Thursday, May 12, 2022

Reasons For Using A Needs Review (Assessment) For Customer Service Training

Title: ASSIGNMENT - HR TRAINING CLASS

Reasons For Using A Needs Review (Assessment) For Customer Service Training

A needs review or assessment shows evidence of how effective the customer service training activity will be before it takes place, that’s according to Kusek(1). It will build credibility for the training program among all stakeholders of the retail store, It will also justify the need for a training budget for employees who are important to the store.


A needs assessment will lead to training the Right Employees, at the right time and, with the right approach – With the needs assessment, we shall find out if we are meeting the industrial standards (the retail industry).


We shall identify the relevant training content for employees. This will increase employee engagement in learning and in turn it will lead to achieving the set overall business goals; not to mention how staff will also be engaged when it is time for the training sessions.


That is why once we figure out whom (of the employees) need to go through the training, it will help to better design the customer service training to meet the learning needs of trainees.

- Helps determine what needs to be trained-A Training Needs Assessment identifies the specific knowledge and skills that employees need to become more productive, efficient, and innovative in their jobs.


It will help us identify the skill gap affecting our retail store. It will help us determine whether or not training is necessary based on the results from the questionnaire that we conduct. And, If training is necessary, the needs assessment will reveal what areas of the employee training objectives to target. For example, Surveys (with relevant questions ) will reveal to us the exact areas in which employees believe training would be most helpful.


It Helps in distributing resources to areas of greatest priority

We shall save time and resources once we know exactly what areas of training to concentrate on. This will help us know which training is urgent and which one is not. For instance, when they are no gaps in knowledge or skills in a particular area, then running further training on it could be a waste of time and money!


Improves the productivity of employees

Roush had a view, that the needs assessment will reveal to us which areas need training most (2), we shall then apply the appropriate training to those areas to increase the skills and competencies of each and every employee. And, in turn, employees will feel more confident when it comes to carrying out their duties, thus it increasing their productivity. The employees will be taught how to properly use the tools and communication channels at the store to perform their work effectively.

Once the training needs are known and implemented, it increases the return on investment. This is when the training pays off as it solves the skill gap identified by the training needs assessment. Once employees are trained, the retail store will get more customers and make more money, pay for all upcoming activities.

The training needs assessment will make the employees feel valued by the retail store, through the contribution they make when answering questions in the survey. Willis has also noted that Staff who feel their employees listen to them and acknowledge their input is almost 5 times more likely to feel encouraged to do their best work (3).


What Are The Drawbacks For Using A Needs Review (Assessment) For Customer Service Training


Many believe that the activity of developing surveys, completing surveys, and evaluating them is time-consuming and the time used on them could have been used on more important business activities: marketing the store, promotions, finance, and operations.


The training needs assessment can be costly if the store has larger size employees who need training and cannot afford to have any delays. It can also be costly if a third party is hired to conduct the training.


Another drawback is the business needs may change before implementing the training program

if the process (from needs assessment to evaluation) takes too long to be implemented, the need of the business may change, leaving the whole process ineffective.


Data collected may be used to punish employees


Some employees have zero confidence in management and fear providing their information during the surveying stage, simply because the top management is willing to use it against them. so they will decide to be less honest with their feedback and self-assessment.


How To Overcome The Drawbacks


To overcome most of the drawbacks of needs assessment, the whole process can be done using an eLearning platform “which allows for it” so that the process is less time-consuming.


With an LMS, employees can instantly access training materials like readings notes, survey questions, and feedback; they will be able to work on them on their own time.

That is why Bramble assured us that Investing in an eLearning platform is less expensive compared to most methods (4) that require traveling and logistical activity, which are costly. It also has a faster processing power to make sure that results are got instantly and reports given before any other needs arrises.


We shall ensure that results are kept confidential and/or anonymous. In the needs assessment, employees can be identified by a number, and be comfortable providing the necessary information during an assessment.



Five(5) Ways A Needs Assessment Would Expose Performance Deficiencies


A proactive approach to solving customer needs

The training needs assessment will allow us to have a proactive approach to solving issues before they get out of hand, which is better than waiting for something to go wrong before reacting. We shall identify the knowledge and skills gaps in time and our store will always be viewed as a strong brand with a learning culture.


