equipment. The most valuable asset of a 21st century institution will be its knowledge workers and their productivity'.
HUMAN RESOURCE DEVELOPMENT CENTRE (HRDC)
MISSION STATEMENT:
We at the HRDC believe that Bank Alfalah staff members are its most valuable asset. We are committed to shaping and developing their attitudes, upgrading their professional skills and unleashing their creative potential. This will be done through fostering a culture of professional excellence, life-long learning and continuous improvement - both in the classroom and the workplace.
IMPORTANCE OF TRAINING ACCORDING TO HRDC MANUAL:
A woodcutter was feverishly struggling to saw down a tree.
Asked a passer-by, "What are you doing?"
"Can't you see?" came the impatient reply. I am sawing down this tree.
You look exhausted, how long have you been at it? Exclaimed the passer-by.
Over five hours, he replied, and I am fagged out! This is hard work.
Well, why don't you stop sawing and spend some time on sharpening that saw? Enquired the passer-by. I am sure that it will work better and faster.
"I don't have time to sharpen the saw". Said the woodcutter emphatically. "I am too busy sawing".
So,
"It is important to take time out to sharpen the saw. This is a habit that makes higher achievement possible. Education and most importantly TRAINING sharpens your mental saw. Time invested in training pays dividends many times over."
HRDC OF BANK ALFALAH'S CREDO
What steers us is our focus on the future.
What holds us together is our common goal of finding a better way of doing things.
What directs us is our ability to achieve more than was thought possible.
What guides us is our conscience and the desire to make a real difference.
What defines us is our ambition.
What motivates us is improving the quality of work.
What moves us is the concept of new thinking and fresh ideas.
HRDC BANK ALFALAH'S TRAININGS INCUDE:
Training at SBPS's banker's training institute
Training on Time Management (Procrastination)
Training on Inspirational Goal Setting
Training on Capacity Building
Training on Business Etiquettes
Training on handling difficult behavior
Training on Interpersonal skill development (SOFT skills)
Training on Leadership
Training on Organizational Citizenship Behavior (OCB)
Training on MIS, Management Information Systems
And many more areas they cover and intend to cover in the future.
HRDC'S EXPECTATIONS FROM THE TRAINING SESSIONS:
What the HRDC expects from its training sessions is basically what an organization needs for success. It is the recipe of a great and fulfilling meal.
Employee job satisfaction level will increase
Employee productivity will increase
Organizational culture would be free of blame game and harassment
Employees will learn business etiquettes
Employees will be able to set and achieve inspirational and progressive goals
Employees will be enlightened and enthusiastic towards their work
Organizational capacity building will reach its zenith
Company performance pace would rise extraordinarily
Organization will create an environment where people work for mutual benefit
More professionals will be developed
TRAINING PROGRAMS
TWO of the numerous trainings HRDC, Alfalah ensures for its Human Resources are:
"THE BEST OF ME UNDER CONSTRUCTION" program
"FOCUS ON THE FUTURE" program
THE BEST OF ME UNDER CONSTRUCTION PROGRAM
Having a low opinion of you is not "modesty". It is self-destruction. Holding your uniqueness in high regard is not "egotism". It is a necessary precondition to happiness and success.
Bobbe Sommer
This program focused on the development of the employees' personality and efforts were made in order to build a strong self-esteem in their staff.
This program bordered the following five areas:
VISION BOARD
TAKING CHARGE
THE WHEEL OF LIFE
INSPIRATIONL GOAL SETTING
INTERPERSONAL COMMUNICATION
VISION BOARD:
The first activity in this was the vision board which is a collage of images of things you want in your life. A vision board is a simple yet powerful visualization tool that activates the universal law of attraction to begin manifesting your dreams into reality. The concept of the vision board (also known as a goal board, goal map, or treasure map) has been around for generations, but it's gained a renewed interest and popularity after success expert John Assaraf related his story of using vision boards to achieve his dreams in the best-selling DVD documentary The Secret.
TAKING CHARGE:
Taking charge of yourself means taking responsibility end to end and not playing the blame game rather being accountable for all your actions. Some people might try to use religion as a shield for hiding their complacency in taking charge of their lives. Such people forget that you embark upon a journey yourself and HE shows you the way.
