We have to make plan If we want to achieve any task the plan will make you see the strength and weakness of your plan. Finance 4 u is the finance company which is badly hit by the credit crunch. Any finance company includes mainly selling of the financial products such as, selling insurance, accounting services, investment in shares, mutual funds Chartered services and many more and many other different financial products. Due to the credit crunch many investors in the company is badly hit and stopped the investment for the temporary period. So the morale of the company employees is down because of the financial product sales is decreased. However, credit crunch is now an old story as the market in the financial sector is started to pick up. The staffs in finance 4 u are still low and need to develop the personal and professional skills.
The morale of staff in Finance 4 u is quite low in both personal and professional life, because of the last few months' record of sales and profit. As the finance company only operates and concentrates on the numbers which has to be increasing and not decreasing.
Plan:-
Personal development refers to individual self-development and the development of others. By extension, personal development may involve programs, tools and methods. At the level of individual personal development includes goals, plans or actions oriented towards one or more aims. (Peter F. Drucker, "Managing Oneself", Best of HBR 1999)
The plan of the personal and professional skills has to designed in such a way that should be achievable and easy to understand and acceptable. Every plan for developing and improvement of the skill has to get the alternative plan. Every plan has 2 major parts the long term plan and the short term plan.
Objectives and Goals:-
The objective of a PDP should be SMART:
Specific - clearly stating what is to be achieved
Measurable - how will you know you have been successful?
Action-orientated - specifying what needs to be done
Realistic - is it within your control and capability
Timely - achievable within a credible timescale (ideally with some short term actions to boost motivation)
Specific
The staffs here have to develop the personal and professional skill.
Measurable
The improvement by initiating the idea should be measureable in terms of the data.
Action Orientated
The plan should be easily actionable and should be easily implemented and should not be burden to the employees.
Realistic
The plan should be realistic and can be achievable in real terms, so that the staff should not be frustrated.
Timely
The plan which is implemented should be timed so that the improvement of the plan can be measured.
Short term plan
Short term plan for Finance 4 u is to get back to the position of coming back attitude in the market among the employees. This can be done by telling them or realising them that the market situation is now better and you can start performing and getting the old clients back in to the action. This process should not take more than 2 months from the date of implementing the plan. This can be done by proper training to the employees on the real life situation and telling them examples about similar situation happened before within the company or outside the company. This may increase the morale of the employees and start performing. The short term plan is basically for 2 to 3 months.
Medium term plan
Medium term plan is to start performing as usual in the office as getting connected to the clients. However, it's not that important to get the business from those clients. It is just the push and coming back to the market and start doing the day to day activities. This helps the staff in getting back the morale and interest towards the work. This activity will give you the gesture of the touch of the market. In the medium term plan the most important thing is to get the new customer and at this point the level of personal skill should be properly achieved with the training. There should be appropriate plan to achieve the objectives of the main plan. The medium term plan is for 5 to 7 months.
Long term plan:-
To achieve the long term plan for finance 4 u will be little bit though. However to get in to the business again the company employees has to be properly trained and there should be proper balance between personal and professional life. If the employees are relaxed only they would be interested in working for the company. The employees have been encouraged for working towards the goal of the company. After encouragement for some months, staffs have to be given some extra benefits for achieving the goals of the company. 2 parallel plans should be run together. 1st plan should be for the development for the employees skill and 2nd for the development of the company. While executing the short term plan and medium term plan the managers has to inform the achievement and discouragement of the plan. The employees have to be informed about the plan and the level of achievement of the plan every week in the meeting. The employees has to informed about their progress data for the past performance and inform them about what could have been better and where are they lacking. The long term plan is for the period of 1 year.
Task - 2
Introduction:-
Review of the plan drawn in the first task.
Identify obstacles to achieving objectives and how to overcome them.
As mentioned in the short term plan of coming back in to the market, which is most important thing for achieving the main objective of the plan. At this movement the morale of the employees is to low as there is no proper business and market situation is not good. However the business plan should include the strategy of moving the business into proper direction. The important thing to change the state of the employees mind is very important for the business. The time mentioned above has to be achieved by any means otherwise the company can be bankrupt. Achieving the short term plan is very easy as in this task only the team of 10 members has to see that the employees realises that the market situation is good and we can start making money now. The main downturn of morale of the employees is not getting the business and they are cared of losing the job. This same point of losing the job can be turned into positive sense and can get done by the employees this can be only possible how mangers deal with the situation.
