Why Self Development Is Important In A Business Commerce Essay
Self development is taking own responsibilities for learning through continuous effort, assessment, reflection and taking action. The first step toward to achieve this objective is draft a most appropriate personal development plan, to implement for attaining the personal as well as professional goals in the life. As per any planning process, the Personal development plan requires some strategies to follow for making it a long term success.
The basic purpose of any personal development plan is to attain preset objectives and goals. These objectives has to be SMART (Specific, Measurable, Attainable, Relevant, Time bound) enough. The specific objective saves from any possible diversification over time, measurably necessary to make the plan actionable, the objective must be realistic to be attainable, it should be relevant to the individual performance and attitude and to match with proposed goals, finally it must be time bound, because every achievement has its return value based on time, if is not done in time bound manner than it becomes time barred.
As soon as, objective is finalized, the next step is the resource assessment. The availability of resources, and assessing the requirement, as to analyze the need gap and mobilize more resources to attain the objectives.
Any plan needs action to carry out successfully. Hence there should be a proper time table to achieve the objectives in phase wise manner, following the basic principle of management by objectives.
Sharing and communications:-
Every plan needs sharing of thoughts and responsibilities among the stakeholders for a successful action. Hence it should be properly and completely communicated and understood by self and all.
The action and activities needs to be monitored on continuous basis to save from any possible deviations and adaptability of changes, if required in course of time to attain final predetermined objectives.
Regular monitoring helps to save actions from any diversification and it is a proactive approach, while evaluation is the assessment of the action taken and to match it with the degree of successful objective attainment. Continuous Evaluations may form the base for corrective majors in plan in course of time.
Every plan needs to be evaluated for its action, by the specialist or expert and requires recommendations to be incorporated with the plan for future use.
IMPORTANCE OF PLAN:-
Plans are proactive analytical approach for targeted objectives in future, which are acted upon at different time frame. Hence its importance cannot be ignored. The major importance for having a suitable plan is follows:-
Easy to monitor.
Easy to evaluate.
Analysis for strength
Analysis for weaknesses
Analysis for Opportunities
Analysis for Threat.
Surety to achieve targets.
These are some of the major importance and highlights of having an actionable plan.
The following Personal development plan can be prepared for the organization with the help of above mentioned strategies to attain following objectives:-
Up gradations by introducing courses/innovations.
6 month to 1 year
On the job specific to work /job environment
1 year and more.
Developing inter personal /professional relationship and mutual trust
Providing strong back up with future vision and mission
Short to long term
Various promotional schemes for career progression
Up to one year or more
Involvement in strategy formation, and extending mutual responsibilities.
Linking benefits/salary to performance based and target oriented
Implementing relationship management and management by objectives , on group basis with capable team leaders/builders
Resources required implementing the above plan:-
To implement above plan, based upon time scaled objectives to be achieved as above we need to access the resource requirements for proper outcome, the important resources are:-
Self review is the process of self analysis of the performance towards achieving the objectives. Self review allows to bench mark against established best practice and helps to ate an action plan for improvement. There are several methods of self review. One can undertake self review by answering to the following questions.
What are your strength and which parts of your work would you like to improve?
Where would you like more responsibility?
What is preventing you from developing as you would like?
Which interests or abilities would you like to develop?
How do you like to learn?
What skill or experience would allow you to feel more confident at work?
2) SWOT Analysis:-
The SWOT (Strengths, Weaknesses, Opportunities, and Threats) of any individual is very much required resource for implementing any personal development plan. Here strength and weaknesses are internal factor and Opportunity and threats are external factor. The internal factor are static in nature and difficult to change or takes a long time to change, but opportunities and threats are external factor and are in dynamic in nature, and frequently change.
3) Skill Audit:-
Professional skills are necessary in order to perform activities and helps in achieving objectives. This is a process of th what is the level of acquired skills. Further it also helps identifying the skills gap between the acquired and to be acquired professional skills. This is carried out by professional bodies in order to review personal skills.
4) Monitoring and evaluations:-
A continuous monitoring of the performances and activity and evaluating the results is one of the most important resource for the analysis and corrective measure to be
Taken in future. These monitoring and evaluation process are backed up with strong recommendations for up gradation in plan itself.