It is basically the I CAN attitude versus the I CAN'T attitude.
Life's difficulties are similar for most people. Sickness, unemployment, education, disagreements, compromises. There are some people who face these situations boldly and come out with flying colors, while others end up with feelings of dejection and sorrow, or have nervous breakdowns. The main difference between the two groups is that the members of the first group have learnt the art of managing their feelings and emotions, while those of the second have not.
Given below in the left column is a list of such utterances which you have used over and over. Each has a built in message that you are not responsible for how you feel. In the right column, the same utterances have been correctly written to depict the truth that you ARE in charge of your feeling emanate from the thoughts you have about people and things in your life.
Height scares me.
I scare myself at high places.
You are embarrassing me.
I am embarrassing myself.
Yes, I am upset. I can't help the way I feel.
I can help the way I feel, but I have chosen to feel upset.
You made a fool of me.
I made a fool of myself by taking your opinion of me more seriously than my own.
THE WHEEL OF LIFE:
The wheel of life has 8 dimensions:
Family and social
Financial independence
Spiritual depth
Intellectual development
Positive attitude
Health and fitness
Self-growth
Career and profession
Where all that is required of you is prioritizing your priorities. The trainer exemplified the famous example of the mayonnaises jar.
When things in your life seem almost too much to handle, when 24 hours in a day are not enough, remember the mayonnaise jar and the 2 Beers.
A professor stood before his philosophy class and had some items in front of him.
When the class began, he wordlessly picked up a very large and empty mayonnaise jar and proceeded to fill it with golf balls.
He then asked the students if the jar was full.
They agreed that it was.
The professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly.
The pebbles rolled into the open areas between the golf balls.
He then asked the students again if the jar was full.
They agreed it was.
The professor next picked up a box of sand and poured it into the jar.
Of course, the sand filled up everything else.
He asked once more if the jar was full..
The students responded with a unanimous 'yes.'
The professor then produced two Beers from under the table and poured the entire contents into the jar effectively filling the empty space between the sand.
The students laughed..
'Now,' said the professor as the laughter subsided, 'I want you to recognize that this jar represents your life.
The golf balls are the important things---your family, your children, your health, your friends and your favorite passions---and if everything else was lost and only they remained, your life would still be full.
The pebbles are the other things that matter like your job, your house and your car.
The sand is everything else---the small stuff.
'If you put the sand into the jar first,' he continued, 'there is no room for the pebbles or the golf balls.
The same goes for life.
If you spend all your time and energy on the small stuff you will never have room for the things that are important to you.
Pay attention to the things that are critical to your happiness.
Spend time with your children.
Spend time with your parents.
Visit with grandparents.
Take your spouse out to dinner.
There will always be time to clean the house and mow the lawn.
Take care of the golf balls first---the things that really matter.
Set your priorities.
The rest is just sand.
And, the Beer just shows you that no matter how full your life may seem, there's always room for a couple of Beers with a friend.
INSPIRATIONL GOAL SETTING:
If people do not laugh at your dreams, then your dreams are not big enough!
Anonymous
This activity was based on an inspirational goal setting using the example of John Goddard.
From early childhood I had always dreamed of becoming an explorer. Somehow I had acquired the impression that an explorer was someone who lived in the jungle with natives and lots of wild animals, and I couldn't imagine anything better than that! Unlike other little boys, most of whom changed their minds about what they want to be several times as they grew older, I never wavered from this ambition. (John Goddard)
To dare is to do … to fear is to fail. This philosophy has characterized John Goddard since he was 15, when he listed 127 challenging lifetime goals-like exploring the Nile, climbing Mt. Everest, running a five-minute mile and playing Clair de Lune on the piano. Now a generation later, he has accomplished 109 of these quests and has logged an impressive list of records in achieving them.
Are there 127 adventurous dreams you would like to achiever in your time?
If not, then START DREAMING and live them!
