I take this opportunity to express my profound gratitude and deep regards to our guide teacher for his exemplary guidance, monitoring and constant encouragement throughout the assignment.
Also I referred much kind of resources such as journals, Articles, Books and so on. Therefore I take this opportunity to thank for all authors and supporters. I acknowledge the developers of the resources of references that were used for the preparation of my report.
Thank you to my colleagues, for the valuable ideas and opinions provided by them related to this topic. I am grateful for their cooperation during the period of our assignment.
Lastly, I thank my parents and siblings for their constant encouragement without which this assignment would not be possible.
In addition to that I will hope that you will be get some knowledge about personal development and strategic management.
The purpose of this assignment is to identify about personal development such as appropriate method to evaluate personal skills required to achieve strategic goals of this position in this bank, the importance of that method, how to do skill audit, what is the personal development plan and what are the outcome and impact of that etc. Based on these concepts leaders managers and owners will able to making their long term and day to day decisions.
For this report we selected the one of the most popular bank is HNB Bank and we do this for a get a new promotion in the next year. And therefore I have to develop my skills within this six month period. Here there will a section, it will get discuss about method of evaluate personal skills and how the apply that for a development skills. As we knowledge seekers and leaders we exactly should know about what are the requirements of the leaders and managers.
Also another important concepts is skill audit and personal development plan. As employees we should know about that kind of concepts for future purposes in the career life. Finally there is a section in that report we will explained about outcome of this personal development and impact of this plan for a career life.
Table of Contact
Acknowledgement …………………………………………………………………… I
Executive Summary …………………………………………………………………. II
Table of Content ……………………………………………………………………… III
Task 01 ……….………………………………………………………..………….….01
1.1 evaluate personal skills……………………………………………………….01
1.2 Support of these technique……………………………………………………..03
Task 02 ……………………………………………………………………………….05
2.1 skill audit…………………………..…………………………….……………05
2.2 Appropriate techniques to identify preferred learning style………………….08
2.3 Personal Development plan…………………………………………………..10
2.4 Outcome of the personal development plan ………………………..…..……15
Conclusion and references……………………………………………………………18
- Methods to evaluate personal skills required to achieve strategic goals
Management in all industry and individual administrative activity is the way of getting people together to achieve required goals and objectives. Management includes planning, organizing, staffing, leading or directing, and controlling an organization or attempt for the use of achieve a goal. There are many methods of performance evaluation, such as objective production, personnel, and judgmental evaluation. Effective use of performance-evaluation systems includes the selection of the best evaluation method and effective delivery and the outcomes of performance evaluation can include employee raises or promotions, as well as employee improvement through identifying weaknesses. Performance evaluation is situated at both the individual employee level and the organizational level because human resources conducts evaluations of individuals in light of organizational goals with the object of improving achievement of these goals.
Benefits of the personal evaluate system include increased employee effectiveness, increase the leadership skills, increase the managerial skills, higher likelihood of improved employee performance, the prompting of feedback, enhanced communication between employers and employees, fostering of trust, promotion of goal setting, and assessment of educational and other training needs and the implementation of inappropriate performance goals.
There are various ways human resource professionals can approach assessing performance, though integrating various perspectives,
Under this method, direct data is used to evaluate the performance of an employee. This often relates to simple and quantifiable data points, such as sales figures, production numbers, etc. However, one drawback of this process is that the variability in performance can be due to factors outside employees’ control. Also, the quantity of production does not necessarily indicate the quality of the products. Still, this data reflects performance to some extent.
This is the method of recording the withdrawal behavior of employees, such as absences. This personnel data usually is not a comprehensive reflection of an employee’s performance and is best complemented with other metrics.
One of the primary drawbacks of employee performance evaluation is the tendency for positive feedback despite negative behavior. That is, often people are nice enough to provide good evaluations for work that isn’t up to par. Judgmental evaluations focus on benchmarks to more accurately promote constructive criticism. As an example,
- Graphic rating scale
- Employee-comparison methods
- Behavioral checklists and scales
Peer and Self Assessments
Often, peer assessments and self-assessments are used to paint a clearer image of performance. Managers are often less aware of employee efficacy than team members or other peers. In self-assessments employees have the right to underline what they think their performance is, and why certain metrics may be misleading. Peer assessments and self-assessments are useful in capturing this data:
- Peer assessments: members of a group evaluate and appraise the performance of their fellow group members.
- Self-assessments: in self-assessments, individuals assess and evaluate their own behavior and job performance.
