- Information
- AI Chat
Employee development and talent programme
Derivatives and Risk Management (Options, Futures and Derivatives)
SVKM's NMIMS
Recommended for you
Preview text
NMIMS Global Access School for Continuing Education (NGA-SCE) Course: Employee Development & Talent Management Internal Assignment Applicable for June 2023 Examination
Ans 1: INTRODUCTION: Training evaluation is the systematic process of collecting information and using that information to improve your training. Evaluation provides feedback to help you identify if your training achieved your intended outcomes, and helps you make decisions about future trainings. Developing a training evaluation process typically involves the following steps: Identify the training goals and objectives: Before starting the training program, it is essential to identify the goals and objectives of the training program. It will help to ensure that the training program aligns with the organization's objectives. Determine the evaluation criteria: The next step is to determine the criteria for evaluating the effectiveness of the training program. The evaluation criteria should align with the training goals and objectives. Select the evaluation method: The evaluation method should be chosen based on the evaluation criteria. It can be a survey, observation, focus group discussion, or interview. Collect data: Once the evaluation method is chosen, data should be collected using the selected method. Analyze data: The data collected should be analyzed to determine the effectiveness of the training program. Report findings: The findings of the analysis should be reported to stakeholders, including the trainers and participants. The Kirkpatrick Model is a globally recognized method of evaluating the results of training and learning programs. It assesses both formal and informal training methods and rates them against four levels of
criteria: reaction, learning, behavior, and results.
CONCEPT AND APPLICATION:
The Kirkpatrick model is a popular framework for evaluating training effectiveness. The model consists of four levels: Level 1: Reaction - The participants' reactions to the training program are evaluated. It involves collecting feedback on the training program's usefulness, relevance, and quality. Level 2: Learning - The knowledge, skills, and attitudes acquired by the participants during the training program are evaluated. Level 3: Behavior - The behavior changes in participants due to the training program are evaluated. Level 4: Results - The training program's impact on the organization's performance is evaluated.
CONCLUSION: To use the Kirkpatrick model to evaluate the effectiveness of the training program aimed at enhancing the people management skills of Project Managers, the following steps can be taken: Level 1: Reaction - Feedback can be collected from the participants through surveys or questionnaires. The feedback can be used to determine the training program's usefulness, relevance, and quality. Level 2: Learning - Knowledge and skills assessments can be used to evaluate the knowledge and skills acquired by the participants during the training program. Level 3: Behavior - Behavior changes can be evaluated through observation or interviews with the participants' supervisors. The supervisors can be asked to evaluate the participants' people management skills before and after the training program.
Level 4: Results - The training program's impact on the organization's performance can be evaluated by analyzing key performance indicators (KPIs) related to people management, such as employee satisfaction, turnover, and productivity. By using the Kirkpatrick model, the effectiveness of the training program can be evaluated at different levels, allowing for a comprehensive evaluation of the program's effectiveness.
Ans2: INTRODUCTION:
A Store Manager is a professional who is responsible for overseeing the daily operations of their store, making sure it runs smoothly and effectively. Retail managers (sometimes called store managers) are responsible for every aspect of the day-to-day supervision of retail outlets, including sales, staff, stock and resources management.
When it comes to assessing talent for the position of Store Managers in a retail chain, there are several talent assessment tools that can be considered, such as:
CONCEPT AND APPLICATION: The Purpose of 360 Degree Feedback 1 Development 360 degree feedback encourages employees to share the purpose of their development with their manager. Ideally, the employee and their leader use the data to identify strengths that they should continue to leverage and how they’ve made them successful to date. They then focus on one or two areas of improvement in which they could close some gaps. 2 Appraisal While experts believe that there are many 360 degree appraisal advantages and disadvantages, the involvement of multiple feedback can definitely lend more credibility to the appraisal and promotion process. The benefit of 360 degree appraisal is that it is designed to align with the company’s performance management system, enabling measuring the desired behaviors for performance management purposes. In this case, the data is used as input for the final performance rating. While the merits and demerits of 360 degree appraisals are highly debated, we believe one should tread with caution when using 360 degree feedback for appraisals. To take full benefits of 360 degree appraisal, organizations should focus on them as part of a larger development scheme. 3 Planning Finally, the 360 degree feedback tool comes in handy when preparing certain employees for new roles, especially critical leadership roles. In this particular scenario, the review helps familiarize the administration with a potential leader’s strengths and possible blind spots that may hinder the company’s progress.