Objective:-
Describing the need to review and monitor your plan.
The review and monitoring the plan is very important to keep an eye on what actually happening in execution of the plan. As mentioned above about the market situation is changed and need to start getting the business. So the managers appointed for this particular project needs to see that the employees also know about this fact and should work upon it. Managers need to try and make them busy for doing some or the other things. Because there are 3 stages in the plan and one is connected to the other, so it is very important that the timescale which is given for the particular short term plan has to be executed on time to start with the medium term plan and if not then, if you have any alternative plan so you can start with it.
Explain the importance of self review:-
It is very important of self reviewing the project if you are the manager or not, so that you will know that how your plan is executed along side. While reviewing your plan you will come to know that where are you lacking down and where have you done well.
Provide a reflective record of management experience in achieving your objectives.
If you have achieved your task or plan which is already been executed, and with the positive result than it is a positive sign of the execution of the plan. It is also helpful to continue with the plan with a positive sign so that your confidence level is higher than usual.
Describe how it is sometimes necessary to gain support from others to achieve goals and work objectives.
In this case it is very important to work together because there are 10 members in the team for the execution of the plan. So it is very important to work together. Also without the support of the employees the execution of the plan would never be possible.
Task - 3
Introduction:-
Chartered Institute of Professional Development can also be defined as the conscious updating of professional knowledge and the improvement of professional competence throughout a person's working life. It is a commitment to being professional, keeping up to date and continuously seeking to improve. It is the key to optimizing a person's career opportunities, both today and for the future (Chartered Institute of Professional Development (2000)).
Continuous development of the skills and capabilities within BP's technical community is vital for BP's future success. Learns more about one initiative in the company's wider strategy for maintaining its distinctive business performance
Talk resources to a multinational oil company and the conversation will almost certainly turn to oil in the ground or money in the bank - and numbers running to ten figures or more. But a third resource that is critical to the continuing output of the first two and more likely to be measured in mere thousands - people - is beginning to command more attention across the industry, as competition for the best technical talent increases.
Last year, BP conducted a strategic review of technical skills and capabilities to examine trends in the industry workforce and how the supply and demand picture will change over the next 20 years.
In common with other oil companies, BP has a 'retirement bulge' looming in the next five to ten years, as the sizeable cadre of engineers and technologists recruited in the 1970s in the UK and USA to meet the challenges of opening up the North Sea and Alaska nears retirement age.
Meanwhile, the number of graduates in the earth sciences emerging each year from North American and British universities - BP's traditional recruiting grounds for its technologists - is continuing to fall. At the same time, the company's operations are taking it into new areas of the world such as Russia and China, where increasing numbers of students are graduating with engineering and science degrees.
Andrew Cockerill, BP's director of capabilities within group technology, says that after an inevitable period of rationalisation that followed the company's mergers and acquisitions at the end of the 1990s, BP is once again expanding its technology base.
'As a technology-based company, it is critical that we continue to invest in our technical skills and capabilities,' explains Cockerill. 'Over the past year or so, we have developed a much clearer view of our existing capabilities, and we have identified the areas where we need to increase the strength of resources inside the company.'
But the challenges in attracting those resources are already apparent, not only to BP, but to its international competitors too. Recruitment of experienced engineers and scientists is growing in other industry sectors, and filling internal vacancies with the right calibre of technologist cannot be taken for granted. So how will BP ensure it has the skills necessary to sustain its business in the future?
Cockerill stresses the importance of an 'informed' rather than a 'reactive' approach to the problem. To this end, the company is launching a group-wide initiative this year to guide the skills development of its 12,000-strong pool of technologists.
Global skills framework:-
Part of this initiative will see the re-launch of 'Competency-on-line', a computer-based tool that was first introduced in BP almost five years ago to define the skills or competencies required for particular technology jobs in individual business units, and to guide the individual learning and development of staff. 'The key difference now is that the technical competency frameworks will be used globally across the company,' adds Cockerill.
