Effect of Training Programs on Employee Performance: Wales Finance

This report delves into the impact of training on employee performance within the financial sector in Wales, focusing on the Welsh Financial Services Graduate Program (WFSGP). The literature review explores the concept and importance of training, its design, delivery, and evaluation, particularly within the financial sector. The report highlights how training programs enhance employee skills, job productivity, and practical knowledge, addressing the gap between theoretical education and industry demands. The WFSGP is examined for its role in providing practical experience through internships and assessments, preparing graduates for careers in Welsh financial institutions. The report also discusses the methods of training delivery and the program's high success rate, emphasizing its significance for aspiring professionals in the financial industry.

Running head: EFFECT OF TRAINING ON EMPLOYEE PERFORMANCE
Effect of training on employee’s performance within the financial companies in Wales
Name of the Student:
Name of the University:
Author’s Note:

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Table of Contents
Chapter 2: LITERATURE REVIEW.........................................................................................2
2.1 Introduction..........................................................................................................................2
2.2 Concept of Training.............................................................................................................2
2.3 The importance of training program....................................................................................3
2.4 Training design and delivery................................................................................................5
2.4.1 Training Needs Assessment and design........................................................................5
2.4.2 Methods of training delivery.........................................................................................6
2.5 Evaluation of training program............................................................................................7
2.6 Training in financial sector..................................................................................................8
2.7 Financial sector in Wales and economy...............................................................................9
2.9 Summary............................................................................................................................10
References................................................................................................................................11

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Chapter 2: LITERATURE REVIEW
2.1 Introduction
Literature review forms an integral part of the entire part of the research work and in
this section or chapter the researcher analyzes the past literature which has been written on
the topic. Furthermore, the researcher along with the past literature also tries to take the help
of the different theories as well as models related to the topic which they are trying to
analyze. More importantly, the researcher in this section of the research work has tried to
correlate these theories or models and also the themes of the past literature related to the topic
which is under discussion. It is with this objective that the researcher has tried to explore the
different facets of the training programs which are being offered to the employees within the
financial sector of Wales, United Kingdom.
2.2 Concept of Training
Tahir et al. (2014 p-86) are of the viewpoint that the notion of training can be defined
as the teaching activities or the activities which the individuals undertake so as to develop
some particular skill sets within themselves. More importantly, as opined by Shahzadi et al.
(2014 pp.163), these training programs enable the individuals to learn or acquire the kind of
skill sets which are likely to enable them to perform as per the expectations of the
organization that they are working for. Furthermore, it is seen that the construct as well as the
concept of training has undergone a substantial amount of change in the recent times on the
basis of the kind of job roles that the individuals are required to perform within the spectrum
of an organization (Hanaysha and Tahir 2016 p-279). In this regard, it needs to be said that in
the earlier times the individuals within an organization were offered just the basis kind of
training which were intended to help them to complete their job roles in an effective.

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However, in the recent times it is seen that the individuals along with this basic training
program are also being offered with various kinds of advanced training programs. Asrar-ul-
Haq and Kuchinke (2016 pp.59) are of the viewpoint that the primary objective of these
advanced training programs is to offer advanced kind of skill sets to the candidates which are
likely to brief them regarding the current developments in their line of work.
The work that the individuals are required to perform within the various financial
institutions is drastically different from the ones that the individuals perform in the other
organizations. For example, it is seen that the individuals working in different financial
institutions are required to have a thorough practical knowledge of accounting, financial
auditing, financial data handling, customer relationship management and others (Hanaysha
and Tahir 2016 p-274). It is precisely here that the training programs like Welsh Financial
Services Graduate Program (WFSGP) and others come into prominence since they equip the
individuals with the right kind of skill sets which will in turn help them to fulfill their job
roles in an adequate manner. More importantly, it is seen that this two year unique training
program has been specifically designed to offer any overview of the kind of work that the
individuals would be required to perform within the framework of diverse finance institutions
in Welsh like V12 Retail Finance, Optimum Credit, Development Bank of Wales, Vauxhall
Finance UK plc and others (Buzzwales 2018). Thus, it can be said that the construct of
training is an essential one for the various individuals who are aspiring to work in the
financial organizations of Welsh, United Kingdom.
2.3 The importance of training program
Falola, Osibanjo and Ojo (2014 p.161) are of the viewpoint that the job productivity
or the performance of an employee depends on a plethora of factors like organizational
culture, on-job training, HR and management policies of the organizations and others.