- 360-degree feedback: 360-degree feedback includes multiple evaluations of employees; it often integrates assessments from superiors and peers, as well as self-assessments. This is the ideal situation.
- Support of these techniques
Banks play a key role in managing the flow of funds of an economy, because banking industry impacts on the stability of the financial system of a country. Therefore, continuous performing of these banks with a high level of efficiency is very important.
Efficiency means obtaining maximum output using the minimum input. To achieve the economic growth and stability of the financial system, all the financial institutions hope to operate efficiently.
HNB Bank also the one of this financial institutions. Therefore the efficiency of personal skills of the bank employees are very important, becourse the performance of the bank will depend on these people.
So every management to run there should be a person responsible enough to run it, who is the manager. A manager’s job is different and difficult. Managers need definite skills to carry out the duties and actions connected with being a manager.
In this managers should have some skills, such as?
Talent to use information to resolve industry troubles, recognition of opportunities for improvement, recognizing dilemma areas and executing solutions, selecting vital information from stacks of statistics, understanding the business users of expertise, understanding the organization’s business model.
Capability to convert ideas into words and performance, integrity among contemporaries, upper class, and subordinates, listening and asking questions, presentation skills and verbal arrangement, presentation skills; written and detailed formats
Contributing to communal duty/departmental objectives, client focus, multitasking; effective at numerous tasks at equivalent, bargaining skills, project management, reviewing procedures and implementing developments, bringing and maintaining act standards within and externally, setting priorities for consideration and actions, time organization.
Training and mentoring, multiplicity ; functioning with different people and civilization, networking inside the organization, networking outside the group, working in groups; mutual aid and dedication.
In today’s challenging and lively place of work, workers who are invaluable to an association must be ready to regularly improve their skills and receive on added work exterior of their own precise job areas. There is no question that skills will keep on to be a vital way of telling what a manager does.
As we identify in the first question there are various method to evaluate the personal performance in the organization. That method is very important for the evaluating this performance of the employees especially in the banking sector, becourse always that employees work with the people and therefore they should have personal skills as well as leadership and managerial skills.
As we talk earlier there are various technique to evaluate this personal skills. Those are very important technique because those are very practical method, as an example we talked about objective production. In the HNB Bank there may lots of objectives such as customer target, loan capacity etc. and we can used different employees for that objectives and we can evaluate what is their skill about different types of works.
Not only objective production method others also very practical method. Especially HNB is a bank therefore in this we want practical methods to evaluate personal skills because bank always work with people.
2.1 Skill Audit
The key piece of information an organization needs to know is what skills and knowledge its people have. This information is essential for a number of reasons,
- It determines whether the organization can meet its goals.
- Without this information the organization does not know where to improve.
- Training and development will be better targeted.
- Recruiting needs are better defined and more likely to result in the most appropriate candidate,
Personal skills audit is an inventory people take to assess the competencies and skills they have already, want to develop and will need in the future. The audit may use a scale from 0 to 5, with 0 showing complete lack of skill and 5 showing a mastered skill, or people may choose to rank the top 10 skills they have the highest mastery of or will need most in the future.
For identify current and future leadership requirements based on the position of the HNB Bank we can do a skill audit and skills audit is a process that can be used to identify the skill gaps in an organization, skill gap identify from that these steps,
- List the roles within your organization
- List the skills needed for each role
- Create a survey
- Survey your workforce
- Compile the results
- Analyze the data
List the Roles within the Organization
To start, need a list of the role types within the Bank. This isn’t the same thing as having a listing of every position on the org chart. To simplify the process by grouping together like roles. If have both a “Customer Service Officer” and “Customer Service Representative” in different parts of the organization, they almost certainly require a very similar skill set. If this is the case, we can list it as one role type.
List the skills needed for each role
Now that created a list of role types, the next step is to list the skills needed for each of these roles. What do the skills look like? They could be behavioral like “Listens to customer needs carefully to determine requirements” or they could be more technical like this sample list of engineering skills:
- Functional Specification
- Computer Aided Design (CAD)
- Electrical Design
- Electrical Schematics
- Safety Control Circuits
- Telemetry Design
- Programmable Logic Controller
Once you have this list, it’s a valuable resource in itself.
Create a survey
It’s ideal if we can find out all of the relevant skills a person has, not just those for their current role. To do this, create a survey that makes it easy for people to respond. This essentially means we need to keep it short and not ask the same question twice. To achieve this, the survey should group together each of the major role types. Use the list you created in step 2 as your starting point for this.