Because the development of the original competency frameworks was left to the individual business units, Cockerill believes their 'variable and inconsistent' content often made it difficult for the units to make effective use of each others' frameworks. Uptake of the initiative consequently varied across the group - while the exploration and production business used it extensively, some of the other business units did not.
One of the first tasks, therefore, has been to overhaul the 22 technical frameworks that the separate business units had drawn up for their various disciplines. 'The challenge is getting a set of competencies and skills across the different disciplines that has some commonality,' explains Chuck Bild, project manager for the technical competency framework development.
The new frameworks - the drafts of which have been completed - are a combination of technical and professional competencies - for example, laser science and electrochemistry in the case of a solar power engineer - and more general core competencies, such as innovation and leadership ability.
Bild says the target was to reduce the competencies for each discipline to a manageable number of between 10 and 25. In some cases, this required a considerable feat of consolidation. Control and instrument engineering, for example, had defined 150 separate competencies. 'These have been simplified down to the 20 to 30 range,' adds Bild.
While the user-friendly tool will help senior managers to assess their available pool of skills - and determine where they need to recruit if necessary - the primary purpose of the upgraded Competency-on-line is to help people develop their skills in line with the needs of BP's business. As the system becomes established it is expected that most internal job postings will reference the required competencies which will enable greater transparency and career progression opportunities for all.
'We recognise that the individual perspective is a very important element in this, and have focused on it accordingly,' says Cockerill.
He explains that such personal development, through the enhancement of existing skills or acquisition of new ones, is the third value-enhancing element of a company's activities after products and financial returns, but one that probably does not normally receive its due recognition - an imbalance that BP is addressing. 'I'd like people to be thinking about capability and learning in the same way as health and safety - I'd like it to become second nature.'
While his team stresses the programme is not being developed as an ultimate on-line tool for competency evaluation and assessment, it is designed to stimulate 'more rigorous' discussion between technical staff and their line managers and advisors on what new skills they can - or should - acquire to meet their own goals within the company. 'That's the process we're really trying to improve,' explains Bild.
The new draft frameworks are currently subject to testing and validation procedures, with the target of rolling out the new system to BP's entire technical community by the middle of this year. By the end of the year, the team hopes to have worthwhile feedback on use of the system and the extent to which it is motivating individuals.
(http://www.bp.com/genericarticle.do?categoryId=9013609HYPERLINK "http://www.bp.com/genericarticle.do?categoryId=9013609&contentId=702"&HYPERLINK "http://www.bp.com/genericarticle.do?categoryId=9013609&contentId=702"contentId=702) 15/09/2010.
Our learning and development programme helps graduates develop their personal, commercial and management skills. It's structured yet flexible enough to meet the particular needs of each graduate.
As we believe it's important that you get off on the right foot we plan an
Extensive induction. This will give you the understanding of who we work with to take a product from "seed to store" and set the context of your role in helping to influence and improve our customer's experience.
As we are so committed to graduates at Sainsbury's, you'll also meet senior leaders from the very top of our organisation.
From the outset you will be encouraged to get involved in activities which will allow you to develop whilst leaving a lasting impression on our community.
Driving your development:-
Your line manager will help you structure a programme that's right for you. Courses are compulsory if the skills involved are vital in your job, others are optional. This discussion with your line manager has to be a priority; see this as an early test of your influencing skills. Our courses complement the on-the-job experience and technical training you'll receive from your division.
There will be plenty of opportunities for development, ensuring you understand your role as a leader, how your role impacts on other people and how you develop your strategic and commercial thinking. We're interested in what you do and how you do it and we're sure you'll reach your full potential with us.
Support:-
We will ensure we support your transition from university to work and the challenges this brings. Coaching and support will be offered which includes a buddy, a management mentor and a line manager. In addition, a member of your division's HR team will also be there to support you throughout your scheme and future career.
Task - 4
Introduction:-
Growing your talent
Talent management and succession planning are key strategic areas for business in general, and at Sainsbury's there is more focus on this than ever before. As a graduate you will be included in the Annual Talent Review taking into account your performance and potential, enabling us to identify the right career development opportunities for you.