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However, as recent research works suggest one of the most important factors which directly
affect the job productivity of the individuals within the framework of an organization is the
training which is being offered to them (Young et al. 2015 p-695). More importantly, the
construct of training becomes even more important since it is seen that the various
educational institutions offer only theoretical knowledge or information to the candidates
with very little practical exposure. In this regard, it needs to be said that because of the
dynamicity as well as the changing nature of the professional world these theoretical models
or frameworks are rarely being followed in a sacrosanct manner like the way they are being
taught to the individuals in the educational institutions.
The different contemporary organizations in order to cope with the dynamicity as well
as the changing nature of the business world often modify the traditional strategies,
theoretical frameworks or models so as to enhance their effectiveness (Yap and Webber
2015). The net result of this is the fact that the individuals who do not have any practical
knowledge or information regarding the working style of the business world often find it very
hard to cope with the kind of work or job roles that they are required to perform within the
cannon of the professional world. It is precisely here that the prominence of the training
programs like Welsh Financial Services Graduate Program (WFSGP) and others come into
prominence.
The most important aspect of this training program is the fact that they offer the right
kind of practical or work exposure to the individuals which in turn help these individuals to
sustain themselves in the different financial organizations of Welsh, UK. In addition to
offering the right kind of practical or work exposure to the individuals this training program
is also important from the perspective that it helps the individuals to get an idea about the
kind of work that would be required to perform in the different financial organizations of
Welsh (Buzzwales 2018). This is important since it offers the opportunity to the individuals

5EFFECT OF TRAINING ON EMPLOYEE PERFORMANCE
to acquire the kind of skill sets which are likely to help them to perform as per the standard or
the expectation of the organization that they would be working for in the future times. It is on
the score of these factors that it can be said that the training offered by this program is an
indispensible one of the individuals who are aspiring to work in the different financial
organizations of Welsh.
2.4 Training design and delivery
2.4.1 Training Needs Assessment and design
The Welsh Financial Services Graduate Program (WFSGP), inaugurated in 2013 by
Welsh Financial Services Forum and other similar industry partners intends to offer the kind
of skill sets to the individuals which are likely to help them to perform in an adequate manner
(Buzzwales 2018). The primary idea behind the foundation of this course was to retain the
high-caliber graduates of Welsh and offer them the right kind of grooming as well as training
so that they would be able to match the industry standards as well as expectations of the
financial organizations of Welsh (Buzzwales 2018). More importantly, the program
depending on the abilities or the capabilities of the candidates who are opting for the course
various kinds of internships are being offered to the candidates.
The internship programs have been designed in such a manner that they offer the right
kind of industry exposure to the candidates so as to familiarize them with the kind of
environment in which they would be working in their professional career (Buzzwales 2018).
More importantly, these internship programs which form an essential part of the training
program under discussion here by helping the candidates to work in different kinds of
financial companies as interns helps them to choose or understand the kind of designation
that they are most comfortable to work in (Buzzwales 2018). This in turn offers the right kind

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of direction to these candidates regarding the kind of job roles or designations that they
should be targeting after the completion of the training program.
The Welsh Financial Services Graduate Program (WFSGP) along with offering the
opportunity to analyze the aptitude of the candidates also offers them the chance to develop
their key skills on the basis of their requirements and capabilities. For example, during the
course of two years the candidates get the opportunity to participate in different kinds of self-
assessments as well as psychometric tests which offer an insight to them regarding the key
competencies of their own character (Buzzwales 2018). More importantly, the results of these
self-assessments at the same time offer an insight to the candidates regarding the kind of job
roles or tasks that would be more suitable to them. Thus, it can be said that the training
program is an integral part of the training process for the candidates who aspire to work in the
financial organizations of Welsh because of the plethora of benefits that it offers to them.
2.4.2 Methods of training delivery
Sung and Choi (2014 pp.399) are of the viewpoint that the quality as well as the
effectiveness of the different training programs depends greatly on the kind of method which
is being used for the delivery of the concerned training program. In this regard, it needs to be
said that the method which is being used for the delivery of the training program under
discussion here is internship of the candidates in the different financial organizations of
Welsh, United Kingdom. For example, it is seen that the training program offers the desired
as well as right kind of opportunity to work in the different financial organizations of Welsh
as interns.
It is pertinent to note that this is one of the best aspects of the training that the
concerned program offers to the candidates since it is seen that because of the stringent
recruitment policies followed by the different financial organizations of Welsh the candidates

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often fail to get this kind of opportunity. In addition to this, it is seen that the candidates are
offered the opportunity to learn different kinds of new skills like accounting, financial audit
and others during the course of the two years which is required for the completion of the
training program under discussion here (Buzzwales 2018). Furthermore, the program is being
delivered by one of the best educational as well as academic instructors and this in turn
ensures the fact that the candidates are being able to grasp the things which are being
conveyed to them. Moreover, it is also seen that the training is being delivered by some of the
professionals who are already a part of some of the best financial organizations of the world
which in turn enhances the quality of the training that is being offered to the candidates.
2.5 Evaluation of training program
As per an estimate 95% of the candidates who opt for the training program under
discussion here get the opportunity to work in some of the largest financial organizations of
UK like V12 Retail Finance, Optimum Credit, Development Bank of Wales, Vauxhall
Finance UK plc and others (Buzzwales 2018). The internship programs offered by the
program under discussion here also helps the candidates to gain the right kind of skill sets
which in turn not only enable them to get selected in the above mentioned financial
organization but also to perform as per the expectations of these organizations as well. In
addition to these, it is seen that the program also offers a “customized MSc in Financial
Services Management delivered by University of South Wales on graduation” (Buzzwales
2018). It is pertinent to note that this degree is considered to be one of the most standard
educational degrees that the candidates aspiring to work in the financial sector of Wales, UK
are required to have so as to qualify for the recruitment process conducted by these
organizations.