It highlights training that we might have not realized

The needs assessment will show us training that we never thought about until the time when employees pointed them out. This will allow us to see exactly what we need to put our focus on.


The Retail store will identify training needed as required by law


We shall be legally compliant because the training needs assessment will show us any training required legally (i.e., by federal, state, or industry laws) our employees will obtain required licenses or certifications.


Customer Service Training Implementation Plan And Method Of Training

The customer service plan will look like this:

Name of learners...

Time frame: Start date

end date

General Comment: This training is designed to first identify the goals of the retail store(with regards to customer service), the training objectives of the employees to satisfy the goals set, The type of training, The method of delivering the training, execution plan, budget and evaluation of the training (ensure that the goals and objectives are being met)

Overall goals of the retail store:

1. customer to have a meaningful experience with our brand

2. build a memorable relationship in the customer’s mind and perception

3. improve the perception of our brand (what customers want and expect)

Employee Learning objectives

1. New capabilities needed to achieve the goals

2. get the skills, knowledge, and abilities needed to achieve goals

Learning Method

1. Role-play (90%)

The training method we shall use mostly 90% of the time is Role-play Other training methods like presentation, discussion, and on-the-job be used at a minimal (10 %)

Execution

Training platform


Using Learning management systems (LMS) to deliver some of the training, these systems have the capabilities to add role-play methods, and have teleconference tools. They also allow the trainer to schedule classes, distribute learning content to all employees at once, no matter where they are located, and be able to eventuate and write reports by tracking the progress and engagement of each employee.


The importance of Including soft skills in the customer service training


Encouraging employees to acquire soft skills will make a big difference in improving our retail store brand because these skills will make customers happy as opposed to being frustrated by employees.


These kinds of skills include Empathy, active listening, persuasion, talking in a positive tone, and clear communication.

Evaluation of learning

The evaluation process is ongoing and feedback to the system is also online


The trainer takes points and gives a balance of both negative and positive feedback


actionable feedback is also encouraged


Where will find out how employees have performed for example:

- how long it took them to solve a problem or to respond

- abandon rates

- number of customer returns and feedback


Find out the evidence of achieving both the goals and objectives which were sitting


Budget for the training

Income $ ____________

Expenses $ _____________



Why Choose Role Play Over Other Methods Of Training


As a member of the HR department, I have chosen the role-play method as the most efficient to train employees who require customer service training because of the following reasons:

It quickly builds a customer-responsive relationship culture in a business.

  • it allows employees to know the customer’s problems and how to respond to them in the most effective way and within the required time, making sure that customers are never frustrated.

  • In addition, they ensure that the customer is never angry because of the customer experience created by employees (who are trained)

most people learn best when most of their training (70%) is experiential. This is when they are practicing what they are learning at the same time. It triggers both short and long-term memory, therefore employees will always remember what they learn from the scenarios they played.

It immediately shows to both the instructor and employee (unbiased) feedback from the training and the exact areas to improve

employees are well prepared before they face the customers in real life, This means role play is better than on-the-job training in this regard. With on-the-job training, There is the possibility that the customer will never come back after meeting an untrained employee.

Employees respond to the needs of a customer. It stimulates real conversations that employees will be having with customers, and they are taught how to respond to a variety of customer behaviors.


Proven Ways To Motivate Employees To Attend Training Sessions


To encourage employees at our retail store, we shall make sure that the following proven ways of keeping employees motivated to attend training sections are included in our management practices and policies.


1. Connect training sessions to the promotion and career advancement opportunities. This involves creating advancement opportunities for all employees who train and achieve exceptional results and great feedback from customers. Once employees know how valuable a training session is, they will be encouraged to always train and have chances to get promoted and opportunities to be rewarded for their efforts. For this to work, we need to know exactly what drives our employees.


2. Providing the right training, at the right time and the right place. As retail employees, they spend most of their time on the job, they require the right type of training, using the right method and at the right time. When this is done, they will feel that the training is relevant to their jobs. For example, An eLearning on the laptop will seem irrelevant for retail employees since they are not always on personal computers to train.


