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Training & Competence For Leaders
Transcript of Training & Competence For Leaders
(1) its employees are competent;
(2) its employees remain competent for the work they do;
(3) its employees are appropriately supervised;
(4) its employees' competence is regularly reviewed; and
(5) the level of competence is appropriate to the nature of the business. A firm's commitments to training and competence should be that: Links to TCF outcome 1 – fair treatment of customers being central to a firm’s corporate culture – well trained competent staff will enable us to do this – key FSA indicator Job descriptions Recruitment policy Interview Define what competence would mean Skills and Competencies required Informal and formal
meetings 1-2-1s Objectives Accreditation Knowledge checks Review There are three key areas of training and competence that all firms need to consider. They are: Record keeping Maintaining competence Assessing competence It is up to firms to decide what methods they want to use to assess their employee’s competence. We define competence as having the skills, knowledge and expertise needed to discharge the responsibilities of an employee’s role. This includes achieving a good standard of ethical behaviour. It is not simply a question of having obtained the right appropriate qualification and/or reading the Statements of Principle for Approved Persons (APER) where this is required. See TC 1.1.4G.
Firms need procedures in place with clear criteria for individuals to be assessed as competent, so that all parties involved understand when competence has been reached. Firms are required to assess the competence of their employees on a regular basis, as well as continue to assess employees’ training needs. Firms must not only consider changes in the marketplace and in products, regulation and legislation, but also consider the skills, expertise, technical knowledge and behaviour of their employee, and their ability to apply these in practice.
There are specific continuing professional developments (CPD) requirements for firms undertaking retail investment activities. You can find more information on this under Retail Distribution Review (RDR).
Firms should ensure appropriate training is provided so that their employees remain competent. They will also need to monitor and assess regularly the effectiveness of the training, to ensure it is meeting its objectives. See TC 2.1.11G to 2.1.13G: level of supervision is warranted. Firms should keep records on anything that relates to the firm complying with the TC Sourcebook. They will need to keep appropriate records relating to staff recruitment, training, assessment of competence, supervision of staff and details of appropriate qualifications for any activity within the scope of TC.
How long records should be kept depends on which type of business the records relate to. For MiFID business, records must be kept for at least 5 years after an individual has stopped carrying on an activity within the scope of TC, for non-MiFID business it is 3 years after stopping the activity and for a pension transfer specialist the records must be kept indefinitely. What is the point of an objective? Objective Setting S M A R T PECIFIC EASURABLE GREED EALISTIC IME-BOUND What was the last objective you set? How did you know it was effective? "If you can't measure it, you can't manage it" Takeaway action If team has no clear KPI
Agree at least one firm monthly KPI with each team member in your next 121.
If team KPIs are in place
Review your teams attitude to them in next 121. Start by asking them to define why it is in place. Takeaway Actions KPI Objectives 121 What to Discuss? Managing Difficult Conversations Weekly, Bi-Weekly or Monthly? Objectives should specify what they need to achieve You should be able to measure whether you are meeting the objectives or not Has the objective been agreed by both parties achieving mutual buy-in Can you realistically achieve the objectives with the resources you have? When do you want to achieve the set objectives? T&C Competence Checklist Management Ownership Use the tools at hand to ensure competency at all times Assessing
Keeping Additional Notes Additional Notes Additional Notes "It aims to ensure that customers in the regulated financial services markets deal with firm employees who are competent." Training & Competence
for Leaders T&C for Leaders V2 DA 17-09-2012 Regular, documented reviews and 1-2-1s with Line Manager – as the business changes, objectives and targets may change. Staff appraisal is much more than a “once a year” process and should be ongoing S M A R T PECIFIC EASURABLE CHIEVABLE EALISTIC IME-BOUND Objectives should specify what they need to achieve You should be able to measure whether you are meeting the objectives or not Are the objectives you set, achievable and attainable? Can you realistically achieve the objectives with the resources you have? When do you want to achieve the set objectives? Assessing
Keeping Audits will take place semi regularly Review Practice Regularly A clear recruitment policy Competence based interviews Have we recruited the right person? Can this be demonstrated though our process and audit trail? Training Provide training needed based on current and needed competencies Test competencies to demonstrate knowledge & skills First clear objectives provided around job by line manager Let's take a closer look at objective setting... Formal accreditation in regulation and relevant products There is a simple model to create effective objectives... Each of you will create an objective which you will achieve this month. e.g. By the close of September "T&C for Leaders" will have been developed and 85% of UIB Managers & Supervisors will have attended. S M A R T PECIFIC EASURABLE GREED EALISTIC IME-BOUND You will email that objective to me after this session and I will pass it along to your manager for review in your next 1-2-1 Each of you will create an objective which you will achieve this month. You will email that objective to me after this session and I will pass it along to your manager for review in your next 1-2-1 Objectives Formal Review in which employee is signed off against both behavioural and technical competencies Revised objectives to ensure all competencies are met Consistent updates both formal and informal on progress and key activities Regular, documented 1-2-1's with line manager updating objectives and targets as business needs change Staff appraisal is much more than a "once a year" process and should be ongoing Review and set Targets/Performance Attendance Behaviours/Attitude Upward Feedback What is a 1-2-1? How do they benefit us? And how often? Weekly, Bi-Weekly or Monthly One of your most important management tasks, a 1-2-1 is a regular session between a Supervisor/Manager and Employee where performance, development and work tasks are discussed. Objectives will both be set and reviewed. Employee Development Employee Challenges Examples on the board please... Signal that you want a constructive discussion The employee may not be receptive, set the stage by starting in a pleasant and non threatening way, stressing mutual goals.