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The training program under discussion here offers various kinds of skill sets to the
individuals like leadership, risk management, compliance, financial management and others
(Buzzwales 2018). It is important to note that these are considered to be some of the most
basic skills that the candidates aspiring to work in the financial sector need to possess. Thus,
it can be said that the effectiveness of training program under discussion here becomes
apparent in the fact that it offers the right kind of skill sets to the individuals, which in turn
help them in the later part of their professional career in the financial sector.
2.6 Training in financial sector
Ahmed, Bahamman and Ibrahim (2015 pp.135) are of the viewpoint that training is
perhaps one of the most basic needs of the different employees of an organization and also
the overall productivity or the performance level of the employees depends substantially on
the kind of training which is provided to them. More importantly, the training which is being
offered to the individuals should be designed taking into effective consideration the
requirements or the demands of the job roles or the tasks that the individuals would be
required to perform in the organization (Odumeru and Ilesanmi 2015 p-22). Furthermore, the
method which is being selected for the delivery of the required training should be formulated
or designed on the basis of the key competencies or the capabilities of the candidates as well.
This is important since if these factors are negated by an organization then the training
offered by it to the individuals regardless of the quality of it becomes futile for the different
individuals (Nkosi 2015 p-106). In addition to these, it is seen that the contemporary
organizations rather than offering mere generic or vague kind of training are increasingly
resorting to the use of organization or job centric kinds of trainings to the employees.
As opined by Tahir et al. (2014 p.86), the training needs of individuals working in
different kinds of organizations or sector are different from one another and thus different

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kinds of training are being offered to individuals working in different sectors or
organizations. In this regard, it needs to be said that the training need of individual working in
the financial sector would be drastically different from that of an individual working in the
retail sector or the hospitality sector. For example, the individuals aspiring to work in the
financial sector need to possess different kinds of skill sets like financial accounting, risk
management, compliance, customer relationship management and others (Shahzadi et al.
2014 p-164). The net result of this is the fact that the organizations related to the financial
sector in Wales, UK not only look for the candidates who already have these skills but at the
same time offer various kinds of trainings to the candidates so as to develop these skills in the
individuals. In addition to these, the organizations are at the same time offering different
kinds of advanced training to the employees like finance and equity management, stock
market marketing and others so that they would be able to perform as per the standard of the
industry or the expectations of the organization (Asrar-ul-Haq and Kuchinke 2016 p-61).
Another important objective behind the use of these kinds of advanced trainings is the fact
that these advanced trainings offer the opportunity to the individuals to enhance their skills
and thereby complete their job roles in a much more effective manner (Young et al. 2015 p-
699). This in turn is likely to help the employees to improve their performance which in turn
is likely to improve the overall performance of these organizations as well.
2.7 Financial sector in Wales and economy
The financial industry is one of the fastest growing ones of the world and contributes
a substantial amount of capital towards the economy development of any nation. In this
regard, it needs to be said that the economy of Wales is the 10th largest one within the nation
of the United Kingdom and one of the major reasons for this is the rapidly growing financial
sector of Wales (Businesswales.gov.wales 2018). According to Businesswales.gov.wales

10EFFECT OF TRAINING ON EMPLOYEE PERFORMANCE
(2018), various reasons can be ascribed to this unprecedented growth of the financial sector
of the region like the thriving workplace of the region, expertise of the individuals in the
effective management of data, excellent infrastructure, connectivity and others. In addition to
this, it is seen that the financial organizations of Wales in order to get the best quality of
skilled individuals regularly conduct various kinds of campus drives, internship programs and
others. As a matter of fact, the same source reveals the fact that every year more than 150,000
fresh talented college graduates are being recruited by the different organizations related to
the financial sector in Wales, UK (Businesswales.gov.wales 2018). More importantly, in the
recent times it is seen that various educational institutions are tailoring the educational
courses that they offer to the students so as to meet the requirements or the demands of these
organizations. In this regard, it needs to be said that the Welsh Financial Services Graduate
Program (WFSGP) has emerged as one of the most important ones which has been specially
designed keeping into perspective the demands of these organizations from the candidates.
These in short are some of the major reasons which had contributed to the unprecedented
growth of this sector of Wales.
2.9 Summary
In this chapter, the researcher has discussed the diverse aspects of the training
programs which are being offered to the employees in the financial sector of Wales, United
Kingdom. For this purpose of this discussion, the researcher has used the Welsh Financial
Services Graduate Program (WFSGP) as a framework and analyzed different facets of this
training program which equips the individuals with the right kind of skill sets that are needed
for the effective completion of their job roles.

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