(<https://www2.sainsburys.co.uk/graduates/learning and development/>)
Objective:-
Tesco was founded in 1924. Over the past 79 years the company has grown and developed as the retailing market has changed. In the last seven years alone, Tesco plc has moved from being the number three UK retailer to being one of the top three international retailers in the world with 2,318 stores and 326,000 people.
Tesco Academy designs and delivers training within the business. In the early summer of 2002 a team from Tesco Academy carried out a comprehensive review of existing policy in relation to training skills development.
A decision was taken to implement a new approach to trainer development and training skills certification. It was regarded as very important that this new approach incorporated the very latest thinking and reflected modern adult learning principles.
Tesco Academy Director Nicola Steele takes up the story: "We wanted to work in partnership with a like-minded organisation that had a proven track record in trainer development but was flexible and pragmatic enough to adapt to Tesco needs."
After extensive research and investigations in both the UK and the USA, Tesco Academy approached The Training Foundation for their advice.
Following an initial consultancy assignment, a tailored trainer development and certification scheme was devised within the framework of the Trainer Assessment Programme (TAP). The Training Foundation was then retained to deliver a programme of courses within the Academy portfolio.
These courses were designed to meet the needs of those responsible for training design and for training delivery within the Academy and across the business. Certification is jointly provided by The Training Foundation and by Tesco Academy.
Nicola Steele has been delighted by the results. "Feedback from the training has been very good from the outset. Our people feel confident that they can design and deliver effective training interventions that meet business objectives, increase knowledge and develop skill. They also find that the learning design and delivery skills they learn are easy to put into practice."
Over the last 3 years over 140 Tesco training and line management personnel involved in up-skilling projects have attended training delivery and training design courses leading to TAP certification. These personnel were drawn from locations ranging from Eastern Europe to the North of Scotland.
Steele feels that participation in the Trainer Assessment Programme has brought significant benefits: "The skills provided by The Training Foundation have helped us create great training programmes that are directly linked to business needs. The Tesco Academy brand now acts as a guarantee to our people that the training they will receive will be of a consistently high quality."
"We have significantly increased the number of people able to design and deliver training internally and reduced our external training costs, which means it is simpler for our staff, cheaper for Tesco and better for customers."
"A TAP certificate is a widely recognised qualification that is associated with high quality training. We will continue to work with The Training Foundation to run our training delivery and training design programmes."
(http://www.trainingreference.co.uk/skills/trainer/tsstudy.htm)
All the three companies which are mentioned above are relevant for the finance 4 u. The method used by the British Petroleum is very unusual but practical in developing their technical department.
This study investigated changes in the skill levels of managers which occurred two years following the managers' participation in 360-degree feedback. The major objective was to investigate how skill development, development efforts, and environmental support for development are related. The Management Skills Profile (MSP) was used to measure skills and to give feedback. Of the original 198 managers who received feedback, 48 accepted the opportunity to complete the instrument again two years later. At that time, they also completed a questionnaire surveying what development activities they had completed and the extent to which they received support for development from their supervisor and the organization. The first hypothesis was that, for the group, (a) participants' skills would increase following feedback, and (b) self-other agreement would be greater at Time 2 than at Time 1. This was supported. The second hypothesis was that management skills would be related to later advancement. This also was supported. The third hypothesis was that skill development would be related to both development efforts and environmental support, and that some development activities would be more effective than others. Hypothesis four was that those who put more effort into development (a) would have received at Time 1 ratings which were more favourable and more congruent with their self-ratings, and (b) would have received more environmental support. Hypotheses three and four were only partially supported. The results have implications for what managers can do to develop their skills and how others can support this development.
According to the first National Strategic Skills Audit, commissioned by the government and published by the UK Commission for Employment and Skills, the last decade has seen unprecedented increases in the number of people with qualifications.
However, the report warns that if the economic recovery is to continue it is important that future skills development needs are correctly identified and prioritized. If this is not achieved then the country runs the risk of increased skills shortages and under-employment, it says.