Other test for 360 degree Approach Cognitive Ability Tests: These tests assess the candidate's ability to think, reason, and solve problems. Behavioral Interviews: Behavioral interviews use open-ended questions to evaluate the candidate's past behavior and assess their potential future performance. Work Sample Tests: These tests require candidates to complete tasks or exercises similar to those they would perform in the role of a Store Manager. It assesses their skills and abilities in action.
- Time-Consuming Process It takes up significant time, both from fellow team members and HR professionals. Other staff members need to take the time to answer questions and to hopefully do so thoughtfully. Supervisors and HR employees then need to then sift through all the material to use it meaningfully.
Ans 3a:
INTRODUCTION: Succession planning is a crucial process that involves identifying and developing employees with the potential to fill key leadership positions in an organization.
CONCEPT AND APPLICATION: Here are the steps involved in an effective succession planning program: Define Key Positions: Identify the key positions that are critical to the organization's success and determine the essential competencies required for these roles. Identify Potential Successors: Assess the potential candidates for these roles, keeping in mind their performance, potential, and ability to develop the necessary competencies. Develop Employee Profiles: Create profiles for the potential successors, including their strengths, weaknesses, development needs, and career aspirations. Create Development Plans: Based on the employee profiles, create individual development plans that identify the training, education, and experiences required to develop the necessary competencies. Provide Training and Development: Provide the identified training, education, and experiences to develop the necessary competencies. Assess Progress: Assess the progress of the potential successors regularly, and make necessary adjustments to the development plans. Monitor the Succession Plan: Continuously monitor the succession plan to ensure that it is aligned with the organization's changing needs and adapt it accordingly. Evaluate the Succession Plan: Evaluate the effectiveness of the succession plan periodically, measuring its impact on the organization's performance and identifying areas for improvement. Communicate the Succession Plan: Communicate the succession plan to all employees, ensuring transparency in the process and building employee engagement and commitment.
CONCLUSION: By following these steps, organizations can ensure that they have a pipeline of well-prepared and qualified employees who are ready to take on critical leadership positions when the need arises. An effective succession planning program can also lead to increased employee engagement, improved retention, and enhanced organizational performance.
Ans3b: Introduction: The benefit of succession planning is to make sure a company always has the right leaders in place should a change happen quickly. By failing to create an orderly plan for succession, your company may not get a second chance if it doesn't adapt immediately after a key player leaves the company.
CONCEPT AND APPLICATION:
Orient Chemicals should focus on developing a succession planning program for several reasons:
Ensuring Business Continuity: Succession planning ensures that key roles within the organization are filled with competent and qualified individuals, even in the event of sudden departures or unexpected absences of current employees. This ensures that the business can continue to operate effectively, without any major disruptions. Developing Talent: Succession planning helps in identifying and developing talented employees who have the potential to assume leadership roles in the future. This helps in retaining top talent and in creating a pool of qualified employees to fill key positions when they become available. Improving Employee Engagement: Succession planning programs often involve providing development opportunities and career progression paths for employees. This can improve employee engagement, motivation, and commitment to the organization, resulting in higher levels of productivity and job satisfaction. Enhancing Organizational Performance: By developing a pipeline of qualified and capable employees to fill critical roles, organizations can enhance their overall performance and productivity. Reducing Costs: Succession planning can help in reducing recruitment and training costs associated with external hires for key positions. It can also reduce the costs associated with employee turnover, as employees are more likely to remain with an organization that provides them with opportunities for career advancement and development.
CONCLUSION: In summary, a well-designed succession planning program can help Orient Chemicals in identifying and developing the right people to fill key leadership positions, ensuring business continuity, developing talent, improving employee engagement, enhancing organizational performance, and reducing costs.
Employee development and talent programme
Course: Derivatives and Risk Management (Options, Futures and Derivatives)
University: SVKM's NMIMS