3. Consider the employee’s opinions when designing the training. We will make sure that employees are asked about what they need to be able to perform their jobs better in this regard to satisfy customers better. What method would they like for the training? All these questions are asked in the survey. This is great for making employees feel like the business’s partners.


4. Reward everyone. This includes giving every employee who attends some incentives such as food, certificates of attendance, and teachings (diary, t-shirts, and calendar) with the company logo. |employees will be interested in the training because they will know that every single person is entitled to gifts or rewards that they can afford to miss out on. This can only be achieved once we know and confirm the link between motivation and the performance of employees.


5. Make learning easy, fun, and engaging. This is making sure that employees don't have to struggle to complete the training


6. Personalizing the training. This is first studying the needs assessment for the training so that each employee’s needs are known. And then tailor the training according to what each employee needs. This will ensure that time is not worsted on activities that employees are already good at doing.


7. Make the training flexible for all employees. This usually involves making the training available for all who need it to participate, at their own time and wherever they are at. This involves updating all employees (on what is happing) using the company’s internal communication system and applications, This leaves no employee with any excuses for not having the time to participate, or to physically attend the training.


For example, let’s imagine that a survey reveals that classroom-based workshops take too much time out of the workday, and employees are falling behind on their responsibilities. As a result, employees feel stressed and negative toward training. This insight might lead the company to choose an LMS so that employees can learn anywhere, anytime, and at their own pace.


Training Survey Form

For Participants in the Employee customer service Training program


Date


Location


Trainer


Instructions: Please show your level of agreement with the statements shown below with 0 = irrelevant and 5 = highly relevant.

1. the objectives of the customer service training were clearly defined

2. I was encouraged to participate and interact with others

3. The training content and material meet my expectations

4. The topics covered were relevant to improving the way to handle customers

5. The training was relevant to my needs of improving my performance

6. The content was organized and easy to follow

7. I learn something new

8. The trainer was knowledgeable about the training topics

9. The time allotted for training was sufficient

Please give shot answers to the next questions


1. what did you like most in this training

2. what aspects of this training would you like to be improved

3. What new thing (s) have you learned as a result of this training?

4. what additional training would you like to be included in the future?


Kindly return this questionnaire to the instructor


Thank you for your feedback



Sources

name. year. title. p. 1. link

  1. Jody Zall Kusek, 2004. Ten Steps to a Results-based Monitoring and Evaluation System: A Handbook for Development Practitioners. 1. https://books.google.co.ug/books?id=AN1_UBu0k1cC&lpg=PP1

  2. David Walter Roush, 2011. Juvenile Detention Training Needs Assessment: OJJDP report

2.https://books.google.co.ug/books?id=ldL_dqxbTxEC&dq=

  1. Judy Willis, 2007. Brain-Friendly Strategies for the Inclusion Classroom. 3

https://books.google.co.ug/books?id=TwtRBAAAQBAJ&lpg

  1. William J. Bramble, 2008. Economics of Distance and Online Learning: Theory, Practice, and Research. 4.https://books.google.co.ug/books?id=yEOSAgAAQBAJ&lpg= 

Tuesday, May 10, 2022

An employee is working 6 days a week from Monday to Saturday. Assume the overtime for the employee is one and a half after 40 hours.

 Question 1 (20 points)


(A) An employee is working 6 days a week from Monday to Saturday. Assume the

overtime for the employee is one and a half after 40 hours. The following

table shows his working hours. (6 points)


  1. Complete the table below (Show your work)


M T W Th F Sa

Total Hours

Regular Hours

Overtime Hours

Regular Rate

Overtime Rate

10hr 10hr 10hr 9hr 9hr 6 hr

??

??

??

$ 7.50

??



