Discuss about the Study of Public and Private Sector Bank.
According to Liaw 2012, Training and development refers to the official and continuing activities that are conducted in a company to enhance the productivity of its workers. Alternatively, it can also be described as a learning process that includes the improvement of skills, ideas, alteration of approach and getting more insight to increase the output of workers. This paper presents a training and development assessment need for the Australian Commonwealth Bank.
The performance gap is the variation between the present performance state and the intended or envisioned performance state of an organization. The Australian Commonwealth Bank envisioned to maintain a low-cost structure by growing their cost to asset ratio to over 2.22%, and improve the cost to income ratio to over 56.6%. Also, it plans to grow their net bank customers to figures above 89,000 customers (Anon, Strategic Visions and Goals, 2018). Performance gap analysis helps the bank to determine how far it has come from and how far it ought to go to achieve its set objectives. The bank ought to perform a training and development need assessment in order to check for the effectiveness of training its employees in an attempt to seal the performance gap. This will ultimately improve each employee’s output and the overall performance of the Bank. (Alphonso, 2014)
As different techniques are under constant development, many popular training techniques have demonstrated to be very effective. Examples include: simulations and computer-centered training, classroom lectures, role-playing, case training and orientations, Training and development curriculums may concentrate on the team or individual performance.
The case study organization is the multinational Australian Commonwealth Bank. The bank envisions to excel at securing and enhancing the financial well-being of the people, businesses, and communities. (Narasimham & Ramanarayanan, Sept 2014) A thorough scrutiny on the performance of the bank was done and the results indicated that the organization had not yet fully explored the off-shore value, there was an insufficient supply of financial services to customers, the presence of fluctuating customer structure and the bank had not fully implemented the best practice people management (Deden-Parker, 2013). All the these confirmed that there was a performance gap caused by either inadequate or complete lack of skills by the employees whose solution would be to train them. For the bank to effectively train and develop the program, it had to continuously measure and recognize their workers’ present training and development requirements in preparation for their forthcoming positions to realize greater progress and higher productivity during work (Dausend, 2017). Different employees have different needs which also variate with time as they progress with their line of profession hence the reason to perform a needs assessment. Organizations have to recognize that various workers have various wants which alter as time goes by. Performance and productivity of the bank increase when the bank capitalizes on refining workers understanding and abilities.
Training enhances the essential skill collections of workers and encourages them to take tasks independently
Higher productivity
Employees remain updated on new technology & therefore apply present ones effectively thus improving their performance during work. When workers are trained, time, cash and capital are not wasted.
Decreased of errors
Once the employees acquire the desired knowledge and precise skills about how financial services are provided to customers the fewer errors are made.
Talent pool
Creation of a pool of well-trained employees with additional skills e.g. customer service, administration, and operations etc. aids to seal the positions when someone unpredictably quits the organization
This helps to uncover employee potential or talent by giving them a chance to prove their abilities in areas (such as leadership) which they don’t get while working in the organization.
Job satisfaction
When workers have the ability to perform their obligation, they get satisfied with the part or position that they occupy in the organization.
solves worker’s weaknesses
Training eliminates employee weaknesses by enhancing employee skills and getting rid of inner barriers.
Decreased turnover and truancy
Training makes the employees be confident in their abilities hence feel secured in the organization. Due to this, Truancy and work turnover is minimized (Liaw, 2012).
Access to consistent training make sure that all workers have a constant experience and constant knowledge of duties and methods hence tasks are completed in time with no questions to be asked.
Systematic training takes a shorter time than trial and error method
Training and Development instill inter-team collaborations, teamwork, and team spirit which aids in incorporating an employee’s desire to study.
Enhancement of technical skills of human resource through training leads to optimum utilization of the human resource (H., 2016).
Increases the job know-how and skills of workers at each rank
In general, training and development are essential for organization’s progress and its achievement which is beneficial to both employers and workers of a company.