Survey your workforce
With the survey designed, we ready to ask our workforce to respond to it. The size of the organization and the number of roles will determine how you go about doing this.
It’s a good practice to communicate to survey participants to explain why you are asking for their response and what will happen with the information.
Compile the results
If we can avoid it, we do not do this manually.
The results need to be compiled in two ways. For each person, we need to know what skills they have. For each skill, we need to know which people have it.
Analyze the data
We can now reap the rewards of our skills audit process. We can analyze:
- The skill gaps in specific roles
- Skill gaps within organization groups
- Potential successors for certain roles
- The number of people who have critical skills
- Future skill requirements
The outcome is a training needs analysis that identifies where training is needed, as a summary we can say,
- Determine skill requirements for leadership of the Bank
- Audit actual skills in the bank
- Analyze training needs ( what are the requirements to develop leadership skills)
And we can do the things which can reduce that skill gap of this position, so a skills audit results in,
- An understanding of the skills required and gaps the organization currently has.
- A targeted analysis of development needs.
- A listing of people who need development.
- Data that can be used for purposes such as internal selection.
- Information that can be used for dynamic succession planning.
Base on that can be evaluate the strategic skills needed to meet prevailed, current and future leadership requirements based on this position in the bank.
2.2 Appropriate techniques to identify preferred learning style
Gap of skills mean employers want certain skills but employees don’t have them. So there is a conflict between both parties of employer and employees. Because employers want to maximize output from employees and doing job with efficiency and effictiveness. But employees haven’t those skills that employers expect from them .so both employer and employee have an obligation to eliminate this conflict. To do this whole organizational system should be changed including training, educational system development.
There are some reasons to this gap of skills .some of them is problems in their training departments, problems in their educational system. Then we look at how to overcome these problems and how to bridge the gap of skills within the available time period by using above mentioned appropriate techniques. Employers can overcome this gap of skills.
Under the objective production techniques by using direct data evaluate the performance of an employee. Direct data evaluate the performance of an employee. Direct data mean sales figures production number. By using these data so employer can identify what are the weak points of employees and employer can overcome this gap of skills by using suitable training programmed.
By using personnel method employer can observe the withdrawal behavior of employees such as absences. Thereby employer can understand what the reasons behind that issue of withdrawal behavior are and he will can take suitable actions against those withdrawal behaviors.
Also another method is called judgmental evaluation. This method overcome the drawback of employee performance evaluation is the tendency for positive feedback despite negative behavior. Under this method employer can evaluate employee’s performance by using benchmarks. So employer can take suitable actions to achieve this benchmarked person’s performance.
Under the peers and self-assessment method employer can collect data regarding particular employee’s performance through their close colleagues and employee himself. Thereby employer could be able to understand to actual situation that employer has faced and take corrective actions to eliminate those problems and thereby bridge the gap of skills.
By using 360 degree feedback method employer can do multiple evaluations regarding employee. It is included peers, employee himself, managers, and customers. This is the ideal method that employer can be used to evaluate the performance of the employee and understand the situation of the employee.
2.3 Personal Development plan
A personal development plan is a process that consists of defining what is important to us, what we want to achieve, what strengths we already have that help to achieve your goals, and what we need to improve and develop with time and it is the process of creating an action plan based on awareness’ values, reflection, goal setting, and planning for personal development within the context of a career, education, relationship or for self-improvement. In this case we have to achieve within 6 months the skills about leadership and managerial skills.
When we are developing or designing something new, such as like this case in the HNB bank, that’s usually not finished overnight. That’s why we need to be prepared that every important plan will take time before it’s realized. Especially there is a bank therefore they have to have leadership skills and managerial skills much. Then for that we have to prepare the personal development plan for a six months’ time period.
We have designed this personal development plan template to help our structure thinking and create a strategic plan for achieving our goals.
If we want to achieve anything important, we need to take time to make a detailed plan.
There are some important things to consider when creating a personal development plan. Here are 9 steps that can help to create a good personal development plan:
- Define your goals
- Set a deadline
- Understand your strengths
- Recognize opportunities and threats
- Develop new skills
- Take action
- Get support
- Measure progress
Define the goals
What is important to me, which new skills do I want to get? Which achievements would make me happier? Do I have any unfulfilled dreams which I am now ready to accomplish? Do I want to move ahead to the next stage in career? Do I want to get a better job? That is define the goals.