M T W Th F Sa

Total Hours

Regular Hours

Overtime Hours

Regular Rate

Overtime Rate

10hr 10hr 10hr 9hr 9hr 6 hr

54

40

14

$ 7.50

$11.25


Workings:

Total hours worked in a week = 10 + 10+ 10 + 9 + 9 + 6 = 54 hrs

regular hours = 54 hrs – 40 hrs = 14 hrs

overtime rate = overtime as a decimal * regular rate

= 1.50 * $ 7.50

= $11.25


  1. Find the gross earnings of the employee.


Gross earning of the employee = amount of money employee earned for time worked

for regular hours = 40hrs * $7.50 = $ 300

for overtime hours = 14 hrs * $11.25 = 157.5

Total gross pay = $ 300 + 157.5 = $ 457.5


(B) Hamad is a salesclerk who receives a salary of $ 750 per week plus a commission of 7% on all sales exceeding $ 40,000. During a four-week period he sold products worth $ 55,000, what were Hamad's gross pay? (7 points)


Hamad Gross pay

salary for the for weeks = $ 750 * 4 weeks = $ 3000

commission = 55,000 * 7% = $3850

Total gross pay = $6850



(C) Jasem makes handicraft items for an ornaments shop. He is paid on the following differential pay scale:

Units produced

Amount per unit

1 – 60

$ 2.20

61 – 160

$ 3.15

161 – 200

$ 5.90

Over 200

$ 7.25


If he made 230 items in a week, how much is his gross pay? (7 points)

(Round your answer to the nearest hundredth)



Jasem Gross pay


He produced over 200 units which is charged at $7.25

Thus: 230 units * $7.25 = $1 667.50

= $1 668



  1. + 7 + 7 = 20 marks)



Question 2 (20 points)


(A) A businessperson took out a loan of $ 60,000 from the Bank at a simple interest rate of 5.25% on March 15, which is due on June 11. (6 points)

  1. Find the number of days of the loan from March 15 until June 11.



Finding the number of days of the loan from March 15 until June 11


number of days = 88 days



  1. Using exact interest, find the interest amount (I=?)


I = PRT

= $60 000 * (5.35/100) * (88 days/ 365 days)

= $60 000 * 0.0525 * 0.24109589

= $ 759.45

I = $ 759




(B) A dealer borrowed $ 5,000 on a 120-day 3% simple interest note. He paid $ 1,000 toward the note on day 30. On day 80 he paid an additional $ 1,000. Assume 360-day year, what is his ending balance due? (7 points)



calculating balance due


finding total interest =

I = P rt

I = $5000 * 3/100 * 120/360

I = 5000 * 0.03 * 0.3333

I = $50


Total amount to be paid = $5000 + $50


Thus Ending balance due = $5050 – $2000 (amount already paid) = $3050



(C) A Supplier borrowed $ 14,000. The loan was for 15 months at a simple interest rate of 7%. What is the interest and the maturity value? (7 points)



Finding the interest and maturity value

Interest = PRT

= $14000 * 0.07* 15/12

= 14 000* 0.07 * 1.25

= $1,225


maturity rate = P + I

= $14,000 + 1,225

= $15,225



(6 + 7 + 7 = 20 marks)

Question 3 (20 points)


(A) A man deposits $ 14,850 into a bank, which pays 4% interest that is compounded semiannually. What will he have in his account at the end of three years? (7 points)


Calculating what he will have in the account


finding interest

I = P [ (1+r) ^n – 1]

= $14,850 [ (1+04) ^5-1 (n= 3 yrs to pay*2-1 = 5)

= $ 14,850 [ (1.04)^5-1)

= $14,850 (1.217-1)

=$14,850 (0.217)

= $ 3,222.45

= $3,222


Amount in the bank after 3 years = P + I

= $14,850 + 3,222.45

= $18, 072






(B) The owner of a small factory thinks that he will need $ 35,900 for new equipment in 10 years. He decides that he will put aside the money now so that after 10 years the $ 35,900 will be available. His bank offers him 8% interest compounded semiannually. What is the present value of the $ 35,900? (7 points)


Finding the present value of $35,900


( i=8%/ 2 six-month periods= 4%) (n=10 years*2=20)


FV = PV *(1.00+i)^n

= $35,900 * (1.00+0.04)^20

= $35.900 * (1.04)^20

= $35,900* 2.191

= $ 78, 661



(C) A person deposited $ 14,820 at a bank at an interest rate of 12% compounded quarterly. Find the effective rate (APY). Write your answer in percentage rounded to the nearest hundredth. (6 points)



Finding the effective rate (APY) = (1 + r/n)^n-1


= (1+0.12/4)^4-1

= 0.126 (*100)