Personal/Professional Benefits of Implementing above plan:-
The above plan has incorporated with analyzing the resources available, with having a specific objective for overall development, personable as well as professional, with findings of gap and forming strategies to fill these gaps for a favorable outcome. Hence it can be benefited in following ways:-
Enhanced Motivation with grooming morale.
Object oriented approach
Target based activities.
Time value specifications.
Swift performance delivery.
Progressive career path with more self actualization matching with organizational development.
As a matter to achieve my professional /personal objectives, which are SMART also, as mentioned in above personal development plan, I have to follow the ways as below:-
1) Self Review:-
Self review is analysis of own psychology, attitude, aptitude and scope. It is basically human behavior analysis. The self study process includes not only intelligent quotient but also emotional quotient. As it is quite understandable, that the best performance comes from the mind with total involvement by heart.
As, I have decided to do my higher studies from UK, to achieve some specific career objectives. As a part of myself review I find following outcome of myself analysis:-
Patience and capabilities to live far from near and dear one
Perseverance for better outcome
Methodical and well planned
Good time management
Identify obstacles to achieving objective and how to overcome them.
While implementing my plan, I found following obstacle to implement the plan:-
Admission to the right/chosen institution and choice course.
Terminating all irrelevant study/professional activities at home.
Spirit to maintain persistent approach for whole tenure of study.
Health issue if any
The SWOT analysis is the best way to review above obstacles to overcome:-
2) SWOT Analysis:-
With the above, self review based upon my characteristics and personality, I have to gone through SWOT analysis for achieving my objective , while going through on my decision to do studies in UK , I analysis as follows:-
Admission to the right/chosen institution and choice course.
Excellent past degree performance with work ex helped me to get in.
With an active and experienced past professional life
2) Terminating all irrelevant study/professional activities at home.
Concentration on my definite goal
Emotionally difficult but made it possible
Chance and potential to achieve and involve in new environment
3) Spirit to maintain persistent approach for whole tenure of study.
Patience, Hard work, and determined approach
A quality job opportunities after the course completion
Failing the course if could not perform.
4)Health issue if any
Inclination to addiction
Hygienic, and unpolluted environmental and seasonal conditions
It remains always uncertain for human body and hence unpredictable.
Provisioned the required fund in advance
Fluctuating foreign exchange rate
Good earning potential after studies
Increase in fee.
Review and monitoring the Plan:-
While reviewing the plan, I have to take care of my weaknesses and possible threats to attain my objectives, the major steps that can be taken to achieve are:-
I should judge the new person before making friend to avoid wrong company.
I should make myself strong enough, for my emotional attachments.
I must be totally dedicated to my studies to avoid any disappointment in future.
I should take proper diet with necessary precautions for maintaining sound health.
I should totally avoid any type of addiction bad in nature.
Keeping in view of fluctuating exchange rate, and possible unpredictable fee and other expanses, I should go for any part time job as per eligibility.
Importance of Self Review:-
As explained with the example above, the self review is a very important tool to plan and implement any personal development plan. The highlights of its importance are as follows:-
It helps to take judgment about the potential of individual.
It reveals our both the personality traits positive as well as negative.
Corrective measures can be taken on the basis of self review.
It helps to maintain focus on goals and objectives.
Importance for seeking support from others to achieve goal and objectives with example
Every individual is a book of experiences, knowledge and capabilities, and simultaneously nobody is perfect. Hence there is always need of integrating approach for achieving goals. To attain this objective it becomes necessary to involve others to make some productive outcome. The benefits for taking support are numerous, but some of the main highlights can be mentioned as below:-
Better probability of success.
Better risk management
Better understanding of issues.
To sum up , the self review is a foundation key to analyze the different personality traits and accordingly to provide necessary remedies for favorable outcome for taking judgment and giving a right and quality direction of and individual capabilities to attain the personal as well as professional objectives.
Professional development is all round development of an individual, so that a productive contribution to the organizational development can be achieved. It refers to skill development and career advancement .There is various learning mode and platforms where this skill can be achieved. These skills are mainly a strong and effective communication, a well managed presentation, an art of team building, Performance enhancement, and strong motivation techniques.