Signaling may include body language so:
Have a pleasant look on face rather than a thunderous one!
Keep tone of voice calm and at moderate volume Focus on facts not opinions Watch for clues in body language Plan ahead Know what you need to discuss and have the key facts easily to hand.
Consider the options open to you prior to the discussion if possible but retain an open mind. How are they sitting in their seat? Is their posture open or closed? Are their arms crossed over their chest? Are they making eye contact?
As the conversation proceeds, continue to observe the other party’s body language. This can be a good indicator whether or not the conversation is heading in a productive direction. Focus on facts and observed behaviors, rather than relying on your own opinions or those of others.
When people are judgmental, it tends to escalate already volatile situations. Different Realities Both realities exist in different minds and therefore must be acknowledged and dealt with even if you disagree Behavioral & Technical Competence Goals and Objectives This is the time to set overall goals and objectives which will cover the year rather than the short term. HR Procedures Key Performance Indicators Targets Crucial measure to give us realistic views on the success of our employees and business. Often providing context as well as information Is there a standard UIB approach to 1-2-1's? No, there are key standard elements but it will be slightly different for each Manager This template is available if you wish to have an easy way to ensure you cover all the bases. Feel free to amend it to your needs HR processes for when we need support with underperformance or disciplinary issues. Clear targets providing a basis for which both business and individual can grow. KPIs First we must understand what it is that our team or business wishes to achieve. We need to go back to our goals or objectives. The KPI has to measure a process or result. You want the KPI linked to the corporate goal but it is not the goal itself, rather it shows you how you are doing at achieving that goal UIB Goal UIB Key Performance Indicator Be profitable in all activity Cost Per Acquisition is tracked With a target of getting below £100 per acquisition Agenda What is Training & Competence Employee Lifecycle Objective Setting
Key Performance Indicators With extra focus on: Your Responsibilities If team has no clear KPI
Agree at least one firm monthly KPI with each team member in your next 121.
If team KPI's are in place
Review your teams attitude to them in next 121. Start by asking them to define why it is in place. The KPI can apply to the whole team UIB Goal UIB Key Performance Indicator Be profitable in all activity Cost Per Acquisition is tracked With a target of getting below £100 per acquisition What makes this KPI work? Mentoring Training Qualifications Life long learning should be evident from additional and ongoing training in role. Where appropriate for the business and individual qualifications can enhance the skill set available to the business. Providing examples and inspiration mentoring can create opportunities for our people to shine. Reaccreditation Supervision Reaccreditation shows an appropriate record of competency is maintained in the long term It is important that supervisors and managers are constantly evaluating competence. Address the difficult conversations or actions sooner rather than later They get harder the longer they are left! Ensure you have good record keeping This means if you have any issues to deal with there is a clear trail for us to follow You are responsible for the competence of your staff. And feedback suggestions or ideas for us to incorporate within the business You will be able to: Define what "Training & Competence" is and what impact it has on your role Give examples of the employee Lifecycle and how that impacts on UIB Demonstrate Objective setting techniques and show a clear knowledge of 1-2-1's Take advantage of T&C It can seem time consuming to do it right but you will find it saves you huge amounts of time in the long run and your team will perform better. Takeaway action Review this session in the next 1-2-1 with your line manager.
Assess if it has had any impact on you and what further support you might need from your line manager Review this session in the next 1-2-1 with your line manager.
Assess if it has had any impact on you and what further support you might need from your line manager This is an example of a checklist you as a manager or supervisor would likely be expected to complete in an audit. Best viewed in full screen
Use forward and backward keys to navigate UIB Values How can these values affect your relationships internally and why would we encourage these particular values? Core Modules Induction Module Additional Modules T&C For Leaders Recruitment Sickness & Absence Appraisal Process Module
Skill Module Process Module
Skill Module Process Module
Skill Module Change Management Conflict Management Disciplinary Coaching & Feedback Motivation & Delegation Time Management UIB Management Training Modules Today's Session Pro-Active Committed Focused Dynamic