Employee Performance Measurement and Development in Financial Services

Desklib provides solved assignments and past papers to help students succeed.

Unit 35- Developing Individuals, Teams and
Organizations

Contents
Introduction.................................................................................................................................................3
Task 1..........................................................................................................................................................4
Task 2..........................................................................................................................................................8
Task 4........................................................................................................................................................11
Conclusion.................................................................................................................................................16
References.................................................................................................................................................17

Introduction
Performance measurement of employees including behavior, knowledge and skill sets is
important factor of growth of any business and institution. In following report different prospects
of performance measurement will be analyzed in context of financial institution Alexandra-
Reisse. Alexandra- Reisse provides financial services to users as per their requirements by using
different strategies. Performance of employees in firm and institution depends on working
culture of firm also. Different approaches of performance measurement will also been discussed
in context of Alexandra- Reisse. Performance of every individual working for institution
contributes in performance measurement of whole firm. Performance of employees can be
evaluated and analyzed on the basis of various parameters in performance scale.

Task 1
LO1 Analyse employee knowledge, skills and behaviours required by HR professionals
P1: As the staff development manager, determine appropriate and professional knowledge,
skills and behaviours that are required by The HR department of Alexandra-Reisse which
specializes in financial management.
HRM (Human resource management) is basically considered as an approach which is helpful in
effective management of the people working in an organization. The management of people is
done with the motive to survive the competition and make sure that effective utilization of
employee skills and knowledge is done. The HR department of Alexandra- Reisse is having a
requirement of the proper management of the staff as the employees working in a team of
financial management are not feeling motivate enough. It is important that human resource is
well managed for which it is important that as a staff development manager proper skills,
behaviors and professional knowledge must be there within the financial management of the
organization (Dubey et al, 2015).
 Communication skills: Being a development manager it is important that HR department of
the finance management should possess the communication skills so that the problems or the
issues faced by the employees could be easily communicated and employees don’t feel shy or
hesitate to discuss their problems.
 Multi-tasking: It is important that HRM should be capable of performing the multiple tasks
all together because it is important that multiple roles are handled well by the HRM and also
all the problems or issues are addressed well.
 Ethical Approach: It is important to have an ethical approach towards the finance
department by making sure that image and reputation of the company is well protected. The
ethical approach is helpful in building the trust and loyalty in an organization.
 Critical Thinking Skills: The HR professional should be capable enough to develop the
strategy to cultivate the critical thinking skills among the employees by making sure that all
the employees are working together towards the common goal of an organization.

P2: As you are new to managing teams and have a good experience in HRM and some
knowledge in finance, complete your personal skills audit. Analyse the completed personal
skills audit to identify appropriate knowledge, skills and behaviours, as well as relevant
gaps and develop a professional development plan for your job role as team leader, Staff
development manager.
Personal skill audit is basically a method which is helpful in measuring of skills which an
individual has and also these skills are recorded for the future reference. The main agenda behind
developing a personal skill audit is to identify the knowledge and the skills which organization is
requiring in order achieving the objectives and also it is helpful in measuring the skills which
already organization has (Walsh, 2017).
Development of the Personal Skill Audit involves:
 Listing out the roles within an organization: As per the position required in an
organization, the roles are listed out initially, in the financial department of an organization
the list of the roles must be specified clearly.
 List the skills required for each role: As per the role it is important to define the skill
required like for financial department it important to have financial skills, statistical
knowledge and other strong calculative skills to manage financial department.
 Creation of survey: The survey is created for collecting the responds of the people. The
survey should be small and straight by simply containing the questions related to job roles
and skills.
 Surveying workforce: The survey is being filled by the human resource working in an
organization (Hwang et al, 2017).
 Compilation of results: The compilation of the results is done manually or using the
technology which will help in automatic generation of the results.
 Analysis of data: Now on the basis of the results, analysis is done which is helpful in
analyzing the skills gaps within an organization, people consisting of the critical skill, skills
which will be required for the coming future.
By developing this personal skills audit for the Alexandra-Reisse it can be analyzed that
employees working in the financial department are not skilled enough to perform the functions

related to finances and also the motivation level of the employees is all gone. It is important to
boost up their morale because most of the employees were also not interested in filling a survey.
Professional Development Plan
Professional development plan is basically a plan which is built with the motive to specify the
goals, competency, skills and development along with the objectives which staff development
manager must have in order to improve their career as well as to provide the required support to
an organization. On the basis of the analysis done by the personal skill audit it is important for
the staff development manager to develop a professional development plan which involves
following steps:
 Requesting the self-assessment from the staff member.
 Developing the assessment about the skill level of an individual.
 Assessing the needs of financial department
 Exploring opportunities among the staff members.
 Recording and analyzing the progress made by the staff members.
This PDP will be helpful for the organization because this will be helpful in identification of the
employees who are skilled enough and also the problems of the employees will be identified that
why the negativity is spreading in the company and it will also solve the problems which
employees must be facing. This PDP will be helpful in analyzing the skills of employees and
also the identification of the problem will be done (Siham et al, 2015).
M1: Provide a detailed professional skill audit that demonstrates evidence of personal
reflection and evaluation.
Personal Skill Audit
Skill Required How did this skill contribute
towards the organization
How this skill can be
developed
Formal Accounting
Qualification skills
It involves the knowledge
related to basic standards of
accounting.
Proper training and knowledge
to the employees must be
given.
Financial Reporting It is helpful in super High aptitude based exams