The effective communication is a key criterion of skill development because; until communication is effective nothing can be supposed to be act upon. The effectiveness of communication can be judged by recipient responses and their enhanced motivation.
As it is said there is not a perfect and right way to communicate, but there are various wrong ways.
The presentations is an another skill and part of routine, to give visualization of the total acknowledge. These presentation skills need confidence as major trait of personality. Presentation should be clear, and to the point, the instant queries should be welcomed and it is sign of good presentation as it shows involvement of listeners also.
The leadership is the most required skill for competence in the organization. The quality leadership has capabilities to reach any heights for the organization. It requires good and perfect knowledge, superior confidence and expertise. A leader should be able to create the leaders for the benefit of organization.
A good time management is an important skill necessary to be cared upon, because time is precious and always in scarce. Hence there should not be any non utilization or mus utilization of the time. The available time must be productively utilized.
Here in context of above we will analyze following three organizations, where various techniques were used for enhanced professional development with skill development.
The organizations are:-
Since finance 4U is a finance concern, and associated with customer service and in selling and marketing financial product, Hence we have done research on above three organizations of common characteristics but in different domain, see how they have managed to motivated their staff, by skill development and finally causing to professional development.
On amalgamating the skill development techniques used by three organizations for their staff effectively, the proposed presentation is being made as under.
TO: - The Managing Director
From: - Manager
Date: - 04/06/10
SUBJECT: ANALYSIS OF VARIOUS PERSONAL AND PROFESSIONAL SKILLS NEEDED BY STAFF OF FINANCE 4 U (WITH RESPECT TO 3 OTHER ORGANISAIONS)
Professional development is an overall development of the staff so that a productive contribution can be done for the organization and self. It is skill and knowledge gain by different methods and on different platforms.
On analysis with respect to the organization like SANTANDER BANK,HSBC,& PRIMARK, and Iceland, with respect to their policies for staff skill required to be developed. On research and amalgamating all these policies, the following skills are needed to be developed.
The efficient and quality practices.-
All the three organizations felt need of developing and implement these practices. These organizations have used various tools like training, audits, and incentives etc to motivate the staff to accept and implement these practices. They have conducted regular meetings, collected feedback and have done performance review of each employee. These organizations have also introduced group wise performance bonuses for profit generation, to encourage team building and relationship management.
The present era is said to be Information technology era. Every business needs to adopt technology efficiently to survive. All these three organizations have managed effectively and successfully in this era. They have gone aggressively to train their staff for updating with necessary technical skills. They have also changed their recruitment policy to accept this innovation for recruitment of specialized professional of technical field.
Nobody can be expert of all skills, but everybody can be specialized for some specific
Task. These three organizations have started taking services of special channel consultants. Hence to improve their staff performances, and encouraging competitive environment, they have given full opportunity to their staff for professional development.
Methods adopted by these organizations to develop above skills:-
In the research, it is found that the staff has gained and motivated to a substantial level by above measure skill development. These organizations have formed various methods to implement this skill development plan. These methods are as following:-
Courses through distance learning /part time for up gradation.
Arranging in-house workshop
Arranging seminar for the staff
Trainings on the job as well as off site.
Group incentives and performance linked bonus.
So on the basis of research done on these three reputable organizations for skill development and professional development of their staff, the following recommendations can be done for finance 4u, to overcome the problem related to the staff.
Organization should go for aggressive technology adaption, if necessary outsourcing.
Organization should arrange for specialized skill training for its staff.
Organization should go for performance review of each staff.
Wherever necessary, fresh recruitment should be done of high skilled field.
Organization should offer a fair competition among the staff to motivate them.
Organization should effectively communicate with the staff at regular interval so that a bond of relationship can be made.
Organization should adapt some staff welfare schemes to boost morale and confidence of the staff.
Organization should encourage participative management in decision making process.
Monitoring and evaluation process should be strengthened.
The more career progression plan should be introduced for the staff.
Organization being a finance company, can go for more expansion, and allow staff for more mobility.