His original 127 goals and subsequent accomplishments:
Explore:
1. Nile River
2. Amazon River
3. Congo River
4. Colorado
5. Yangtze River, China
6. Niger River
7. Orinoco River, Venezuela
8. Rio Coco, Nicaragua
9. The Congo
10. New Guinea
11. Brazil
12. Borneo
13. The Sudan (Nearly buried alive in a sandstorm)
Study Tribal Cultures in:
14. Australia
15. Kenya
16. The Philippines
17. Tanganyika (Now Tanzania)
18. Ethiopia
19. Nigeria
20. Alaska
Climb:
21. Mount Everest
22. Mount Aroncagua, Argentina
23. Mount McKinley
24. Mount Huascaran, Peru
25. Mount Kilimanjaro
26. Mount Aratat, Turkey
27. Mount Kenya28. Mount Cook, New Zealand
29. Mount Popocatepetl, Mexico
30. The Matterhorn
31. Mount Rainier
32. Mount Fugi
33. Mount Vesuvius
34. Mount Bromo, Java
35. Grand Tetons
36. Mount Baldy, California
37. Carry out careers in medicine and exploration
38. Visited every country in the world (visited 122 already).
39. Study Navaho and Hopi cultures
40. Learn to fly a plane
41. Ride horse in Rose Parade
Photograph:
42. Iguacu Falls, Brazil-Argentine border
43. Victoria Falls
44. Sutherland Falls, New Zealand
45. Yosemite Falls
46. Niagara Falls
47. Retrace the travels of Marco Polo and Alexander the Great
Explore underwater:
48. Coral reefs of Florida
49. Great Barrier Reef, Australia
50. Red Sea
51. Figi Islands
52. The Bahamas
53. Explore Okefenokee Swamp and The Everglades
Visit:
54. North and South Poles
55. Great Wall of China
56. Panama and Suez Canals
57. Easter Island
58. The Galapagos Islands
59. Vatican City (saw the Pope)
60. The Taj Mahal
61. The Eiffel Tower
62. The Blue Grotto
63. The Tower of London
64. The Leaning Tower of Pisa
65. The Sacred Well of Chichen-Itza, Mexico
66. Climb Ayers Rock in Australia
67. Follow River Jordan from Sea of Galilee to Dead Sea
Swim in:
68. Lake Victoria69. Lake Superior
70. Lake Tanganyika
71. Lake Titicaca
72. Lake Nicaragua
Accomplish:
73. Become an Eagle Scout
74. Dive in a submarine
75. Land and take off from an aircraft carrier
76. Fly in a blimp, hot air balloon and glider
77. Ride an elephant, camel, ostrich and bronco
78. Skin dive to 40 feet and hold breath two and a half minutes underwater
79. Catch a ten pound lobster and a ten inch abalone
80. Play flute and violin
81. Type 50 words a minute
82. Make a parachute jump
83. Learn water and snow skiing
84. Go on a church mission
85. Follow the John Muir Trail
86. Study native medicines and bring back useful ones
87. Bag camera trophies of elephant, lion, rhino, cheetah, cape buffalo and whale
88. Learn to fence
89. Learn jujitsu
90. Teach a college course
91. Watch a cremation ceremony in Bali
92. Explore depths of the sea
93. Appear in a Tarzan movie
94. Own a horse, chimpanzee, cheetah, ocelot and coyote
95. Become a ham radio operator
96. Build own telescope
97. Write a book on the Nile expedition
98. Publish and article in National Geographic magazine
99. High jump five feet
100. Broad jump fifteen feet
101. Run a mile in five minutes
102. Weigh 175 pounds stripped (still does)
103. Perform 200 sit-ups and 20 pull-ups
104. Learn French, Spanish and Arabic
105. Study dragon lizards on Komodo Island
106. Visit birthplace of Grandfather Sorenson in Denmark
107. Visit birthplace of Grandfather Goddard in England
108. Ship aboard a freighter as a seaman
109. Read the entire Encyclopedia Britannica (Has read extensive parts in each of the 24
volumes)
110. Read the Bible from cover to cover
111. Read the works of Shakespeare, Plato, Aristotle, Dickens, Thoreau, Poe, Rousseau,
Bacon, Hemmingway, Twain, Burroughs, Conrad, Talmage, Tolstoy, Longfellow,
Keats, Whittier and Emerson (not every work of each) 112. Become familiar with the compositions of Bach, Beethoven, Debussy, Ibert,
Mendelssohn, Lalo, Rimsky-Korsakov, Respighi, Liszt, Rachmaninoff, Stravinsky,
Toch, Tchaikovsky, Verdi
113. Become proficient in the use of a plane, motorcycle, tractor, surfboard, rifle, pistol,
Canoe, microscope, football, basketball, bow and arrow, lariat and boomerang
114. Compose music
115. Play Clair de Lune on the piano
116. Watch fire-walking ceremony (in Bali and Surinam)
117. Milk a poisonous snake
118. Light a match with a .22 rifle
119. Visit a movie studio
120. Climb Great Pyramid of Cheops (Egypt)