Critically looking into the current status of the Commonwealth Bank as outlined by the bank’s top management, both qualitative and quantitative needs assessment methods were used to conduct the training and development needs assessment. The Quantitative methods were used to collect data that can be measured or counted and in specific figures, statements, and numbers. While Qualitative methods which do tend to be more context-bound and also much descriptive in nature were also used., The sentiments and the views of persons being interviewed do have a very critical place in the qualitative methods and information collected (Report on Training Needs Assessment, March 2013). The methods included:
The training and development needs assessment was done at an individual level at the top management level of the Commonwealth Bank and also for the senior management and the junior management levels respectively. This was carefully carried out through special questionnaires and personal interviews. Views of the executive member of the Commonwealth Bank and their assistants were collected with the aid of a special team. And the senior and junior members were interviewed at random. (United Nations Human Settlements Programme, 2013)
The personal interviews and the questionnaires had the following key question which was tailored towards getting the finest training and development needs assessment most relevant to the management of the Commonwealth Bank as well as the efficient and skilled workforce.
The two main categories of Commonwealth Bank top management staff which were requested to take part in the personal interview and fill the questionnaires included.
The other two categories which participated in a random interview and also filled up the questionnaires included:
According to (Anon, Compliance-Risk Management Needs Assessment Program:Is Your Bank Effectively Managing its Compliance Risks?, December 2012), questionnaires are very inexpensive and flexible means of collecting data, they are also a practical approach to data collection. Questionnaires can be used to target any specific group persons of your choice and one can tailor the questions being asked to meet the key objectives of the case study (Baun, Stepleman, & Swift, 2016). The study has shown that questionnaire is quantitative in nature and hence allow for easy and efficient analysis of results. According to (Report on Training Needs Assessment, March 2013) one of the most resourceful forms of key research in-depth interviews as they target detailed attitudes, opinions and perceptions. Based on these facts the research adopted these methods.
Evaluation is normally done to a needs assessment procedure to check whether the training program was effective or not. (Brownell, Lussier, Herson, Hagadorn, & Marinelli, Feb 2014) Therefore, training bodies and recipients of training, ought to be very accountable for each and every dollar invested in the training venture.
Training evaluations, which demonstrates the end result of an investment process, are essential than ever before. Through a training result evaluation, the Australian Commonwealth Bank can substantiate the usefulness of its services; that the bank delivers training modules that enhance the performance output of their employees and their company. Also, these evaluation helps to know that the bank is not wasting its resources in training its clients on financial services that do not produce positive outcomes. (Hataway, March 2017)
In addition to this, evaluation gives a useful response that aids in improving forthcoming training phases of both the training institution and the customer.
According to Donald Kirkpatrick’s “hierarchy of learning”, the outcome each step is dependent on the former step (Narasimham & Ramanarayanan, Sept 2014)
Since the assessment training was carried out to enable the employees to overcome most of their weaknesses and thereby enhance employee skills, an insufficient and shallow training needs assessment will not enable them to meet their daily duties and this will result to some employees leaving the bank to find a better place of employment. (Anon, It Is Time to Shore Up Europe’s Banks; ECB’s Forthcominn Balance Sheet Assessment Needs Teeth , October 7 2013)
The aim of carefully and adequately planned need assessment was to address optimal utilization of resources, with improper planning and conducting needs assessment, the human resource’s technical and behavioral skills will not have been strengthened and this will result in poor utilization of the bank’s resources.
Adequately planned assessments need instills teamwork and collaboration among the employees, but when the assessments needs are not properly planned and conducted then the employees will not be at a position to foster teamwork (Updegorve, 2014), this will see most the employees embracing personal accomplishment of key duties in the bank.
With improper planning and conducting need assessments, the employees will not have constant experience and knowledge about their key roles in the organization, the various changing work environment and the available updated technologies at work. (Braaten, 2017) As a result, the workload will increase the task will take a longer time to complete, there will be also inconsistency of the completed tasks by the employees. This will lower the productivity rate of the bank.
Once the employees fail to acquire the key knowledge and precise skills about how fundamental financial services are provided to the potential customers as well as prospective customers. They will be prone to make errors when executing such critical duties (Tsai, Hsu, & Lin, January, 2011). This will, in essence, leads to loss of customers to their competitors.
The processes of creating a pool of well and adequately trained employees will be less effected. This will affect the bank especially when one of the key employees unpredictably quits leading to great malfunction, and losses.