Being finance company, organization can go for aggressive marketing of its financial product with the involvement of its staff.
In View of the various skill development methods used by these three organizations named SANTANDER BANK , PRIMARK and ICELAND, as now a day’s trainings are concentrating on the excellence and quality solutions to the problem. These companies are interested to have competitive edge over its rival by providing relevant trainings and increasing their capabilities and expertise.
Benefits of Training:-
A) Skill Improvement
This is the one of the main objective of training. Very organization has to incorporate changes time to time for and implement them with the help and effective contribute ion by the employee. These training help the employee to get squinted with required skill and feel comfortable to absorb the changes
B) Improved efficiencies and effectiveness:-
These organizations need a very efficient and effective delivery process for its services. Hence by providing trainings, employee has become more efficient and effective, so that these professional developments can contribute to the organizational developments.
c) Sharing Knowledge:-
Every employee has its own expertise, and training gives opportunity to share the expertise, each other so that that knowledge can be deliverable at other place for the benefit of organization.
Trainings Leads to some better add-on, hence by applying these add on, employees are equipped with necessary exposure and updating for better performance in the job.
E) Self responsibility:-
A continues torch up with the employees through training and seminar, encourage employee for their responsible behavior, they become more involved in the job responsibility.
METHODS OF LEARNING AND SKILLS DEVELOPMENT ADOPTED BY THE AFORE-MENTIONED COMPANIES RELATING TO FINACE 4 U.
Following methods are adopted for communication for skill development of the employees:-
1) Providing literature.
3) Group Discussions.
Following are the theories which are adopted by this organization to explain learning style.
The Learning Phases - Fits & Posner Theory
Fits and Posner (1967) suggested that the learning process is sequential and systematic and that we pass through specific phases as we learn. There are three stages to learning a new skill:
Cognitive phase - Identification and development of the component parts of the skill - involves formation of a mental picture of the skill
Associative phase - Linking the component parts into a smooth action - involves practicing the skill and using feedback to perfect the skill
Autonomous phase - Developing the learned skill so that it becomes automatic - involves little or no conscious thought or attention whilst performing the skill - not all performers reach this stage
The leaning of physical skills requires the relevant movements to be assembled, component by component, using feedback to shape and polish them into a smooth action. Rehearsal of the skill must be done regularly and correctly.
Schmidt's Schema Theory
Schmidt's theory (1975) was based on the view that actions are not stored rather we refer to abstract relationships or rules about movement. Schmidt's schema is based on the theory that that every time a movement is conducted four pieces of information are gathered:
the initial conditions - starting point
certain aspects of the motor action - how fast, how high
the results of the action - success or failure
the sensory consequences of the action - how it felt
Relationships between these items of information are used to construct a recall schema and a recognition schema. The Recall schema is based on initial conditions and the results and is used to generate a motor program to address a new goal. The recognition schema is based on sensory actions and the outcome.
Adam's Closed Loop Theory
Adam's theory (1971) has two elements:
Perceptual trace - a reference model acquired through practice
Memory trace - responsible for initiating the movement
The key feature of this theory is the role of feedback.
Analyze the reference model actions, the result of those actions and the desired goals
Refine the reference model to produce the required actions to achieve the desired goals
CONTINUOUS PROFESSIONAL DEVELOPMENT (CPD)
Comtinuing Professional Devlopment (CPD) is a process by which individual take control of their own learning and development, by engaging in a on-going process of reflection and action. This process is empowering and exciting and can stimulate people to achieve their aspiration and move towards their dreams.
CPD provides the opportunity to soar like an eagle or a helicopter and look at our career progress from a wider perspective. It challenges us to make time for regular personal reflection and review. It remind us that we have the responsibility for developing ourselves rather than pushing the onus on to our manger or other in the organization.
Remember the old saying, ‘You can take a horse to water but you can’t make it drink’? knowledge, thirsty for new skills, thirsty for new experiences.
Continuous Professional Development is the updating, systematic maintenance, improvement and broadening of knowledge and skill, and the development of personal qualities necessary for the execution of professional and technical duties throughout working life. Put more simply, it is a life-long learning approach to planning, managing and benefiting from your own development.
