Synopsis

Every Company is built on its pillars who are its employees. The employees

sail the company’s ship by maintaining its pre-planned path, forecasting future

contingencies, estimating the load and allotment of work, adapting its path in

highly variable global conditions and navigating it through the storms of

economical crises. The life cycle of a company has n no. of different

challenges.

Facing these challenges demands training of employees. Ensuring that training

is bringing about the desired changes in performance is going to continue to be

a challenge for training personnel in any industry. In addition to being plagued

by turnover, all businesses are also subject to pressures of increased

competition. Customers have many options to choose from, and hence

increased service needs to be a priority. There is also the problem of attracting

good people to work in the industry. Continual training and development will

be important to attracting and retaining these good and qualified people.

Formidable training will increase the quality of goods and services, and so

become a competitive advantage for the business.

In this project report, an attempt has been made to analyse the training and

development function in an organization. Financial Insights, being a financial

services company, has to invest a lot in order to ensure that its workforce is

well-updated as far as domain knowledge is concerned. This project report also

gives the insights as to how various activities concerned with this function are

carried out in the company both for the new entrants and existing employees.

Over a period of time, Financial Insights has successfully created a talented

pool of people in its Indian subsidiary which has resulted in strong fundamental

growth for the company.

1.

Acknowledgement

I truly acknowledge the contributions of all the people whose due support,

guidance, knowledge and experience has helped me in completion of this

project report.

It is with a deep sense of gratitude that I acknowledge the opportunity given by

Financial Insights to undertake this study on the Training and Development

aspect in the company.

I would like to express my profound gratitude to Mr. Vidhata Bhide,

Manager - Human Resources, for taking some time out from his busy

schedule and providing me with all the required information regarding the

company. His kind support has helped me a lot to bring out this project report. I

would also like to acknowledge the support of the employees of Financial

Insights who by providing their feedback on training and development

function, have helped me to complete this study.

I am also very thankful to our Prof. D. I. Cabral, faculty, Sydenham Institute

of Management Studies, Research and Entrepreneurship Education, for having

given me this great opportunity to study the practical aspects of Training and

Development, thereby enabling me to study the unique functioning approach

applied by the organizations.

Last but not the least, I would also like to thank all our friends, colleagues and

all those who have directly or indirectly helped me in this endeavour.

2.

Company Information

Financial Insights, an IDC company, is a leading independent and global

provider of research-based advisory and consulting services that enable

financial services industry executives to maximize the business value of their

technology investments; minimize technology risk through accurate planning;

benchmark themselves against industry peers; adopt industry best practices and

drive technology-enabled business innovation. They deliver relevant results in

the practice areas of banking services, capital markets, and insurance.

Financial Insights provides industry business leaders with informed opinions

on the technologies required to create a competitive advantage. Its research

covers topics of strategic importance to banks, insurance companies, asset

management firms, securities brokerages, and diversified financial institutions

globally. Clients use their research to guide their internal investment decisions,

help them plan for future technology needs, benchmark against competitors,

and stay current on solution offerings. They provide customers an open

dialogue with their expert analysts to support key investment decisions.

3.

Objective of Study:

For any organization to be successful it is very important to have a workforce

which can use its skills, knowledge and capabilities to achieve the

organizational goals and objectives.

This project was done mainly to understand how much importance

organizations attach to the training and development aspect of human resource

management. The training and development needs of any organization depend

upon the activities it is involved in. In this project study, an attempt has been

made to analyse the effectiveness of the various aspects of the training and

development function in Financial Insights.

4.

Methodology

The methodology adopted to study the Training and Development function was

as follows:

Discussion with the HR Manager:

A major part of this project report was taken from the information provided by

the Human Resource Manager at Financial Insights.

Discussion with the Program Manager:

The information was also collected from couple of Program Managers in order

to know the various training and development activities carried out at different

levels of organization.

Feedback from the Employees

Apart from the above, the feedback from Analysts was also collected by

making them rate the various aspects of training and development function

carried out in the company.

5.

