Personal Work Priority and Professional Development - Assignment Example

Project 01 (Answer to the question of ‘Part A’) Being a manager or a leader in any field of work means holding a very important position. As a business development manager of a renowned international company, I am responsible for maintaining the company’s financial growth and improve its market position. My subordinates look up to me. So, I am responsible for their growth and development as well. My role is to achieve the company’s goals, build reputation and maintain a healthy customer relationship by defining, locating, negotiating and closing business deals. My duties include: Protect company value and ensure overall growth (financial, social etc.) Set and meet personal and organisational goals and objectives on regular basis. Ensure all employees represent the company in the best possible ways. Each company has certain objectives and it is essential to align the each team member’s goal with the organisational target. Business company’s goals should be SMART (specific, measurable, attainable, realistic and timely) and thought through to achieve positive results (Lotich, 2013). Our organisational goals are interrelated and in collaboration of individual goals. This reflects in the plan also. The organisational plan of my company is- Minimise allotment cost by 15% by next few years Increase earnings by 20% each year Increase production by 20% per year Increase customer and client satisfaction by 5 pts. By next year Improve market share by next few years Development performance management through training each year The following table shows my personal work plan in alignment with our organisational plans (both strategic and operational) and the actions to achieve them: Organisational Plan Personal goals Actions to achieve goals Areas for improvement Time frame to achieve 1.Strategic plan -Long term plans -Analyses past data to set future target -Develop leadership skills. -improve envisioning power. -Set milestone and work efficiently for upcoming years. -Take leadership management training. -Identify strength and weakness to improve over time. -Take challenge and work with the team to gather experience. -Monitor overall advancement. -Building efficient team. -Focus on company’s long term growth. - Earning trust of the team.-staying level headed 3 to 5 years 2.Operational plan -Short term plans -more detailed And specific planning of each Working unit -Set each year’s target by priority -Supervise each unit’s work on daily basis to achieve target. - -List the tasks and distribute responsibility. - Act fast and focus on ongoing plans -communication skills. -decision making -planning for emergency 1 year Project 01 (Answer to the question of ‘Part B’) In order to run a successful company, it is necessary to pay equal focus on the broad goal as well as individual goals (MIKOLUK, 2013). It is also important to have a set of indicators as navigation tool to understand to what extent these goals are attained. KPI (Key Performance Indicator) is a similar measure. It helps me to understand and calculate my work performance. Acting as a compass, a good KPI points out if I am on the right track to reach my desired destination. It is a measure to indicate a company or individual’s success rate. KPI’s are generally used to measure: Profit Unit sales Time needed to finish task Customer service Quality of product Working process etc. Personal KPI’s should be regularly checked with ongoing business development process. The five KPI’s that I use to measure my success in my personal work plan are: Customer and client satisfaction Employee satisfaction Index of financial performance Quality of internal work process Task fulfilment period/time The following table shows my five KPI’s, the collected evidence to measure them and review process to maintain my personal development plan: KPI’s Evidence Review analysis Customer and client satisfaction -Customer benefit score -Customer withholding rate -Rate of conversion -How much benefit each customer brings to my business? -How loyal are they? -How well I am serving them by attending to their enquiries? Measuring financial performance -Growth rate of revenue -Cash flow conversion Period/cycle -at which rate I am increasing my company’s earning? -How long it takes the money invested to come back with profit? Measuring working process -Ability utilising rate -Project cost rate -Am I meeting my potential regarding the work I can carry out? -Am I going over budget? Understanding employees -Employee capital value -Staff feedback -How the team is contributing to meet goals? -How the staffs rate each other and me? Timeline for getting job done -Project schedule -Are my projects completing on scheduled time? Personal goals sometimes may not be attainable or applicable due to some unavoidable factors such as political, social, environmental reason as well as bad timing, reputation problem, bad luck, bad corporate condition, injury etc. So, instead of relying on set goals, I rely on personal performance and skills to act in case of emergency work condition. My emergency performance plan strategy are given below: Logically set action without being stressed or panicked Prioritise objectives and act constantly Point out drawbacks and time waster, remove them at once Use personal skills and experience the best way possible First, be effective and then focus on efficiency Project 01 (Answer to the question of ‘Part C’) Competency or skill assessment is important for the process of building an individual’s career development plan. A good way to point out the skill gaps is to survey employees and clients and let them make an assessment (Quarterly, 2009). After getting a feedback from my team and clients I figured out a list of qualifications and competency gaps in determining my development needs. It is given below: Making strategic decisions Building teams Planning and accurate execution Communication/Relating skill Risk analysis Following table shows my professional development plan including qualification gaps: Training gaps Access &availability location Time required Personal commitment Approx. cost Approval process month Decision making Workshop, seminar, online At office, house, in city Few days (5/7) of seminar, Regular study During work, after work, at home(online) No cost, Internet cost Trainer, Company CEO, staff Five days after every 3 month Team building Self-study, Action learning, e-learning In house, online Few months, Regular self-study Weekends, at office No-fee, E-books. Group mates, Company