Mentoring

Mentoring is an ongoing relationship that is developed between a senior and junior employee. Mentoring provides guidance and clear understanding of how the organization goes to achieve its vision and mission to the junior employee.

The meetings are not as structured and regular than in coaching. Executive mentoring is generally done by someone inside the company. The executive can learn a lot from mentoring. By dealing with diverse mentee’s, the executive is given the chance to grow professionally by developing management skills and learning how to work with people with diverse background, culture, and language and personality types.Executives also have mentors. In cases where the executive is new to the organization, a senior executive could be assigned as a mentor to assist the new executive settled into his role. Mentoring is one of the important methods for preparing them to be future executives. This method allows the mentor to determine what is required to improve mentee’s performance. Once the mentor identifies the problem, weakness, and the area that needs to be worked upon, the mentor can advise relevant training. The mentor can also provide opportunities to work on special processes and projects that require use of proficiency.
Some key points on Mentoring

• Mentoring focus on attitude development
• Conducted for management-level employees
• Mentoring is done by someone inside the company
• It is one-to-one interaction
• It helps in identifying weaknesses and focus on the area that needs improvement

Coaching

Coaching is one of the training methods, which is considered as a corrective method for inadequate performance. According to a survey conducted by International Coach Federation (ICF), more than 4,000 companies are using coach for their executives. These coaches are experts most of the time outside consultants.

A coach is the best training plan for the CEO’s because

• It is one to one interaction
• It can be done at the convenience of CEO
• It can be done on phone, meetings, through e-mails, chat
• It provides an opportunity to receive feedback from an expert
• It helps in identifying weaknesses and focus on the area that needs improvement This method best suits for the people at the top because if we see on emotional front, when a person reaches the top, he gets lonely and it becomes difficult to find someone to talk to. It helps in finding out the executive’s specific developmental needs. The needs can be identified through 60 degree performance reviews.

Procedure of the Coaching

The procedure of the coaching is mutually determined by the executive and coach. The procedure is followed by successive counseling and meetings at the executive’s convenience by the coach.

1. Understand the participant’s job, the knowledge, skills, and attitudes, and resources required to meet the desired expectation
2. Meet the participant and mutually agree on the objective that has to be achieved
3. Mutually arrive at a plan and schedule
4. At the job, show the participant how to achieve the objectives, observe the performance and then provide feedback
5. Repeat step 4 until performance improves

For the people at middle level management, coaching is more likely done by the supervisor; however experts from outside the organization are at times used for up and coming managers. Again, the personalized approach assists the manger focus on definite needs and improvement.

Merits and Demerits of On-the-job and off-the-job training

On-the-job training

With on the job training, employees receive training whilst remaining in the workplace.
Advantages

• Generally most cost-effective
• Employees are actually productive
• Opportunity to learn whilst doing
• Training alongside real colleagues

Disadvantages

• Quality depends on ability of trainer and time available
• Bad habits might be passed on
• Learning environment may not be conducive
• Potential disruption to production

Off-the-job training

This occurs when employees are taken away from their place of work to be trained.

Advantages

• A wider range of skills or qualifications can be obtained
• Can learn from outside specialists or experts
• Employees can be more confident when starting job

Disadvantages

• More expensive – e.g. transport and accommodation
• Lost working time and potential output from employee
• New employees may still need some induction training
• Employees now have new skills/qualifications and may leave for better jobs

Techniques of Training Evaluation

The various methods of training evaluation are:

Qualitative methods

• Interviewing
• Observation
• Focus group
• Self reflection
• Case study

Quantitative methods

• Pre test and post test
• Calculating the effect
• Cost benefit analysis

QUALITATIVE METHODS

Interviewing: After the completion of a training program, the trainees can be interviewed. If the training event was an external event, the departmental manager can conduct the interview. The interview could be either structured or unstructured. In a structured interview, the manager should have a list of prepared questions that he may ask to the staff that were part of the training program. In an unstructured interview, the manager may ask an open question, “Tell me about the recent training programme you have attended” and listen to the responses. Supplementary questions may be asked when required. The answers should be recorded.

Observation: The departmental manager may observe the member of staff whether there is a change in his or her performance. For example, a member has attended a time management training programme, the manager may observe the way he or she priorities the work, to see if there is a change.

