Training and Development- Cores Inc

Training and Development- Cores Inc

Cores Inc. is a financial organization with 500 employees in the United States of America. The company has been in operation for three years. During this period, it has managed to find a stable position in the financial sector. It has broken even and is gradually making incremental profits. Cores Inc.’s workforce is highly diversified in terms of culture, age, and physical abilities. The company’s core values include transparency, teamwork, integrity, honesty, excellent service, and professionalism. Cores’ organizational culture promotes transparency, collaboration, creativity, communication, and confidentiality of clients’ information. A financial company that targets individuals seeking accessible credit, investment opportunities, and banking services must ensure that the needs of clients are met transparently. The main ethical principles that guide Cores Inc.’s work procedures include honesty, compliance with the law, loyalty, fairness, and respect. At this moment, Cores Inc.’s key strategy is growth. Cores Inc. intends to pursue this strategy to increase its current revenue, market share, product portfolio, and physical presence.

Human resource development

Human resource development (HRD) is defined as a framework that is designed to enable employee development in terms of abilities, skills, and knowledge. It entails activities such as training, career development, mentoring, coaching, performance management, and succession planning (UNEVOC.UNESCO, n.d). The focus of HRD is to develop an efficient workforce that efficiently carries out its roles and fast-tracks the achievement of the company’s strategic goals. HRD has not been strategic in the past years. Most organizations have used it as a reaction to new challenges. Thus, its impact on these entities has been minimal. To maximize HRD’s impact on the organization, the HR departments need to anticipate a company’s needs as far as the workforce’s ability is concerned. Such planning incorporates the company’s current position and its vision. The company needs to consider the training needs and create the relevant programs to address these. A needs analysis highlights the existing gaps or deficiencies that inhibit the achievement of the company’s strategic objectives (Wognum, 2006). This approach facilitates the company’s ability to meet its goals through employee development.

Training process model

The training process model is comprised of five phases. Each stage addresses different issues and builds on the other. The first phase is assessment, which involves analyzing and highlighting the needs of the workforce. This stage also considers the resources that the company can access to address these needs. The stage also creates the plan’s momentum because it determines the direction of the training process (PHF, 2020). The training manager can use the information obtained through the assessment to determine the most appropriate methods of training.

Motivation is the second stage, which seeks to encourage employees to take part in the training process. Motivation is also important for trainers and supervisors. The main strategies that are used to motivate the main participants include clearly stating expectations providing continuous education, recognition, acknowledging completion of the training process, providing networking opportunities, and making training fun (PHF, 2020).

Design is the third phase of training, which involves planning for training, creating training materials, and evaluation. When designing the training process, the training manager must consider the desired outcomes and competencies that are ideal for achieving the goals, create learning goals, determine the training period, choose the appropriate methods, and ensure that these aspects are ideal for the specific audience (PHF, 2020). The evaluation process is important in assessing the plan’s effectiveness. It also allows the manager to make amendments when the need arises.

The fourth phase, which is delivered, is the more practical aspect of a training model. The training manager can test the effectiveness of the strategies chosen in previous stages. The interaction process enables the employees to grasp the identified skills and knowledge. The fifth phase is evaluation, which identifies effective areas and those that need improvement. Effective evaluation should be carried out throughout the training program to allow for continuous improvement. The evaluation should assess the process, review outcomes, and report the results (PHF, 2020).

Types of Training

To carry out the recommended training at Cores Inc., the employees will utilize both on and off-the-job methods. Off-the-job training is important, as employees will have a chance to put into practice the newly acquired skills in a safe environment. Group discussions, workshops, seminars, and lectures will form most of this type of training. On-the-job training will involve mentoring and coaching by supervisors. This method of training will complement the first method because employees will utilize the new skills and knowledge at their workplace under the supervision of their seniors. This allows each to test their understanding and determine the effectiveness of the new skills based on the outcomes. Additional methods of learning will be applied, including e-learning, simulations, and team training (Wajdi, Abushamsieh, & Arostegui, 2014).

Organizational Support

Cores Inc. should provide additional support to employees after the initial training is complete in various ways. Firstly, the company should create regular training programs that ensure continuous development. Follow-up training of employees is highly recommended because it provides a platform for staff to improve their skills and knowledge continually. The ability to take part in training regularly provides employees with the confidence to carry out their roles within the organization (Martin, 2010). They are also able to mentor others and transfer their skills and knowledge. Eventually, the company develops a culture of professionalism, leading to higher revenue and client satisfaction.

The second support strategy that Cores Inc. should utilize is performance management. This strategy entails numerous activities, including performance appraisals and feedback. The most important element is goal setting, which should be led by employees. In the presence of supervisors, employees should create objectives that are aligned with the company’s growth. These goals are approved by the respective supervisor, and strategies for achievement are identified. Once the goals are clear, the staff and managers should be involved in a regular monitoring process. The formal and informal monitoring procedures highlight areas of difficulty in the progress and allow for improvement. The feedback that a supervisor has concerning the employee’s performance should be provided frequently to allow for brainstorming on ways of improving negative aspects (SHRM, 2021). Constant review of performance ensures that employees stay on course and Cores Inc. achieves the goals related to the growth strategy efficiently.

References

Martin, H. J. (2010). Improving training impact through effective follow‐up: techniques and their application. Journal of Management Development, 29, 520-534.

PHF. (2020). Stages of the Training Process. Retrieved from http://www.phf.org/programs/PHTI/PHTIguide/Pages/stages_of_the_training_process.aspx

SHRM. (2021). Managing Employee Performance. Retrieved from https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/managingemployeeperformance.aspx

UNEVOC.UNESCO. (n.d). Human Resource Development. Retrieved from https://unevoc.unesco.org/home/human+resource+development&context=

Wajdi, M., Abushamsieh, K., & Arostegui, M. N. (2014). Training Strategies, Theories, and Types. Journal of Accounting – Business & Management, 21(1), 12-26.

Wognum, A. M. (2006). Essential Elements of Strategies Planning for HRD. Human Resources and their Development, 1. Retrieved from https://www.eolss.net/sample-chapters/c11/E1-10-02-

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Assignment Content
Imagine you are the new training manager for a Financial Services organization with 500 employees. As the new training manager, your goal is to calibrate training to be closely aligned with business strategies, core values, culture, ethical practices, and the organization’s future direction. The HR Director has requested that you prepare a summary of the phases of the training process model so that key stakeholders can better understand the importance of training in supporting key strategies to expand the business. The organization is curious about training; however, it may undervalue its importance in meeting business objectives and supporting change management.

Training and Development- Cores Inc

Create a plan that summarizes components of the training process model and its relationship to business strategies, core values, culture, and ethics.

Write a report of no more than 1,050 words that summarizes the training process model. Your paper must include the following information:

A brief overview of the business strategies, core values, culture, and ethical principles that your training model will need to support
Definition of human resource development and how it aligns with strategic planning
A summary of each phase of the training process model
Explanation of the types of training and categories of learning that will be used to support key business strategies
A summary of how the organization can best support employees through training and change management and how this will benefit overall organizational performance