staff, self-approval All year, Regular process Relating skills Mentoring, Course and seminars Workshop, office Few days & practice always After office, Weekend At office Course fee/no free in free seminar Course mentor, staffs Few days of every six month Risk analysis Research, self-study, case study, seminars Books, online, on site study, office Every month Office, after office on site free Director, Self-approval, staffs Once in each month Project 01 (Answer to the question of ‘Part D’) The professional development activities I would like to commence are enlisted below with brief details: Training on decision making: Company workshop (weekly 1 day), some seminars held in every few months in the city, online free courses form online tutors. Time frame: Weekly 1 day workshop, a 5 day seminar after every 3 month Cost: No fee for workshop and seminar as they’re free, only inter.net bill. Approval: Self approval, professional approval from boss/CEO Training on team building: Self-study (books, magazines, E-books), Group study Time frame: Group study at weekends, after work once a week, self-study anytime Cost: Free of cost, only internet bill. Approval: Group mates, boss, staff Training on communication skills: Mentoring program, group study, course and seminar. Time frame: small 15 day course once a year and seminar (7 day) after every six month Cost: Course fee (not too much), free seminars and mentoring program Approval: Mentor, course trainer, staff at office Training on risk management: Research on past records, other company as case study, self-study. Time frame: Case study and check with past record every month at least once, study and research whenever possible. Cost: No fee Approval: Self approval, professional approval from boss and employees. These new training modules are very important to me as they will guide me in future to handle the company’s growth and improvement. They will guide me towards development and keep me moving forward from my current position. For my own and the company’s betterment I have chosen to commence these training skills. Project 02 (Answer to the question of ‘Part A’) My five day goals for the upcoming week: Finish some projects with deadline and evaluate the outcome Meet with new clients and try to set a deal Set new operational plan and share the work load Site visit of an ongoing big project and take some interviews Meeting international delegates and submit an important proposal Each day I spend most of time and give most priority to the goal of the day. As examples, my two day time log is given below: Day 01: Time Activity Priority Energy Result 9 am Arrive at office, check emails, begin a to-do list, and make phone calls to clients. B H normal 10 am Identify unfinished projects having due date this week ,mark serially and call project supervisors A H effective 11 am Discuss with them about the projects, tell them to submit all files and finished paperwork by office hour today. Check already submitted ones. A* M positive 1 pm Have lunch A H normal 2 pm Meeting with subordinate unit about recent events and ongoing works. Check paperwork A H normal 3pm Monitor staffs, discuss work, have coffee B M normal 5 pm Final check submitted project papers and leave C L normal Day 02: Time Activity Priority Energy Result 9 am Arrive at office, check emails, and make phone calls. B H normal 10 am Call P.A and get reminded about meetings today, Set preparation and prepare papers A H positive 11 am One hour meeting with 2 clients ,discuss possibilities and propose deal A* H positive 1 pm Have lunch with 2nd client (most important one) A H positive 2 pm Call in a meeting with executives and project managers, have them prepare paper works for new deals and distribute responsibilities A M effective 3 pm Sign paper works, internet search about a few things, have coffee B L normal 5 pm Check tomorrow’s schedule with P.A. and leave C L normal Project 02 (Answer to the question of ‘Part B’): Answers To the questions are given serially below based on the Manage personal work priorities and professional development BSBWOR501B (2011) Learner Guide - 1. Both A and A* activities are most important as they are goal reaching actions of the day. A priorities help me set preparation to attain goal via A* priorities. 2. I spend 4 hours of my work time (8 hours) on A activities, Which is 50% of my working week (5 days). 3. I spend 3 hours of my work time (8 hours) on B activities, Which is 37.5 of my working week (5 days). 4. I spend 12.5 % time of my working week on C priority activities (negligible/least important) 5. I think I am spending proper amount of time on important things. 6. Very little amount of my activity is spent by time-wasting. Almost none at all. 7. Interruption/distractions of my day would be unnecessary phone calls, non-urgent/unimportant meetings etc. These can be avoided in case of emergency. 8. Sometimes I am distracted if I am too tired or juggling between multiple tasks. It is quite natural. 9. I do the most important and goal reaching activities when I am on high energy level. I try to use my full focus and energy at A,A* activities. References Blair, G. (2004). Productivity, Personal Time Management for Busy Managers. [online] Effectivemeetings.com. Available at: http://www.effectivemeetings.com/productivity/timemanagement/manage.asp [Accessed 20 Apr. 2016]. Kuznetsov, A., Novruzlu, E. and Starostenko, S. (2014). KPI-ANALYSIS AS A METHOD OF CRISIS MANAGEMENT. Business Strategies, (2), p.39. Lotich, P. (2013). Example Business Goals and Objectives — The Thriving Small Business. [online] The Thriving Small Business. Available at: http://thethrivingsmallbusiness.com/examples-of-business-goals/ [Accessed 20 Apr. 2016]. Manage personal work priorities and professional development BSBWOR501B. (2011). Melbourne: Aspire Training & Consulting. MIKOLUK, K. (2013). Planning in Management: Strategic, Tactical, and Operational Plans. [Blog]UDEMY. Available at: https://blog.udemy.com/planning-in-management/ [Accessed 20 Apr. 2016]. Personal Development Plan As A Manager And Leader. (2012). [Blog] Thinking Bookworm. Available at: http://thinkingbookworm.typepad.com/blog/2012/02/personal-development-plan-as-a-manager-and-leader.html [Accessed 20 Apr. 2016]. Quarterly, M. (2009). Identifying employee skill gaps. [online] McKinsey & Company. Available at: http://www.mckinsey.com/business-functions/organization/our-insights/identifying-employee-skill-gaps [Accessed 20 Apr. 2016]. Rieley, J. (2014). Overcoming the Barriers to Effective Collaboration. 1st ed. Wiley Online Library. Read More