= 12.55 %

=13%


(7 + 7 + 6 = 20 marks)



Question 4:(20 points)


(A) A company borrowed $ 18,000. The company plans to set up a sinking fund that will pay back the loan at the end of 7 years. Assuming a rate of 10% compounded semiannually, find the Sinking Fund of the ordinary annuity. (6 points)



PM = FV * r / ((1+r)^N – 1) (10%/2 = 0.05% and N =7 years * 2 = 14)


= $18,000 * 0.05 / ((1+0.05)^14-1)

APR = $918.43


(B) An employee decided to invest $ 750 quarterly for 9 years in an ordinary annuity at 12%. What is the total cash value of the annuity at end of year 9? (7 points)


FV = PM ((1+r) ^N-1) /r


= $750 ((1+0.03)^36-1) /0.03

= 47,456.95

= $ 47,457


(C) What must YOU invest today to receive an annuity of $ 1,250 for 10 years compounded at 16% quarterly when all withdrawals will be made at the end of each period? (7 points)


FV = PM ((1+r) ^N-1) /r

= 1,250 ((1+0.04) ^40-1)/0.04

= $118, 782 (amount to be invested today to get the annuity)


(6 + 7 + 7 = 20 marks)


Question 5:(20 points)


(A) A university graduate bought a new car. The cash price is $ 19,000; he made a $ 1,400 down payment on it. The bank's loan was for 20 months. Finance charges totaled $ 4,900. What was the monthly payment? (7 points)


Finding the monthly payment for the car


Amount of loan=Car price - down payments + charges

=19,000 – 1,400 + 4,900

=$ 22,500

amount to be paid for 20 months

= $22,500/ 20 months

= $1.125 per month



(B) A steel factory bought new equipment. The cash price of the equipment is $ 9,000, putting down $ 3,800 and financing the remainder with 20 monthly payments of $ 288.50 each. Find the APR by table lookup. (7 points)


Calculating APR

amount to remaining $ 9,000 – 3,800 = $5,200

finding the amount on interest to be paid I = PRT

= 5,200 * (288.50/5,200) * 1.67

= $481.795

finding APR = 24*I

P (T+1)


= 24($481.795)

5200*(1+20)


= 0.1058 (which is in the table)




(C) A person bought an apartment. The cash price is $ 190,000; he made a $ 40,000 down payment on it. The bank's loan was for 120 months. Finance charges totaled $ 30,000. What was the monthly payment? (6 points)


calculating the monthly payment

amount of loan $ 190,000 – $40,000 = $150,000

Interest rate = PRT

finding the monthly payment $ 150,000 * 30,000/ 190,000 * 120/12


= $236.835

= $236.84



(7 + 7 + 6 = 20 marks)



END OF EXAM QUESTIONS

Monday, May 9, 2022

Forever Savings Bank estimates that building a new branch office in the newly developed Washington township will yield an annual expected return of 12 percent with an estimated standard deviation of

 Q1. Forever Savings Bank estimates that building a new branch office in the newly developed Washington township will yield an annual expected return of 12 percent with an estimated standard deviation of 10 percent. The bank’s marketing department estimates that cash flows from the proposed Washington branch will be mildly positively correlated (with a correlation coefficient of + 0.15) with the bank’s other sources of cash flow. The expected annual return from the bank’s existing facilities and other assets is 10 percent with a standard deviation of 5 percent. The branch will represent just 20 percent of Lifetime’s total assets. Will the proposed branch increase Forever’s the overall rate of return? Its overall risk? [1.5 Marks]


Q2. The following statistics and estimates were compiled by Big Moon Bank regarding a proposed new branch office and the bank itself:

Branch office expected return = 15%

Standard deviation of branch return = 8%

Existing bank’s expected return = 10%

Standard deviation of existing bank’s return = 5%

Branch asset value as a percentage of total bank assets = 16%

Correlation of net cash flows for branch and bank as a whole = +0.48


What will happen to Big Moon’s total expected return and overall risk if the proposed new branch project is adopted? [1.5 Marks]


Q 3. What do you think the Financial-Services industry will look like 20 years from now? What are the implications of your projections for its management today? [2 Marks- 500 words minimum]


Answer:

Q1.