Needs assessment is one of the most expensive activities that any company can get engaged in to assist its workforce to gain the necessary skills and job relevance (Siclari, 2015). It is therefore key for the planners and coordinator to give it their prime attention to save the bank’s available resources.
Conclusion
With reference to the above-detailed analysis, it is very clear that training and development need assessments are very key to the success of any business organization. The process of training and development needs assessment for the employees help to critically equip them with the necessary knowledge and skills necessary for improving the worker’s output and taking the organization to higher performance level. The training and development need assessment should, therefore, be evaluated and carried out effectively and efficiently. The report above outlined in details the process of training and development needs assessment for Australian Commonwealth Bank which is the most established bank in the baking industry of Australia. It also included the methodology which was carefully looked into before being adopted for the purpose of this particular analysis. The various vast benefits of this training and development needs assessment are also clearly outlined in details making it more fitting for the Australian Commonwealth Bank to adopt as they improve the efficiency and throughput of their employees.
References
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Anon. (2018, May 01). Strategic Visions and Goals. Retrieved from Commonwealth Bank of Australia: https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/annual-reports/1999_Shareholder_report_full_strat.pdf
Anon. (December 2012). Compliance-Risk Management Needs Assessment Program: Is Your Bank Effectively Managing its Compliance Risks? Illinois Banker, Vol.9(11), p.16.
Anon. (October 7 2013). It Is Time to Shore Up Europe’s Banks; ECB’s Forthcoming Balance Sheet Assessment Needs Teeth. The Financial Times, p.14.
Baun, K., Stepleman, L., & Swift, S. (2016). Development of a Needs Assessment Tool To Guide Surgical Training. Obstetrics & Gynecology, Vol.128, p.59S.
Braaten, D. (2017). ‘Walking a Tightrope: Human Rights, Basic Human Needs and US Support for Projects in the Multilateral Development Banks’. Human Rights Review, Vol.18(1), pp.45-66.
Brownell, E. A., Lussier, M. M., Herson, V. C., Hagadorn, J. I., & Marinelli, K. A. (Feb 2014). Donor Human Milk Data Collection in North America: An Assessment of Current Status and Future needs. Journal of Human Location, Vol.30(1) p.47-53.
Dausend, L. (2017, 09 14). Leadership Development. Retrieved from Flashpoint Leadership Consulting: https:www.flashpointleadership.com/blog/training
Deden-Parker, A. (2013). Needs Assessment In Depth :Professional Training At Wells Fargo Bank. Journal of Instruction Development, Vol.4(1), p.3-9.
H., Q. (2016, March 05). Benefits of Training & Development in an Organization. Retrieved from Training & Development: https://kashmirobserver.net/archive/20160305
Hataway, J. (March 2017). Compliance Today (TM): State-of-the-art Testing PLatform Helps Banks Assess Their Employees’Training Needs. Texas Banking ., Vol106(3). pp.8-11.
Liaw, K. A. (2012). The Business of Investing Banking: A Comprehensive Overview. New Jersy: Wiley.
Narasimham, G., & Ramanarayanan, C. (Sept 2014). Analysis of Training Needs Assessment and Implementation-A Corporative Study of Public and Private Sector Banks. Indian Journal of Commerce and Management Study, Vol.(3), pp.71-79.
( March 2013). Report on Training Needs Assessment. Macedonia: Skopje.
Siclari, D. (2015). Italian Banking and Finacial Law Volume 1, Supervisory Authorities and Supervision. London: Palgrave Macmillan UK.
Tsai, W.-H., Hsu, W., & Lin, T. W. (January, 2011). New Financial Service Development For Banks in Taiwan Based on Customer Needs and Expectations.(Report). The Industries Journal, Vol 31(1-2), p.215(22).
United Nations Human Settlements Programme. (2013). Training Needs Assessment and. Nairobi: UN-Habitat.
Updegorve, K. (2014). Letter to The Editor Regarding”Donor Human Milk Bank Data Collection in North America: An Assessment of Current Status and Future Needs”From the Human Milk Banking Association of North America. Journal of Human Location, Vol. 30(2), pp.242-243.
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