Focus group: The group of trainees can have meet and have a discussion before and after the training programme. There should be a train facilitator to facilitate the group. The change in group after the training should be recorded.

Self reflection: The trainees may keep a diary and make note about how he or she is progressing during the training programme. After the completion of training, a trained person can review the diary and come to a decision about the impact of training programme.

Case study: A particular department or location can be monitored for a particular time to study the result of training.

Questionnaire Method: A questionnaire can be given to trainee regarding the training programme. The outcome of the answers given by the trainee may reflect the impact of training programme.

QUANTITATIVE METHODS

Pre test and post test: A test of trainees can be taken before and after the training. For example, a secretary may have a test to see that how fast she could take down the dictation. After the test, the secretary join a training programme to improver her performance. At the end of that course, another test could be taken to see the improvement in taking dictation. The improved speed would be the impact of the training programme.

Calculating the effect: Some significant areas like employees’ turnover, absenteeism and performance can be examined to see if there has been any improvement after training.

Cost benefit analysis: The cost benefit analysis should be carried out at two separate times. During the development of training programme, the cost and benefits of the training should be estimated and actual coast and benefits are analyzed at the end of the Programme.

Process of Training Evaluation:

  

Before Training: The learner's skills and knowledge are assessed before the training program. During the start of training, candidates generally perceive it as a waste of resources because at most of the times candidates are unaware of the objectives and learning outcomes of the program. Once aware, they are asked to give their opinions on the methods used and whether those methods confirm to the candidates preferences and learning style.
During Training: It is the phase at which instruction is started. This phase usually consist of short tests at regular intervals.

After Training: It is the phase when learner’s skills and knowledge are assessed again to measure the effectiveness of the training. This phase is designed to determine whether training has had the desired effect at individual department and organizational levels. There are various evaluation techniques for this phase.

NEED FOR TRAINING

Identifying Training Needs

Training need analysis means measuring the gap between skills available and skills required for employees and making recommendations to bridge the gap. When need analysis is done, it is possible to focus attention on the target and identify the means for getting there. The Need analysis process also involves others and helps them to understand the issues which are facing.

There are five essential reasons for doing need analysis:

1. The business world is changing rapidly and organizations require keeping pace with this change.
2. As result everyone is being asked to stretch to do more the ever and to do it faster.
3. To ensure solution addresses the issue.
4. To effectively focus resources, time and effort toward a targeted training solution.
5. To eliminate the necessity of having to look for another job.

Levels of Training Needs Analysis:

• Individual Level: Mainly through recommendation from the Performance Appraisal System.
• Functional / Departmental Level: Customized Training programs are developed for the departments in consultation with the SBU/Functions.
• Organizational Level: Individual Development Plan obtained from the Competency mapping exercise is used to provide specific Training to bridge the observed the employee skill gaps.

Sources of Training Needs:

To carry out training needs for organization requires need information that can be evaluated against the factors. Sources of training need are requiring that relate needs to business. The information must relate to the level at which analysis is to be done: organization, occupation or employee. Suitable source for training need analysis is mission and values, business plan, succession plan, competency framework, views and  observations about ˜how we do things, performance appraisal records, evidence of competence for individuals, development opportunities, action points that highlight needs questionnaires, job descriptions, performance targets, observation of employee at work, interviews with managers, staff, subordinates, internal and external customers.

Process of Training Need Analysis:

Assessment of present situation: In Training need analysis, assessment of present situation helps in defining the problem. All the other action in TNA depends on making this assessment accurately. To get complete picture of present situation four questions are involved:

• Where organization stands now?
• Why we require training?
• What are the issues, problems or situation that is creating the need or demand for training in an organization?
• What organization issues results in to need for training?

 Envisioning Future: This aspect provides what will be the situation of individual, group and organization after the training has been accomplished. The vision of the organization is very important in this regard because it provides answer of three questions: (a) where organization wants to be? (b) What would success look like? (c) Do organization have a complete picture?

Gathering information: Assessment of present situation and Envisioning the future helps in establishing good platform for training need analysis. Organization is in position to take steady aim at the target. Collection of information helps in defining what are aiming at and better understanding of what needs to be done to reach future state.