Training and Development: Study undertaken

Training is an integral part of the culture at Financial Insights. From initial

training programs to senior leadership programs, the company is committed to

educating and developing our people. The company offers educational

programs for every stage of the employee’s career — from product and

technical training to developing industry expertise to advanced leadership

skills.

The training and development programs at Financial Insights fall into one of

four general categories:

Product and technical training.

Leadership and management development.

Professional skills training.

Programs that support Firm-wide initiatives, such as ethics and diversity

education.

Their commitment to the employees is evidenced by the significant resources

we devote to our initial and ongoing training programs. Their initial training

programs combine rigorous on-the-job and technical training sessions with

cross-divisional Firm presentations on their organization and culture.

Senior managers from relevant business areas lead the ongoing training

programs. In fact, managers at Financial Insights dedicate a significant amount

of time to employee development, becoming coaches and mentors to help you

realize your potential and build upon existing skills and experiences.

6.

Feedback and Performance Review

Financial Insights has established formal and informal feedback processes for

all employees. One can expect to receive formal performance reviews from

his/her business manager, likely twice a year. These reviews provide them with

an opportunity to understand where an employee excels and where he/she can

improve. The reviews are also a time to discuss the employee’s goals. At

Financial Insights, performance reviews are a two-way dialogue and are an

excellent opportunity to voice any concerns, requests or other issues that may

be on employee’s mind.

The best feedback, however, is often provided on the job. This is why the

company encourages its employees to solicit regular feedback on their

performance from their respective managers. The program managers also work

with department managers to help them provide constructive feedback on a

regular basis.

Mentoring

At Financial Insights, they have created a distinctive and active mentoring

program. The goal of the mentoring program is to provide the employees with a

mentor who can offer advice and provide a broader perspective on their career

outside of the formal management structure to help employees achieve their

personal and career goals. Relationships formed with mentors can become

some of the most treasured relationships the employees will build, on both a

business and personal level. Whether the employees are joining the company

for an internship or a full-time position, all the employees will have the

opportunity to be paired with a mentor to help them make informed decisions,

overcome obstacles, understand complex issues and navigate the Firm.

7.

If any candidates are joining the organization for the summer, they will likely

be assigned two mentors: a “junior” mentor or a “buddy” who can help with

day-to-day issues, and a “senior” mentor who is more experienced in the

industry. The employee networks also provide many opportunities to meet and

network with potential mentors from all levels of the Firm.

Mobility

Mobility is a part of the fabric at Financial Insights and is encouraged within

divisions, across divisions and across geographic regions. The organization

wants its management team to be well versed in all aspects of its global

business, so it actively rotates managers through different business areas and

regions.

To encourage mobility, some divisions have recently launched formal pilot

programs for developing leaders. For example, the Investment Banking

Division has a global mobility program that encourages senior associates and

junior vice presidents to spend two years in a different region while remaining

within their product or industry group.

8.

The hierarchy-wise Training Programs

This table outlines the types of training programs that Financial Insights offers

to its employees at different levels of their careers.

Program General Training Sales Training

Managing Director Leadership Development

- Interpersonal/feedback skills- Coaching- Managing in complex environments- Leadership experts - Client

relationship management- Cross-selling- Institutionalizing client relationships

Senior Vice President Leadership Development

- Interpersonal/feedback skills- Development planning- Conflict management- Organizational dynamics

Vice President Leadership Development

-Interpersonal/feedback skills- Influence- Lehman Brothers strategy

Management Skills - Communication- Feedback- Delegation

 

Associate/Analyst Training

- Technical/product- Teamwork

 

9.

Types of training programs

As a new hire, the employee is offered rigorous on-the-job training combined

with sessions that focus on technical skills. The new entrant will also learn

about the Firm’s structure and culture so he/she understands the big picture

from the start and obtain a solid platform on which to build their future success.

The overall training programs evolve to match the knowledge and experience

levels. For example, individuals in sales roles receive selling skills and client

relationship management training. At the vice president level, management and

leadership skills are emphasized, while professional development programs are

offered to senior vice presidents and managing directors. This level of training

is equivalent to graduate courses in business management, stressing topics such

as organizational dynamics, managing in complex environments and coaching

skills.

