Training for a Financial Services Organization

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Training for a Financial Services Organization

Introduction

Training employees is essential because it helps employees learn about the companys culture, core values, and the skills to do their jobs effectively. It is always crucial for training managers to have training techniques such as employee appraisal systems and job rotation. These techniques will aid the company in cutting costs and diversifying, thus reducing the cost associated with hiring many employees with different expertise. As a training manager, I will provide relevant training services that will help the company in cost reduction and diversification, as well as promote the organizations core values, culture, and necessary ethical principles.

Business Strategies, Core Values, Culture, and Ethical Principles the Training Model Needs to Support

As a new training manager, it is important to develop a training model that supports the business strategy. This means understanding the goals and objectives of the organization and designing a program, especially in cutting costs and diversification as our main business strategies. In order to do this effectively, I will need to entail job rotation and employee appraisal as a way of training. Job rotation will help in cutting costs and diversifying by allowing employees to actually learn new skills and work in different areas of the company (Ali-Mohammadi & Ramezani, 2017). This will aid in reducing turnover and save on training costs, as well as provide employees with a greater understanding of the company.

Similarly, it is vital to ensure that my training model supports the ethics, core values, and culture of the organization. The training will support ethical principles such as beneficence and non-maleficence, which should be adhered to in order to maintain high standards within the industry (Petersen et al., 2017). In terms of core values, it will support integrity, accountability, respect, and teamwork, while in terms of culture, the training model will embrace continuous improvement, innovation, and transparency. Ethics are important in any industry; however, they are especially crucial in industries such as finance, where public trust is essential.

Alignment of Human Resource Development With Strategic Planning and Core Values of the Organization

Human resource development (HRD) is the process of helping employees improve their skills and knowledge so that they can perform their jobs more effectively. HRD will align with strategic planning by ensuring that the organization has the right mix of talents and skills to meet its current and future needs (Ali-Mohammadi & Ramezani, 2017). This includes identifying what skills and knowledge employees need to develop, providing training and development opportunities, and assessing employee progress through employees appraisal and job rotation.

Job rotation will help identify the right mix of talents and skills by giving employees a chance to experience different areas of the company. Employee appraisal systems will aid organizations in nurturing diverse skills needed to achieve their business goals. By tracking employee performance over time, appraisal systems provide insights into which employees are meeting or exceeding expectations and which ones may need additional development. This information will then be used to make informed decisions about succession planning, promotion, and training initiatives. HRD plays an important role in organizational success by ensuring that employees have the necessary skills to contribute to the organizations goals (Ali-Mohammadi & Ramezani, 2017). Likewise, aligning HRD with the core values of the organization will be important because it will assist in ensuring that employees are being developed in ways that support the organizations strategic direction.

Phases of the Training Process Model

There are four phases in the training process model for job rotation and employee appraisal. They are selection, indoctrination, implementation, and follow-up; during the selection phase, employees are assessed to identify those who are best suited for the job. Indoctrination then ensures that employees understand the company culture and values. Implementation is when employees start doing the job and follow-up checks that everything is running smoothly.

The training process model for supporting integrity, respect, and teamwork is based on the ADDIE model. ADDIE stands for Assessment, Design, Development, Implementation, and Evaluation (Salas-Rueda et al., 2020). The first step in any training initiative is to assess the current situation. This involves understanding the current state of affairs concerning integrity, respect, and teamwork within the organization. Once this is understood, a design can be developed that will address these issues. The development phase will involve creating materials and activities that will help to promote integrity, respect, and teamwork. The implementation phase is when the training is actually delivered to employees (Salas-Rueda et al., 2020). Finally, the evaluation stage involves assessing how well the training has worked and making changes as necessary.

The Types of Training and Categories of Learning to Support Key Business Strategies

There are three primary types of training that can be used to support key business strategies, such as cutting costs and diversification. The first type of training is called technical training, and it is focused on teaching employees the technical skills they need to do their jobs (Petersen et al., 2017). The second type of training is called management training, and it is focused on teaching employees the skills they need to manage and lead others. The third type is skills training, and it is focused on teaching employees the interpersonal skills they need to work effectively with others. Each type of training has its own category of learning. Technical learning, for example, includes courses in software engineering and computer programming. Management learning includes courses in effective communication, delegation, problem-solving, and human resources management (Petersen et al., 2017). On the other hand, soft skill learning entails developing a better understanding of how to manage financial risk, build better relationships with clients, and increase productivity.

The Best Support of Employees Through Training and Change Management

Well-designed training and change management programs will help employees understand and cope with changes in their work environment. Training will be tailored to the specific needs of the organization and the employees who will be affected by the change process. Training will similarly be consistent with the organizations values and culture. Change management programs will provide employees with information about why the change is happening, what to expect, and how they can best adapt to the new situation. Employees need time to adjust to changes, so a gradual implementation plan is often most effective. Supportive measures such as employee assistance programs can also help employees through times of adjustment (Ali-Mohammadi & Ramezani, 2017). Concerning benefits to overall organization performance, change management will ensure that any changes made to systems, processes, or structures are carefully planned and executed in a controlled manner. Training employees on new procedures or protocols will ensure that they are knowledgeable and able to properly carry out their responsibilities. This will lead to increased efficiency and effectiveness within the organization as a whole.

Conclusion

In conclusion, as the new training manager, I will ensure that the company applies its strategies of diversification and cost-cutting to achieve its goals through employee appraisal and job rotation. When employees rotate into new positions, they will learn the necessary workplace skills, reducing the need for formal training programs or hiring more employees with diverse knowledge. Conversely, employee appraisal will aid in identifying employees weaknesses and training them; therefore, instead of hiring more experts, the company will only be training the existing employees. During the training, I will emphasize core values (respect, teamwork, and integrity) and ethical principles such as non-maleficence and beneficence. All the training activities will align with the organizational culture of transparency, continuous improvement, and innovation.

References

Ali-Mohammadi, F., & Ramezani, M. (2017). Evaluate the effectiveness of job rotation system and its impact on employees readiness for job rotation: Case study of: Maskan bank branches in the city of Tabriz. International Review, 27-35. Web.

Petersen, I., Marais, D., Abdulmalik, J., Ahuja, S., Alem, A., Chisholm, D.,& & Thornicroft, G. (2017). Strengthening mental health system governance in six low-and middle-income countries in Africa and South Asia: Challenges, needs and potential strategies. Health Policy and Planning, 32(5), 699-709. Web.

Salas-Rueda, R. A., Salas-Rueda, É. P., & Salas-Rueda, R. D. (2020). Analysis and design of the web game on descriptive statistics through the ADDIE model, data science and machine learning. International Journal of Education in Mathematics, Science and Technology, 8(3), 245-260. Web.

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