Sorting information: After collection of information require to interpret the information to find out what it really tells about current situation and challenges faced in moving to future state. When organization finishes this step organization will have document identifying major training issues to be addressed and recommendations for addressing them.

Sharing results: Sharing the results with others and developing the recommendations for action can be a heady experience. In this stage of need analysis organization will see the result of strategy. The momentum which is created by the results carries organization for action planning.

Action plan: The last action in the need analysis process is to translate the recommendations in to plan of action. List of activities will be used in the mapping the training approach. In this step we are simply creating a description of the specific training required to improve the situation. The action plan assures that organization will keep moving forward. It assigns responsibility for the training to specific individuals and gives them a timeline for completing the identified actions.

History of money

In the beginning, people bartered. Barter is the exchange of a good or service for another good or service, a bag of rice for a bag of beans. However, what if you couldn't agree what something was worth in exchange or you didn't want what the other person had. To solve that problem humans developed what is called commodity money.

A commodity is a basic item used by almost everyone. In the past, salt, tea, tobacco, cattle and seeds were commodities and therefore were once used as money. However, using commodities as money had other problems. Carrying bags of salt and other commodities was hard, and commodities were difficult to store or were perishable.

Barter	The first people didn't buy goods from other people with money. They used barter. Barter is the exchange of personal possessions of value for other goods that you want. This kind of exchange started at the beginning of humankind and is still used today. From 9,000-6,000 B.C., livestock was often used as a unit of exchange. Later, as agriculture developed, people used crops for barter. For example, I could ask another farmer to trade a pound of apples for a pound of bananas.
Shells	At about 1200 B.C. in China, cowry shells became the first medium of exchange, or money. The cowry has served as money throughout history even to the middle of this century.
First Metal Money	China, in 1,000 B.C., produced mock cowry shells at the end of the Stone Age. They can be thought of as the original development of metal currency. In addition, tools made of metal, like knives and spades, were also used in China as money.  From these models, we developed today's round coins that we use daily. The Chinese coins were usually made out of base metals which had holes in them so that you could put the coins together to make a chain.
Silver	At about 500 B.C., pieces of silver were the earliest coins.   Eventually in time they took the appearance of today and were imprinted with numerous gods and emperors to mark their value. These coins were first shown in Lydia, or Turkey, during this time, but the methods were used over and over again, and further improved upon by the Greek, Persian, Macedonian, and Roman empires. Not like Chinese coins, which relied on base metals, these new coins were composed from scarce metals such as bronze, gold, and silver, which had a lot of intrinsic value.
Leather Currency	In 118 B.C., banknotes in the form of leather money were used in China. One-foot square pieces of white deerskin edged in vivid colors were exchanged for goods. This is believed to be the beginning of a kind of paper money.
Noses	During the ninth century A.D., the Danes in Ireland had an expression "To pay through the nose." It comes from the practice of cutting the noses of those who were careless in paying the Danish poll tax.
Paper Currency	From the ninth century to the fifteenth century A.D., in China, the first actual paper currency was used as money. Through this period the amount of currency skyrocketed causing severe inflation. Unfortunately, in 1455 the use of the currency vanished from China. European civilization still would not have paper currency for many years.
Potlach	In 1500, North American Indians engaged in potlach, a term that describes the exchange of gifts at banquets, dances, and various rituals. Since the trading of gifts was so important in figuring the leaders’ community status, potlach went out of control as the gifts became more extravagant in an effort to surpass others' gifts.
Wampum	In 1535, though likely well before this earliest recorded date, strings of beads made from clam shells, called wampum, are used by North American Indians as money. Wampum means white, the color of the clam shells and the beads.
Gold Standard	In 1816, England made gold a benchmark of value. This meant that the value of currency was pegged to a certain number of ounces of gold. This would help to prevent inflation of currency. The U.S. went on the gold standard in 1900.
Depression	Because of the depression of the 1930's, the U.S. began a world wide movement to end tying currency to gold. Today, few nations tie the value of their currency to the price of gold. Other government and financial institutions now try to control inflation.
Today	At present, nations continue to change their currencies. For example, the U.S. has already changed its $100 and $20 banknotes. More changes are in the works.
Tomorrow	Tomorrow is already here. Electronic money (or digital cash) is already being exchanged over the Internet.