The first step is to define goals that are really important to me. It can be something related to my career, but also something that will enrich or improve my personal life.
In this bank next year I want to get a promotion and for that I have to develop my personal skills as they want especially leadership and managerial skills. As mention earlier for this skills we have to have some qualification and if there is an any skill gap we have to have define some goals for the future purposes and in this step we have to write down 5 10 goals related to leadership and managerial skills.
Out of all goals we wrote down, we have to select which one is the most important? And it should be key goal which will be I focus.
In this case we want to acquire some new skills related to my new promotion of the HNB Bank.
If there any transferable skills (skills which you can transfer to different areas of life) that would be important for the success? For example, if I improve speaking skills, the result can be more confidence, better relationships and communication with others, and even business success e.g. more successful negotiations with customers and other employees.
The purpose of a personal development plan is to help expand the knowledge, develop new skills, or improve important areas of life.
As I think in this case we have to give priority to communication skills becourse it is important for leadership skills as well as managerial skills. And it is most valuable and important thing for a bank sector workers.
Set a decline
Now we have a special goal as we selected and if we don’t know when we want to achieve it, chances are it will never happen.
Also, if we are planning to achieve a big project in a very short period of time, again, chances are it will not happen.
When planning, we need to be realistic, specific and make good assumptions time-wise.
Rather than saying “I want to be a millionaire someday,” it’s better to make a plan to double your income this year.
Once we have a realistic timeframe for our goal, it’s important to commit that we will really do it.
In this case we have to go for a this skill within a six months, becourse after six months I have to apply for a promotion and therefore before that have to achieve my goals related to this promotion and it is a important to my career life and we should do it within this six month anyhow.
Understand the strengths
Everyone in the world is good at something and has above average skills/strengths in some specific areas. Even if i are not a talented singer, actor, or artist, I can still be a good parent, excellent listener, or a caring person.
Therefore in this area also I have some strengths and we I have to identify what it is and should be develop it for a achieve this target as well as for a future purposes of this career life.
Related to this career there may be lots of skills of myself, about leadership and managerial skills. Therefore firstly we should understand exit strengths and after we should develop other required strength as well as.
Recognize opportunities and threats
Our current behaviors and habits can either support or not support to achieve the selected goal. Because it may be going different ways if that there may be many problem to achieve our target goals. As an example, if we goal is to live 100 years, then we need to stop smoking, stop buying junk food, stop worrying about things, etc.
In this case we have to develop leadership and managerial skills therefore we have to stop some closely friendship with other employees and we have to keep them some officially way. And also sometime we have to be artificial when we work with some customers and employees.
On the other hand, there are some new actions that are opportunities for us to achieve goals much easier.as am example if we want to save more money, then for example we can start managing money, can start writing down expenses and we can start spending less, etc.
In this bank if we want to show our leadership skills more we can apply for this promotion and it is a great opportunity for that and also we can work now as a leader at some situation.
Like that we have to have recognize what are the opportunities and threats in this situation and we have to achieve that opportunities and we have to miss threats.
Develop new skills
A personal development plan is a plan for how to get from the place we are now to the place where we want to be.
Now we want to get new skills and we will need to give something in return.
For example, if our goal is to move ahead to the next stage in career, we will have to learn new skills. If we want to start our own business, we will have to learn about marketing, sales, entrepreneurship, finances, etc.
In this problem we want to get this promotion in the next year and for that we have to develop new skills within this six months. Therefore as we identify we have to develop new skills related to the career. We have to develop new skills related to the career.
We want to achieve a big goal, there will be many actions will need to take, now we are in the banking sector therefore for this promotion need to develop leadership and managerial skills. For that we can take many action to acquire new skills.
As a example we can go for some programmers which related to the skill development programmer as well as we can join some programme in the bank.
Who can help to achieve our goals faster, we have to find the solution for that problem.
For example if we want to change the career, we can consider talking with a career adviser, if we want to improve finances, we can talk with a financial advisee etc.
Like that we can get some advice from related parties in the bank or any other places.
The best motivator to stay persistent in achieving goals is our own progress. Even if it is a little progress, it is still something.
It is important to recognize that we are moving forward and to write down things that we are doing well.
If something is not going well, that means that we need to change (or improve) the strategies we are using. By doing the same things, we will be getting the same results. If we want better results, we need to change something.
Like that we can measure our own progress and we have to continue our development plan also. And we have to look after our skill audit and we should compare with that.