Initial calculation of E(R) estimate rate of return is as follow =

E (R) = 0.20 (12%) + 0.80 (10%)

=0.024 +0.08 * 100

= 10.4%

The risk of return rate is:

σ2 = (0.20)2 (0.10)2 + (.80)2 (0.05)2 + 2(0.20)(0.80)(0.15)(0.10)(0.05)

σ2 =0.00224

σ = 4.73%

The figure of 4.73% shows that the bank's expected return will increase its overall risk with a little amount which is great news for the branch of the bank.

Therefore, since the return will also increase the bank should go ahead with the proposal because it's safe.

Q2.

Calculation of proposed bank's total expected return :

E (R) = 0.16 (15%) + 0.84 (10%)

= 0.024 + 0.084*100

= 10.80%

Risk of proposed bank =

σ2 = (.15)2 (.082 + (.85) 2 (.05)2 + 2(.15)(.85)(.48)(.08)(.05)

σ2 = .00244

And thus σ = 049395 *100

= 4.94%

Therefore, The proposed project in question 2 increases the savings of the big moon bank branch and the bank itself ''s expected return by a minimal amount and also increases its overall risk by a minimal amount. Which is great for an investment.

Q3.

Financial-Services industry in the future (20years from now)

The financial service industry which comprises of other sectors: banking, insurance, credit unions, trust funds, and brokerage businesses, manage money for clients. This industry is facing massive changes due to the current rapid technology changes that have also affected their customers’ lives. In addition, according to a report by KPMG, in the next 20 years, the industry is likely to see more competitors, innovations, regulations, and a need for more security (Pollari, 2019).

Elements that will affect the changes in Financial-service Industry 

Fintech startups becoming mainstream

According to PwC Global FinTech Survey, Fintech (or financial technology) businesses like Paypal, and several others, will continue to use technology to solve money and business issues online, as they provide the same services as those in the financial services value chain (PricewaterhouseCoopers, 2020).


Technology and new capabilities will impact relationships with clients

The increased use of Artificial Intelligence (AI) and Machine Learning (ML) to automate tasks.

Some customers will want their services to be automated and others will want to be more involved; Technology will be used to replace manual labor.

Blockchain/ Distributed ledger technology (DLT) becoming mainstream

The financial service sector is faced with the negative effects of blockchain and its digital currencies becoming more accepted modes of performing financial transactions. These negative effects are due to the decentralized management of transactions used by blockchain which is believed to be much more transparent, unregulated by central banks or governments, and much more secure, compared to the traditional financial sectors.

More devices are connected to the internet as the internet of things (IoT) increases

As almost every day electronic device gets to be connected to the internet because of the – internet of things – people would want to use their devices to perform financial transactions with ease. Therefore technology makes people’s lives more personalized, financial institutions have to use technology to keep up with customer demands.


Financial regulations

The regulation of financial institutions by the regulatory framework in place both locally and internationally will be much more and with restrictions and penalties. This is due to the handling of personal data, security of people’s financial information for potential problems, supervising procedures, quality reviews, and reports.

Cyber security powered by AI to protect data

The industry will face lots of threats from Cybercriminals.


Implications Of The Projections For Its Management Today


The management today has to invest heavily in innovative technology

To stay relevant or keep up with advancements in technology and competition from Fintech, financial institutions have to invest in innovative technology that makes them operate better and provide what the future customers need. Technologies like quantum computing that use advanced IoT, AI, and ML to learn faster and automate manual tasks in payments, retail banking, insurance, capital markets, and wealth management. (KPMG/The Future of Digital Banking report)

The management has to also prepare the institution’s architecture to connect to different things, and to any location, so that they have more, control and accessibility, address issues of cyber-threats, IoT sensors, Third-party ‘big data’ sources, and connections like Business-to-Consumer (B2C), Business-to-Business (B2B), Cloud services, data warehouses, and applications.


References

  • What The Future of Finance May Look Like. (2019, December 16). Northeastern University D’Amore-McKim School of Business. https://onlinebusiness.northeastern.edu/blog/what-the-future-of-finance-may-look-like/