In addition, their training platform includes frequent seminars and lectures on

business-related topics and professional skills building. Their employees have

the opportunity to take advantage of these offerings on an ongoing basis.

Training techniques represent the medium of imparting skills and knowledge to

employees. A multitude of methods of training are used to train employees.

The most commonly used methods are as follows:

On-the-Job Training (OJT)

Majority of training is of the on-the-job-training type. OJT is conducted at the

workstation and in the context of the job. Often, it is informal, as when an

experienced worker shows a trainee how to perform the job tasks. The trainee

is highly motivated to learn since he or she is aware of the fact that his or her

success on the job depends on the training received. Finally, the training is free

from an artificial situation of a classroom. This contributes to the effectiveness

10.

of the programme. This particular approach is undertaken through the

application of following methods:

Orientation training Job-instruction training Internships Job rotation Coaching and mentoring

Off-the-Job Methods (OFT)

Under this method of training, trainee is separated from the job situation and

his attention is focused upon learning the material related to his future job

performance. Since the trainee is not distracted by job requirements, he can

place his entire concentration on learning the job rather than spending his time

in performing it. There is an opportunity of freedom of expression of trainees.

The various OFT Methods followed in the company are:

Vestibule

Lecture

Films & Television

Conference or Discussion

Case Study approach

Role Playing and Simulation

Programmed instruction

Partnership with Spelman College

In 2007, Financial Insights announced a groundbreaking partnership with

Spelman College. Spelman is the #1-ranked institution among all historically

Black colleges and universities in the United States by U.S. News and World

Report. The development of the Financial Insights Center for Global Finance

and Economic Development at Spelman College will create a new model that

will prepare students for active participation in the global marketplace and

increase the pipeline of women ready to enter the financial sector.

11.

As part of this endeavor, Financial Insights has committed $10 million as well

as ongoing funding support and professional expertise to create the Center. In

support of the Center’s enhanced curriculum offerings, Financial Insights and

Spelman are working together to attract and retain top faculty to develop a rich

interdisciplinary curriculum, prioritizing core subjects that have not been

traditionally offered by the college. Additionally, this partnership will:

Create a new interdisciplinary minor, focused on global finance and

economic development, that will evolve into a full major over the next

several years;

Establish a Financial Insights Scholars Program to provide scholarships

to help talented students complete their education;

Provide opportunities for international internships in finance;

Offer an investment banking immersion program for Spelman

sophomores to introduce them to a career in global finance;

Conduct periodic simulated portfolio management competitions;

Match Spelman students focused on business and finance to Financial

Insights career mentors;

Collaborate with Spelman faculty and other experts to develop

initiatives around economic development / urban development /

microfinance as well as diversity issues; and

Leverage Financial Insights’ in-house expertise and network of global

experts to create a speaker series, among many other projects.

Like our partnerships with Harlem Children’s Zone in New York, the Financial

Insights Centre for Women in Business at London Business School, and

Oaklands School in London, our collaboration with Spelman College

underscores the Firm’s commitment to leveraging our institutional knowledge

and expertise to ensure the future success of this initiative.

12.

Analyst Leadership Program (ALP)

Financial Insights recently launched its first-ever Analyst Leadership Program.

One-of-a-kind, this opportunity is offered to Capital Markets and Investment

Banking analysts who are selected for their leadership capabilities and passion.

Corporate Generalist Analyst Program (CGAP)

The Corporate Generalist analyst program is a two-year rotational development

program recently established in the Firm’s Europe offices. The program is

designed to attract, develop and retain a pool of talented future leaders who

understand the factors required for the organization to manage complex and

interrelated products.

Joining the analyst program provides the employees with exposure to the

different functions and areas that support their client-facing divisions, enabling

the employees to help these support teams in delivering the best solutions to

their clients. The program provides an excellent opportunity to embark on a

career path full of challenges and varied experiences, in a corporate

environment that thrives on innovation, celebrates diversity and inspires

individuals to achieve their personal best.

Analysts are assigned a program manager. The program manager guides

through the rotation and group placement process, and monitor the career

development by facilitating the review and advancement processes.

