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COMMON WEALTH OF AUSTRALIA

This assignment is a bias identification quiz based on the topic of behavioural finance and investor types.

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Added on  2022-08-22

COMMON WEALTH OF AUSTRALIA

This assignment is a bias identification quiz based on the topic of behavioural finance and investor types.

   Added on 2022-08-22

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RELECTIVE JOURNAL
Name
Institution
Date
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Question 1 Identifying competencies and gaps (55 marks | Word limit: 2,500 words)
Read the information provided in Topics 2–4, as well as the required readings and additional
resources.
This assignment is designed to help you identify the competencies and behaviours that support
ongoing client relationships during emotional periods of anxiety and anger. Assignment 1 should be
used very briefly to set the context of Assignment 2.
Write your assignment with specific analyses of your competencies (e.g. strengths) and
competency gaps (e.g. further learning) as indicated by the Genos emotional intelligence
survey in Topic 2; the communication styles survey in Topic 3; and your observations of
consumer behaviour in Topic 4.
You should discuss the following five (5) points at a minimum in your assignment.
1. Recall that Assignment 1 required you to identify a key business problem, the context of which
can be elaborated with concepts of behavioural finance. Based on the context, you are required to
give brief examples (strengths and weaknesses) of the general level of emotional intelligence
across a group you can observe (e.g. your work colleagues or the people you interviewed). Apply
Daniel Goleman’s emotional intelligence competency framework, presented in Topic 2. The
objective is to observe emotional intelligence behaviours in practice.
GOLEMAN’S FRAMEWORK
Emotional intelligence (EI), can be defined as the capability of individuals identify their
own emotions as well as that of others, discern between diverse feelings and label them properly,
applying emotional information to direct behaviour and thinking, and manage and regulate
emotions to adjust to surroundings or attain one's goal(Smythe, 2013).
Emotional self-awareness
Awareness can be defined as the ability to observe and understand individual’s own feelings, and
the emotional state of other people . In my work station there was high score of emotional self
ware, we found that many people were are of their own emotional state.
Emotional awareness of others
The workers need always to learn more about the feelings of their colleagues in order to be able to
handle . The emphasis is on the awareness of both verbal and non-verbal expressions of emotions
by others. Further, there is also an emphasis on understanding the nature of the emotions that may
motivate or affect the behaviour of others at work(Baker and Low, 2014).
Authenticity
Authenticity is the ability for one to openly and efficiently express themselves, honoring
commitments as well as boosting this behaviour in other people it includes properly expressing
precise emotional state at place of work, e.g. happiness , giving feedback to coworkers about their
feelings, and conveying sensations to the right persons.
There was low scores indicate a frequent demonstration of ineffective emotional expression at
work.
Emotional reasoning
Reasoning can be defined skill applying data, from individual, in rational thinking, decision
making and planning. It comprises of considering personal and other people’s feelings when during
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decision making, joining the information on emotional state with evidences as well as practical
information.
There was a high scores which indicate a recurrent consideration of peoples’ emotions when during
decision making at work.
Self-management
Self-management can be defined as exercise of efficiently arranging emotions in personal and other
people. ‘Management’ in the emotional intelligence setting includes pro-actively keeping positive
frame of mind, and replying to sturdy emotions in a calculated and thoughtful way.
Positive influence
It can be defined is about positively affecting the way people feel through problem solving, giving
feedback and identifying and supporting others’ work. (Duxbury,et al,2015)
EMOTIONAL INTELLIGENCE
2. Critically evaluate your emotional intelligence strengths and weaknesses relative to your
observation group. Consider elements from your environment that impact on your strengths and
weaknesses and how you can leverage off your strengths to take advantage of opportunities and
overcome threats that impact your weaknesses. Apply your Genos emotional intelligence survey
results. The objective is to identify opportunities where you can support your group and manage
threats that you need to overcome as a group, and areas where you should rely on support from the
group.
The psychological wellbeing of workers plays a major role in every business. People who are aware
of their emotions and their overall impact to the business well tend to perform better as compared to
employees who are less aware of their emotions .The information from the survey clearly indicate
that people tend to be aware of their immediate surrounding as well as their emotional impact on the
business. Emotions is the backbone on proper reasoning in the business. Businesses need managers
who will be capable to think though difficult situations and come up with proper solutions to the
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problem. In the survey it’s clearly indicated that majority of workers tend to be aware of their
emotions and are able to manage themselves without any problem(Kirst et al., 2016).
COMMUNICATION STYLE
3. Evaluate your communication style (e.g. each element within the communication style survey).
Comment on the implications of your style and others’ possible perceptions of your authenticity.
The foundation of effective client relationships is effective communication. Influence is one of the
most dominant tools for improving business and customer relations. Client Engagement Talents
teaches one on how to improve personal and customer engagement success by adapting positive
impact methods to a range of circumstances. A good client engagement skills is designed to
assist individuals learn to influence determinedly to attain better business outcomes.
Communication style is usually an extension of a person’s character(nassar, 2015). In this context,
communication is can be defined as output of individual’s emotional intelligence, mainly empathy
and self-awareness. To be an authentic communicator one needs to be ‘stick’ to their personal
standards. On the other hand, the personal standards anticipated by the financial adviser builds the
client’s understanding in the professional relationship. My communication can be defined as
expressive in that it gave the clients a detailed plans of how to deal with their presented problems.
Communication is very important in every financial dealing financial adviser usually gather
information and rely critical issues for consideration. Both verbal and non verbal communication
plays a role in the business. Financial adviser tone of voice and pitch needs to be in a way that
indicates that he is in control of the situation ,as this will give the client a clear indication that his
problems will be able to be solved by the person. He also should maintain upright posture and have
strong eye contact (Pompian, 2012).
BIZ/BIAS QUIZ
4. To gain a better understanding of prevalent biases in your workplace environment among clients
and/or colleagues, administer three (3) copies each of the bias identification quiz and the BIT
orientation quiz (yours and two (2) colleagues). Once the data collection has been completed,
analyse the results and then provide practical explanations of causes and consequences of identified
bias behaviours (from the bias identification quiz). Also, provide practical descriptions of the
results from yourself and your colleagues (from the BIT orientation quiz results).
Behavioural finance gives reasons, why financiers give way to systematic partialities when
making major decisions, and how their mutual biases affect the market. Regulators as well as
economists describe the need for customer securities and market competences partially
grounded on the principles of portfolio theory. Portfolio concept is grounded on the assume that
financiers are rational, financially disciplined and literate. They appropriately apprise their
beliefs when getting new information which can enhance their opportunities of making wealth.
In simply terms, an financier rationally fine-tunes their assortment of ‘winners and losers’. Even
though the notion may comprehensive idealistic, maybe fanciful, it has prejudiced money
matters for the long time.
‘Bias’ is defined as personal and at times unreasoned judgment. The biases may cause illogical
financial decisions owing to the impact of emotionally and intellectual errors. With that being
said personal decisions and well conducted Research plays a major role in the financial realm.
Before making any investment decision ,people are always advised to carry out research on what
they are planning to invest in, this gives them a clear outline of the risk and profits involved so
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