By undertaking CPD one can:
Maintain and enhance your competence in your current role
Ensure you are competitive in the job market
Demonstrate commitment to your own development
Find a new intellectual challenge
CPD is not an adjunct to one’s work, and the need for it is not dependent on the life or career stage (although it is a requirement for Chartered status). CPD can be any activity –in fact, we are probably doing it already – as long as we take a systematic approach to planning, undertaking, recording and reviewing your development.
Identification of 7 different individuals of different background and area of work:-
The skills list is not exhaustive; it is designed to stimulate you to reflect upon the skills you are practising, raise self-awareness and increase your ability to articulate your skills.
You are asked to self-assess your skills on a five point scale:
1 =wide experience 2 some experience 3 a little experience 4= no experience
SKILL AUDIT FORM
Working in groups
Understanding of team roles
Communication skill both orally and written
Planning and organization
Improving learning and performance
We are identifying following seven individuals of following different backgrounds working in the finance 4u:-
These all professionals are from different background and area of work, in the company.
Skill audit form, checks the skill appropriately for the job required and recommend some corrective majors to improve the performance, if required. The generated skill audit form can have following areas /feedback to be audited from each individual employee as above.
The format of the skill audit form can be as below:-
Are you satisfied with your job profile or need some up gradations?
If you are satisfied then, are you capable to transfer your knowledge and expertise to down line and contribute to improve their performances.
If not satisfied…then mention the reason…r u needing some academic predation?
What is your opinion about need of change in your area of work?
Can u suggest new area or innovations for expansion of the company?
Should company go for outsourcing, if required in your corresponding area of work?
What is the response time of completion of your project?
Is there sufficient team involvement and sharing reward in your group?
Why you are lacking in your performance?
Do you need mobility to experience the thrill of working in new place, to energies yourself for better performance?
The above developed skill audit form can be distributed to the all identified seven individual for their feedback and responses. Depending upon the responses, the following tool and criteria can be taken to judge individual skills/performances.
If the individual is satisfied with its current status, but unable to deliver benefits to down line, it means he needs motivation otherwise he will become liability for the organization.
Individuals who are not satisfied with current status but willing to do better, needs some academic up gradations as input to enhance their capabilities.
Adaptability to changes:-
In the present fast changing era, adaptability is very much necessary, hence performance must be enhanced inspire of changes.
Individual should be able to accept the challenges, hence they should need minimum or no out sourcing.
Time is precious and hence, every individual need to be efficient in his performance delivery.
Every organization is team work; hence sharing rewards is a necessary factor to boost all and also ensuring involvement.
Every individual requires doing the self review for his performances and personalities, by adapting SWOT analysis technique; it can be very well done.
Performance depends also on individual state of environment. Some performer needs continuous change in environment, for better performance and some lack in mobility.
Finding and recommendation for Finance 4u:-
On the basis of feedback received through skill audit form and applying the above tools to judge the each individual, the finding and recommendations can be given as follows:-
The Manager (IT), Manager (Finance), Manager (Hr), should be given academic up gradations as, a lot of changes have taken place at present in their respective fields.
The Manager (Retail), Manager (Marketing), and Manager (BPR), should be given training and exposure to attend different seminars for polishing and grooming in their respective field.
Manager (Operations) needs close watch, as he is coordinating and key body for finance4u to tie up all the factors for executing the final results for the company. Hence a weekly/fortnightly review of performance is necessary for the development and taking corrective measures if any.
Company should implement performance based bonus to initiate competitiveness among the employees, and reward accordingly.
Company should reshuffle the staff to different locations for the use of employee’s mobility capacity.
To sum up, we have discussed the present performance related issue of a given finance company Finance4u, in light of personal / professional development strategies, we analyzed the shortcoming in the organization, and with the example of three different organization tried to form a strategy of finance4U company to overcome the problem. We have also chalked out the possible problems to implement these strategies and with the available tools of CPD and related theories, sorted out to provide necessary solutions for the same. Finally with the help of proposed skill audit, we also reached on some final findings and recommendations for the organization.
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