13.

Employees’ feedback on Training and Development

10 Analysts feedback was taken with reference to each of the following 6

aspects of training and development. The analysts were made to rate these 6

aspects on a scale of 1-5, (1-Excellent, 2-Good, 3-Satisfactory, 4-Average, 5-

Below average)

Training Subject Excellent Good Satisfactory Average Below average

Induction 7 2 1 - -On-the-job 8 1 1 - -

Performance

Management 7 2 1 - -

Team Building 6 2 1 1 -Customer service 8 2 - - -External training 7 1 2 - -

Graphical Representation

14.

Analysis of the data:

1. Most of the employees thought that the training provided during

induction is excellent.

2. Employees had a good view about the on-the-job training provided to

them.

3. Employees feedback on the training provided with reference to the

Performance Management was excellent.

4. 60% of the respondents rated the training on Team building as excellent,

whereas, 20% of them rated it to be good. Company can make an

improvement as far as this aspect of training is concerned.

5. The feedback on the Customer service aspect was really good. 80% of

the respondent thought that this training is excellent whereas 20% of

them thought that it good.

6. The feedback on external training was also good. However, there is a

scope for improvement.

15.

Conclusion

Training is an investment of capital resources at the present time for a return in

the future that is more valuable than the present expense. This is the way the

top management at Financial Insights sees training.

After reviewing the training policy and the training calendar, the Tasty Bites

management team is convinced that training is reflected in services and that’s

what differentiates you from your competitors.

Training benefits the organization in the following ways–

Improves the job knowledge and skills at all levels of the

organization

Helps workforce identify with organizational goals

Improves labour management relations

Helps cut down costs

Generate authenticity, openness and trust.

Creates an appropriate climate for growth and development

Training benefits the individual in the following ways-

Helps in making better decisions and effective problem-solving

Encourages self-development and self-confidence

Helps handling stress, tension, frustration and conflict

Increases job satisfaction and recognition

Helps eliminate fear in attempting new tasks.

16.

Bibliography:

Induction Handout – Financial Insights

http://www.financial-insights.com

Organisational Behaviour - Fred Luthans

17.

TRAINING EFFECTIVENESS EVALUATION REPORT(To be filled by Sectional Head-Personnel and sent to Dept. Head after 40 ~ 50 days of training.)

TRAINING SUBJECT :

NAME OF PARTICIPANT :

TRAINING DATE & VENUE :

FACULTY TRAINING AGENCY :

Sr. nNo

OBJECTIVES OF TRAINING EFFECTIVENESS RATING ON 0 ~ 10 SCALE

REMARKS

1. Improvement in knowledge

2. Improvement in skill.

3. Generate awareness

4. Build confidence

5. Develop positive attitude towards the subject

6. Development as trainer

7. Other ( Please Specify )

Total Rating

General Comments :

Training Effectiveness : Not Effective Effective Highly Effective Excellence

Is further training required on the subject : YES / NO

18.

Sign Of Department HeadComments from Head – Human Resources :

( In case further training / refresher training required )

Rating Criteria

9-10Understand the subject completely and utilising the knowledge / skill with full confidence at work place. Get trained all the personnel in the company on the subject putting concrete efforts to spread the knowledge / skill in the company.

6-8 Understand the subject fairly and utilising the knowledge / skill with confidence. Needs further guidance on subject rarely. Get trained the personnel in his area of responsibility, putting efforts to develop knowledge / skill in the colleagues & subordinate(s).

3-5 Subject understanding is satisfactory. Utilising knowledge / skill but requires support and guidance occasionally. Putting some efforts to enhance knowledge / skill on the subject in colleagues & subordinate.

1-2 A little understanding on the subject. Very less implementation of knowledge / skill gained through the training. No efforts to enhance , discuss about the subject with colleagues & subordinates.

0 The gain in understanding the subject is observed negligible or not at all. Never discussed the subject with colleagues' sub-ordinate.

A Effectiveness Index = Total Rating x 100___________ 10 x No. of Objectives Evaluated

19.