forecasting related to
accounting.
and quizzes can be conducted.
IT software knowledge IT system based financing
functions can be performed
automatically.
Training on various software
like SAP accounting software
can be given to employees
D1: Produce a detailed and coherent professional development plan that appropriately sets
out learning goals training in relation to the learning cycle to achieve sustainable business
performance objectives.
Target Actions to achieve Target Date for completion
Improve knowledge
of IT financing in
employees
Training provided to
employees on online
accounting based
software
15 days or 1 Month
Motivate employees
to perform better
 Conduct the team
activities.
 Address problems
of employees.
 Welcome
suggestions
coming from
employees.
Ongoing throughout.
Promoting team work Organizing the group
activities.
Conducting social
interaction sessions.
Providing
extracurricular
activities apart from
work.
Ongoing throughout

Task 2
Analyse the factors to be considered when implementing and evaluating inclusive learning
and development to drive sustainable business performance.
P3: Analyse the differences between organizational and individual learning, training and
development.
Organizational and Individual Learning
Organizational Learning Individual Learning
Organizational learning is aiming to provide
the learning to employees because of the
organization practices which involves:
 Getting feedback from the employees or an
organization.
 Providing learning opportunities to the
employees.
 Developing a learning culture within an
organization.
 This is learning which is basically
considered as the self-directed learning.
 This learning is developed while observing
the other employees, and observing the day
to day activities.
 This learning can be learned while some
employee is working under an experienced
individual.
 Employee in this learning learns by himself
by generating the knowledge and
information.
Training and Development
Training Development
Training is usually considered as a process of
learning where the employees are provided
with an opportunity to learn, gain knowledge
and skills.
It is usually considered as a process which
involves overall growth of an employee with
an educational process.

Training is done with the motive to improve
the performance of the employees.
It is helpful in preparing the employees for the
coming future challenges.
P4: Analyse the need for continuous learning and professional development to drive
sustainable business performance.
Continuous learning is important because:
 It leads to business sustainability: Continuous learning is like investing in the people work
are working in an organization which makes them feel special that organization is thinking
about their betterment and this eventually improves the sustainability of the business for the
longer time (Kontoghiorghes, 2016).
 Social Learning: The training and professional development is also important for the social
learning as it allows the people to come together are learn new things.
 Sparks new ideas: It is helpful in generation of new ideas.
 Changes perspective: It also changes the perspective of the employees and motivates them
to perform better for the future (Modell, 2019).
 Leads to confidence: The confidence of the employees is improved as continuous learning
and training is provided to them which eventually lead to improve the satisfaction level of
employees (Beske-Janssen et al, 2015).
M2: Apply learning cycle theories to analyze the importance of implementing continuous
professional development.
Kolb’s Learning Style Theory

Figure 1: Kolb's learning theory
It is setting out the 4 styles of learning which is based on the four stages. All these four stages are
having a strong influence from the factors like social, cultural, educational and environmental
(Maestrini et al, 2018).
Honey and Mumford Learning Theory
Figure 2: Honey and Mumford's Learning Theory

According to this theory, the people will gravitate differently towards the learning by choosing
one of these learning styles. For which it is important to identify the nature of an individual to
identify its learning style (Choi and Ha, 2018).
Gibbs Reflective Cycle
Figure 3: Gibbs Reflective Cycle
It is basically a six staged cycle that is helpful in reflecting the experience at the workplace
which is helpful in identification of how the better situation can be created by putting the action
together and it is also helpful in identification of weaknesses (Gündüz, 2015.).
Task 4
Evaluate ways in which performance management, collaborative working and effective
communication can support high-performance culture and commitment.
P6: Evaluate different approaches to performance management (e.g. collaborative
working), and demonstrate with specific examples how they can support high-performance
culture and commitment.

Performance can be measured with respect to achievement of goals of institution. Goal
achievement of any institution depends on performance contribution of every individual working
for institution to achieve its goals and objectives. Alexandra-Reisse is a financial institution its
performance depends on performance measurement of all individuals working for it. For
effective performance measurement it needs to create a performance culture in firm for
measuring performance of every individual in a systematic way. Performance culture of firm
includes implementation and sustainability of organizational culture (Saunila, 2016).
Performance measurement depends on economic as well as behavioural aspect of firm and
institution. For effective performance measurement institution needs to understand capability of
various roles in institution strategy. Performance measurement depends on following aspects:
Adaptability: It includes capability of all individuals working for institution to adapt every
change and challenge of work environment and responding capacity in context to these
challenges.
Understanding of dynamic competence: For effective performance measurement institution
requires effective understanding of capabilities of dynamic roles in firm and competitive
requirements for productivity process.
Mutuality: It includes mutual accountability and responsibility of all employees in performance
of institution. Mutuality encourages behavioural aspects to obtain performance expectations.
Performance Management Capability: Performance of overall hierarchy in institution including
employees of all level provides accountability in performance measurement process (Carmona
and Ezzamel, 2016).
Performance measurement helps to develop a well-structured approach for management and
improvement of performance of employees of institution. It helps to track growth of organization
as well as every employee. Performance management process includes three steps:
 Performance Identification
 Performance Measurement
 Performance Development