121. Become a member of the Explorers' Club and the Adventures' Club
122. Learn to play polo
123. Travel through the Grand Canyon on foot and by boat
124. Circumnavigate the globe (four times)
125. Visit the moon
126. Marry and have children (2 sons, 4 daughters)*
127. Live to see the 21st century
INTERPERSONAL COMMUNICATION:
Interpersonal communication is a vital and integral part of the health and well-being of any organization. Interpersonal communication in today's companies, along with organizational communication, has not only become far more complex and varied but more important to the overall functioning and success of the organization. The role of interpersonal communication within the corporate world has become more of a challenge due to the fact that the emphasis has increasingly turned to understanding how new communication technologies and capabilities can help bring about new and more effective organizational forms and processes. The emergence of such technologies as email, cell phones, pagers, and hand held computers have reduced the frequency at which organizations encourage the one-on-one relationship between manager and subordinate. The flow of communication is in more abundance in the form of organizational communication such as corporate emails, newsletters, press releases, and departmental meetings. The rise of technology has given corporations the fast track on communication, while downplaying the importance of face-to-face communication. This creates a problem at the very heart of a company's success, the interpersonal relationship between a manager and subordinate within an organization.
This session aimed at providing insights about :
Effective verbal communication
Body language, posture and voice tone
Empathy
Negotiation
Building rapport
Building trust and respect
Conflict resolution
FOCUS ON THE FUTURE PROGRAM
This program focused on the employees' working ability enhancement and efforts were made in order to inculcate effective working techniques in to their staff.
The program bordered the following five areas:
TEAM PLAY
THE SALAMI TECHNIQUE, THE BALANCE SHEET METHOD AND HABIT CHANGE - A SYSTEMATIC APPROACH
OCB
ORGANIZATIONAL JUSTICE
PUSH FOR PERFECTION
TEAM PLAY:
This session focused on Cooperation with others; Working on a team effectively; Listening for understanding; and Talking with respect etc.
Team play is an attribute every organization wants their employees to have built in them. Employees who work well in teams and respect each other's rights are less vulnerable to conflicts in an organization.
A team player:
Shows commitment to the team
Demonstrates reliability
Functions actively
Listens actively
Shares openly and willingly
Exhibits flexibility
THE SALAMI TECHNIQUE, THE BALANCE SHEET METHOD AND HABIT CHANGE - A SYSTEMATIC APPROACH:
Jeffery Mayer in his famous book suggests the following three ways to overcome procrastination and theses ways were taught in this session.
The Salami Technique:
In its uncut state, salami (fat sausage) looks unappetizing. When cut in thin slices, it looks more manageable, something you would like to get your teeth into. Similarly, an unpleasant task as a whole looks too tough to tackle. However, when broken down it easy steps, the task looks much less daunting.
The balance sheet method:
Take a plain sheet of paper. On the left hand side list all the reasons for not doing a particular job that you have been postponing. On the right hand side, list the benefits that will accrue from successfully accomplishing this task.
The effect of this technique is often quite dramatic. It will awaken you from your lethargy and motivate you to get on with it 'pronto'.
Habit Change - A systematic approach:
This is a more fundamental approach which recognizes that the problem is not with a particular job but with YOU and your habit of procrastination.
ORGANIZATIONAL CITIZENSHIP BEHAVIOR:
Organizational Citizenship Behavior comprises of behaviors like:
Helping Behavior
Sportsmanship
Organizational Loyalty
Organizational Compliance
Individual Initiative
Civic Virtue
Self-Development
OCB is pivotal in the success of any organization. If all employees practice civic virtues, the organizational culture will flourish. It is therefore necessary to practice and train employees on these virtues.