This plan is for only six month period. But Exercises like this can help to get more clarity about goals that are the most important to us and to create realistic strategies for how we will achieve them.
And also you can create a new personal development plan every year, and there is no better time to do this than beginning of the year.
2.4 methods for Outcome of the personal development plan
We can use various method to identify outcomes of the personal development plan, such as,
- Thinking critically and making judgments
In this method we can use, Developing arguments, reflecting, evaluating, assessing, and judging. As we identify the goals of this which is to get promotion in the HNB bank we can develop some arguments and after we can judge it based on personal development banks.
- Solving problems and developing plans
In this method we can do this way, Identifying problems, posing problems, defining problems, analyzing data, reviewing, designing experiments, planning and applying information.
- Performing procedures and demonstrating techniques
In this method, Computation, taking readings, using equipment, following laboratory procedures, following protocols and carrying out instructions we can use.
- Managing and developing oneself
Based on this method we use, Working co-operatively, working independently, learning independently, being self-directed, managing time, managing tasks and organizing.
- Accessing and managing information
We can use under this method, Researching, investigating, interpreting, organizing information, reviewing and paraphrasing information, collecting data, searching and managing information sources, observing and interpreting.
- Demonstrating knowledge and understanding
Under this we can, Recalling, describing, reporting, recounting, recognizing, identifying, relating and interrelating.
- Designing, creating, performing
Imagining, visualizing, designing, producing, creating, innovating and performing is the one method what we can use for that.
In this method we can use, One and two-way communication, communication within a group, verbal, written and non-verbal communication. Arguing, describing, advocating, interviewing, negotiating, presenting and using specific written forms.
This personal development plan is for a HNB Bank. Therefore with the plan which is we created for the promotion of next year, therefore many outcomes and we can identify that outcomes using this methods.
Impact of personal learning
From this all plan we can be a great leader, because if the plan is working correctly I can get a promotion at next year and I can be a good leader with these skill which I learned from that six months period. From that it may influence ay parties such as customers and employees as well as it may affect the reputation of the bank. And also there may be various impact of this plan and also learning about personal development,
- Inspires and motivates others
Great leaders create a vision of the future that is vivid and compelling, and that motivates employees to want to achieve it. Everyone wants to work for a company that makes a difference in the world. As a leader, we are best able to help the members of your team connect what they do to the impact it has on customers and communities.
2. Displays high integrity and honesty
Great leaders are honest and transparent, and have high integrity. They do what they say they are going to do, and they walk their talk. That doesn’t mean they’re going to like the answers. But it’s going to be truthful, and I know they can deal with the truth. This might create additional questions, but we’ll get through them. And we do.
3. Solves problems and analyzes issues
Ultimately, leaders are recruited, trained, and chosen to solve organizational problems, and to take advantage of opportunities in the marketplace. This requires not only excellent analytical abilities, but also above-average people skills.
4. Drives for results
Some people are happy to sit back and watch the world go by, while others aren’t unless they are making things happen in their organizations. Great leaders have a higher level of perseverance, stick-to-itiveness, and drive than most anyone else, and they can be counted on to get things done.
5. Communicates powerfully and prolifically
Great leaders communicate with their people often, and in a variety of different ways. Whether it’s by means of one-on-one conversations, team meetings, blog posts, email messages, phone or Skype calls, or any other such medium, leaders don’t talk about communicating–they just do it.
6. Builds relationships
Business is built on a solid foundation of relationships and trust. Without these two things, you can’t have a business, or at least not a successful business. Take time every day to build relationships with the members of the team.
7. Displays technical or professional expertise
Most leaders start out in business with a specific skill, such as selling, or accounting, or designing software. The best leaders build on their technical and professional skills over time, becoming valuable experts in their field and skilled at leading their team.
After doing this assignment I was able to identify the personal development and strategic management also the important of the personal development. The personal development plan and skill audit is also the main areas of this report.
Next I was able to understand how we should ready for the making our career life and how we work with others etc. Thereby we can predict the future and will take corrective actions in future. Next I was able to identify how to prepare personal development plan and what are the methods we can use for achieve which is mention in the plan.
Not only for this promotion but also for a future career life how we plan to achieve our targets. From skill audit how we identify what are the requirements and based on that how we develop our personal plan especially given time period, it is most valuable thing for all of us. Because in the career life the plan is most important thing in any organization.
Finally this report will help for people not only for short tome objectives but also long time objectives in their career life.
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