The report found:-
The number of people reported as 'not fully proficient' at their jobs has increased by 400,000 from 1.3 million in 2005 to 1.7 million in 2009
Leadership and management skills and technical skills are in need of particular improvement
The UK's growth in highly skilled jobs is one of the lowest in the OECD
Chris Humphries CBE, chief executive of the UK Commission for Employment and Skills, said: "The National Strategic Skills Audit shows that there have been some substantial changes in the labour market over the past decade. In order to operate in this fast-changing environment we need comprehensive market intelligence, showing us which are the really key priorities for future investment. The National Strategic Skills Audit is the single best source of that, and will help employers, individuals, and education and training providers to make the best informed decisions possible.
He added: "Despite having a more skilled workforce than at any time in our history, we still lag behind many of our major economic competitors. In order to catch up, skills investment needs to connect more to the jobs that need doing now and that will need doing in the future. We need more and better jobs not just to recover from the recession, but to be better than we were before it."
Sir Mike Rake, chair of BT plc and the UK Commission for Employment and Skills added: "Our National Strategic Skills Audit doesn't have all the answers, but it does provide a chart by which to sail. Markets - all markets - operate on information and this Audit provides the richest and most comprehensive information ever produced about skills and jobs in England. We believe that the information it contains will act as a wake-up call to everyone involved in skills and employment policy and practice. Tomorrow's jobs are not the same as todays and we would be failing in our collective responsibility if we didn't look to see what's coming down the line and prepare ourselves to meet it."
The Institute of Leadership & Management (ILM) has welcomed the findings of the National Strategic Skills Audit. Penny de Valk, chief executive of ILM said: "We welcome the recommendations made today by the UKCES on the need for continued investment in leadership and management development. A full recovery from the recession calls for a workforce with the skills to innovate and drive economic performance. UK plc needs leaders and managers who can facilitate this process. Yet at the time when we need them the most, the UK is failing to produce adequate leaders and managers."
She added: "Our global competitors are already investing in developing current and future managers. If the UK is to continue to compete on a global scale, we absolutely agree that leadership and management development must remain a priority for both government and employers."(http://www.trainingreference.co.uk/news/gn100318.htm)
Task - 5
Introduction:-
7 Different individuals paying attention to their background and area of work.
We have taken the suggestion from the individuals working in different sector of the company such as;
Manager IT, HR, customer service, finance, operations, marketing, training.
The questions which were asked to them are,
Are you completely satisfied with the job?
If yes, than can you transfer/ teach the skill which you have to your lower management?
If no than what are the things you required?
Do you think you require some changes in the area of work you are in?
Are there any changes required for the expansion of the company?
Are there sufficient staffs with you?
Is your work place good as best working environment?
The feedback which we received from the individuals for the above questions, are all very similar. Such as;
Motivation,
2 Training to the different individuals according to the person's requirement.
Improving workplace environment for the better result from the individuals.
Persons/employees/staff need to accept changes as the business moves on.
Efficiency and the capabilities of the employees must be fully utilized by the employer.
reward is also the most important thing in the business culture, that's motivates employees.
ABSTRACT:-
This study investigated changes in the skill levels of managers which occurred two years following the managers'participation in 360-degree feedback. The major objective was to investigate how skill development, development efforts, and environmental support for development are related. The Management Skills Profile (MSP) was used to measure skills and to give feedback. Of the original 198 managers who received feedback, 48 accepted the opportunity to complete the instrument again two years later. At that time, they also completed a questionnaire surveying what development activities they had completed and the extent to which they received support for development from their supervisor and the organization. The first hypothesis was that, for the group, (a) participants'skills would increase following feedback, and (b) self-other agreement would be greater at Time 2 than at Time 1. This was supported. The second hypothesis was that management skills would be related to later advancement. This also was supported. The third hypothesis was that skill development would be related to both development efforts and environmental support, and that some development activities would be more effective than others. Hypothesis four was that those who put more effort into development (a) would have received at Time 1 ratings which were more favorable and more congruent with their self-ratings, and (b) would have received more environmental support. Hypotheses three and four were only partially supported. The results have implications for what managers can do to develop their skills and how others can support this development.
The different 10 members in the team have relevant skills in developing the employees in the company such as; training, development, awareness, enthusiastic approach, rewarding, external activities etc. Which would be very helpful for the overall objectives of the business?