ORGANIZATIONAL JUSTICE:
Organizational justice means the fairness and righteousness in organizational matters. It comprises of the following three:
Distributive Justice is conceptualized as the fairness associated with decision outcomes and distribution of resources.
Procedural Justice is defined as the fairness of the processes that lead to outcomes. When individuals feel that they have a voice in the process or that the process involves characteristics such as consistency, accuracy, ethicality, and lack of bias then procedural justice is enhanced.
Interactional Justice refers to the treatment that an individual receives as decisions are made and can be promoted by providing explanations for decisions and delivering the news with sensitivity and respect.
PUSH FOR PERFECTION:
In this small talk, focus was on being competent in everyday routine tasks being assigned to the staff members and how can employees improve their level of efficacy by using the skills of negotiation etc.
LEADERSHIP LESSONS BY STEVE JOBS
ARTICLE PRESENTATION
THE REAL LEADERSHIP LESSONS OF STEVE JOBS
BY WALTER ISAACSON
SUMMARY OF THE ARTICLE:
Take Responsibility End to End :
Jobs and Apple took end-to-end responsibility for the user experience-something too few companies do. Part of Jobs's compulsion to take responsibility for what he called "the whole widget" stemmed from his personality, which was very controlling. But it was also driven by his passion for perfection and making elegant products.
Know Both the Big Picture and the Details :
Jobs's passion was applied to issues both large and minuscule. Some CEOs are great at vision; others are managers who know that God is in the details. Jobs was both. Time Warner CEO Jeff Bewkes says that one of Jobs's salient traits was his ability and desire to envision overarching strategy while also focusing on the tiniest aspects of design.
Engage Face-to-Face :
Jobs was a strong believer in face-to-face meetings. "There's a temptation in our networked age to think that ideas can be developed by e-mail and iChat. Jobs hated formal presentations, but he loved freewheeling face-to-face meetings. He gathered his executive team every week to kick around ideas without a formal agenda, and he spent every Wednesday afternoon doing the same with his marketing and advertising team. Slide shows were banned. "I hate the way people use slide presentations instead of thinking," Jobs recalled. "People would confront a problem by creating a presentation. I wanted them to engage, to hash things out at the table, rather than show a bunch of slides. People who know what they're talking about don't need PowerPoint."
Tolerate Only "A" Players :
Jobs was famously impatient, petulant, and tough with the people around him. But his treatment of people, though not laudable, emanated from his passion for perfection and his desire to work with only the best. "I've learned over the years that when you have really good people, you don't have to baby them
"By expecting them to do great things, you can get them to do great things.
Impute :
He knew that people form an opinion about a product or a company on the basis of how it is presented and packaged. "Mike taught me that people do judge a book by its cover," he told the author.
Bend Reality :
Jobs's (in) famous ability to push people to do the impossible was dubbed by colleagues his Reality Distortion Field, after an episode of Star Trek in which aliens create a convincing alternative reality through sheer mental force. An early example was when Jobs was on the night shift at Atari and pushed Steve Wozniak to create a game called Breakout. Woz said it would take months, but Jobs stared at him and insisted he could do it in four days. Woz knew that was impossible, but he ended up doing it.
Don't Be a Slave to Focus Groups :
Caring deeply about what customers want is much different from continually asking them what they want; it requires intuition and instinct about desires that have not yet formed. "Our task is to read things that are not yet on the page," Jobs explained. Instead of relying on market research, he honed his version of empathy-an intimate intuition about the desires of his customers. He developed his appreciation for intuition-feelings that are based on accumulated experiential wisdom
Put Products before Profits :
He never spoke of profit maximization or cost trade-offs. "Don't worry about price, just specify the computer's abilities," he told the team leaders.
When Behind, Leapfrog to End:
The mark of an innovative company is not only that it comes up with new ideas first. It also knows how to leapfrog when it finds itself behind. That happened when Jobs built the original iMac. He focused on making it useful for managing a user's photos and videos, but it was left behind when dealing with music.
Simplify :
Jobs's Zenlike ability to focus was accompanied by the related instinct to simplify things by zeroing in on their essence and eliminating unnecessary components. "Simplicity is the ultimate sophistication," declared Apple's first marketing brochure.
Focus :
Focus was ingrained in Jobs's personality and had been honed by his Zen training. He relentlessly filtered out what he considered distractions. Colleagues and family members would at times be exasperated as they tried to get him to deal with issues-a legal problem, a medical diagnosis-they considered important. But he would give a cold stare and refuse to shift his laserlike focus until he was ready.
Combine the Humanities with the Sciences :
He connected the humanities to the sciences, creativity to technology, arts to engineering. There were greater technologists (Wozniak, Gates), and certainly better designers and artists. But no one else in our era could better firewire together poetry and processors in a way that jolted innovation. And he did it with an intuitive feel for business strategy.
Stay Hungry, Stay Foolish :
Jobs helped write the text for the "Think Different" ads: "Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes…" If there was any doubt that, consciously or not, he was describing himself, he dispelled it with the last lines: "While some see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world are the ones who do."
6 THINGS A BOSS MUST NEVER SAY TO AN EMPLOYEE
Bank Alfalah's training demands appreciation since it focused not only on employee training but also on the training of its managers.
Don't Say -"I pay your salary. You have to do what I say"
This statement is dictatorial. Threats and power plays are not the way to inspire loyalty or great performance from the individual workers. Great executives lead by inspiring, teaching, encouraging, and even serving their employees. Good leaders do not need to threaten.
Don't Say -"I was here late last night, and on Saturday morning. Where were you?"
Expressing veiled pressure that an employee should be on duty 24/7 is erroneous and a sure path to dissatisfaction and low morale for workers. Just because a manager works seven days a week doesn't mean that faithful employees should do the same.
Don't Say - "We've got to cut costs" (at the same time the manager is buying a new desk)
When times are difficult, employees respect supervisors who are empathetic to the challenges employees must face. They resent any leader who lives a different standard. In challenging times, managers should lead by example.
Don't Say - "I don't want to listen to your complaints"
As a boss you should actively seek feedback, even negative comments. I suggest a leader listen with an open mind and fully consider an employee's issues. Even in the case of a problem that can't be helped, allowing an employee to vent for even a minute or two can go a long way toward building loyalty and high morale.
Don't Say - "We've always done it this way"
This statement is a sure way to squash innovation. A better statement is to ask "What do you suggest we do to improve?" In all likelihood, employees do know what can and should be done to enhance any task. Our job as managers is to encourage workers to find creative solutions to age old problems and to reward them for their clear thinking.
Don't Say - "You're doing a terrible job"
Managers need to communicate expectations clearly. They should give employees the resources, budgets, deadlines, training and support they need to complete an assignment with distinction. Managers should ask workers to repeat the instructions they receive to insure they fully understand the assigned tasks. If employees make repeated mistakes, perhaps the task doesn't match the employee's competency or they have been given unclear instructions.
COST AND BENEFIT ANALYSIS
"Training is costly - but ignorance is costlier"
The role of employee training and development is becoming more important as companies are increasingly relying on the knowledge, skills and abilities of their human capital to drive firm performance. The most important single ingredient in the formula for success knowing how to nurture people. Training and learning is costly as written here, but ignorance is costlier! And as Abigail Adams said "Learning is not attained by chance, it must be sought for with ardor and attended to with diligence". Therefore corporations try to ensure continuous development of their employees so that there comes no saturation point in the creative upbringing of them.
BENEFITS OF EMPLOYEE TRAINING
The benefits of employee training are both intrinsic and extrinsic and some of them are mentioned below:
Job satisfaction
Employee productivity
Cost benefits
Staff retention
Improved quality and productivity
Remaining competitive
Flow on effect
Training's effects ripple throughout the organization!
Instead of paying recruitment fees, re-investing in training, loss of management time why not treat your people as your number one asset? Invest in their development and they will receive a return your investment many times over. Businesses must continually change their work practices and infrastructure to stay competitive in a global market. As well as impacting on business profit margins, training can improve: staff morale and satisfaction, 'soft skills' such as inter-staff communication and leadership, time management and customer satisfaction.
COSTS OF EMPLOYEE TRAINING
Since training is a major component in enhancing employee competencies, tracking the training-cost-per-employee metric helps determine the investment in training at an individual level. This metric can be computed by dividing the total training cost for an organization by its headcount.
Training cost per employee
=
Total training costs
Headcount
Capturing the training cost per employee is only the initial step in quantifying the value of training. From there, it is necessary for HR professionals to analyze the effectiveness of training by identifying operational results, if any, that training had on employee performance. To more completely evaluate the return on investment of training, HR professionals must work with department managers to determine the effects of improved employee performance on business results.
When calculating the training-cost-per-employee metric and comparing it to organizations those are similar, it is essential to know what specific costs are included. The table here presents five cost factors to be taken into consideration when computing total training costs.
Training Costs
• Development costs (e.g., salaries and benefits of personnel, equipment).
• Direct implementation costs (e.g., training materials, technology costs, facilities, travel, equipment, instructor's salary and benefits).
• Indirect implementation costs (e.g., overhead, general and administrative).
• Compensation for participants.
• Lost productivity or costs of "backfilling" positions during training.
Source: U.S. Office of Personnel Management. (2000). A guide to strategically planning training and measuring results. Washington, DC: Author.
VALUE OF TRAINING AND SKILLS DEVELOPMENT PROGRAMS
The three categories where training can provide a measurable return on investment are:
Revenue generation
Productivity/performance improvement
Cost reduction
MODELS OF ESTIMATION
The various models that are used to estimate the benefits of the training program are as under:
The Return on Investment Model (ROI): Organizations spend huge amount of money on employee development, it is therefore very important to ascertain the benefits of training. Different studies were conducted to evaluate the effectiveness of training programs. In one of the studies it was found out that sales and technical trainings gave better ROI compared to managerial training programs. Ford, for example, evaluates all the training programs against the profitability in a given product line.
Utility Analysis: Utility itself is a function of the duration up to which the training leaves an impact upon the trainee, the relative importance of the training program, the importance of the position or profile that received training and the cost of conducting the training. For example leadership programs conducted for top and middle management tend to be high on value where as sales training programs for the front line sales staff tends to be low on value scale. Utility analysis basically derives the effectiveness from analyzing the change in the behavior of the trainee and the positive financial implications of the same.
RECOMMENDATIONS FOR THE FUTURE TRAINING PROGRAMS
Being business students, and after our fulfilling research, we present some recommendations for BANK ALFALAH'S HRDC which they might undertake in the future!
JOB AID:
The first is Job Aid. Tools can be given to employees to help them perform their jobs better. These tools include: manuals, checklists, phone lists, procedural guidelines, decision guidelines and so forth. Job aids are very useful for new employees, employees taking on new responsibilities and for activities that happen infrequently.
PEER-ASSISTED LEARNING:
Two employees agree to help each other learn different tasks. Both employees should have an area of expertise that the co-worker can benefit from. The employees take turns helping their co-worker master the knowledge or skill that they have to share.
'STRETCH' ASSIGNMENTS:
These assignments give the employee an opportunity to stretch past his or her current abilities. For example, a stretch assignment could require an employee to chair a meeting if the person has never done this before. To ensure that chairing the meeting is a good learning experience, the manager should take time after the meeting to discuss with the employee what went well and what could have been improved.
COMMITTEES:
Committees are part of every-day activity in any organization. They can also be effective learning tools, with the right focus. Committees made up of staff from different areas of your organization will enhance learning by allowing members to see issues from different perspectives. Set aside part of the committee's work time to discuss issues or trends that may impact on the organization in the future.
COURSES OFFERED BY COLLEGES OR UNIVERSITIES:
Many colleges and universities offer courses relevant to employees in the non-profit sector. Employees may attend these classes on their own time or your organization may give them time off with pay to attend. Employees are often compensated by the organization for the cost of the course.
CONCLUSION
"Training is everything. The peach was once a bitter almond; cauliflower is nothing but cabbage with education."
Mark Twain
In today's economy, if your business isn't learning, then you're going to fall behind. And a business learns as its people learn. Your employees are the ones that produce, refine, protect, deliver and manage your products or services every day, year in, year out. With the rapid pace and international reach of the 21st century marketplace, continual learning is critical to your business's continued success. Therefore, START TRAINING AND NURTURING!
Bank Alfalah Limited pays a lot of attention on its human resource. It was previous that human labor was used as a cost in businesses but now it is treated as a resource, With this philosophical change guiding Bank Alfalah, their staff is being trained at equal quarters and Bank Alfalah's progress speaks of it.
