CAIIB ADVANCED BANK MANAGEMENT | MODULE C – HRM IN BANKS: SELF-DEVELOPMENT | 2023 NOTES

HRM IN BANKS | CAIIB ABM MODULE C 

This post provides insight of Module C of ABM Paper for CAIIB 2023 Exams, specifically HRM in Banks as per ABM Syllabus 2023.

Hey, dearies!

Hopefully, you are doing well & good…. and would be very excited for the upcoming Exams of Certified Associate of the Indian Institute of Bankers for the 2023 attempt in May.

If not, the only reason I could think for that would be you haven’t covered your syllabus yet. Although I & our team of Learning Sessions keep posting easy & free notes for the future CAIIBs, to speed up the process, I would recommend that you go & take up the classes fast!

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MODULE C – HRM IN BANKS: SELF-DEVELOPMENT

Now let’s come to our notes!

I am going to provide you some insights on how Self-development is encouraged & seen by the Human Resource Dept. of an organization. This is the part of Module C under Advanced Bank Management paper for CAIIB 2023.

SELF DEVELOPMENT

Self-development is the process of consciously: improving yourself in various aspects of your life. It is a conscious pursuit of personal growth by improving: 

• personal skills, 
• competencies, 
• talents and 
• knowledge. 

However, a key component of self-development is the growth of one’s own personal self in order to seek self-actualization and proactively reach one’s full potential.

Self-development and personal growth is a lifelong process that allows one to assess their abilities, set goals, and then take action to help achieve those goals and maximize potential. The ultimate goal of self-development is to be a self-actualized person. 

Now from organisation’s part, it can be safely said that the Employees have a unique insight into the demands of their own role and when they drive their own development with the support of line managers, those needs are more likely to be addressed.

This is why a growing number of organizations are promoting self-development. Companies have planned to increase self-directed learning and have even set aside more than 10% of their training budgets for self-development. It get them the following advantages: 

• Improve employee skills and performance
• Create a mobile workforce that allows you to promote from within more often
• Increase productivity and maximize employee value to your organization
• Help your organization manage change more effectively as employees are constantly updating their skills

Self-development is not only beneficial for employers. It also helps employees pursue their own career goals and interests, build self-confidence and be more autonomous.

So, how is self-development achieved?

Simple, by setting self-development goals!

But how much autonomy should one allow employees to set their development goals? If it’s done during work hours or with financial support, it’s only fair that self-development goals are aligned with the needs of the employee’s job and your organization.

• Employee review meetings are a great time to set self-development goals. The employee and his manager can combine their knowledge about the desired development.
• One can also use personal development plans (PDPs) to record self-development needs, goals, actions and progress. PDPs can play a valuable role in the evaluation process by ensuring that useful goals are set and progress is charted.

IDENTIFICATION OF AREAS THAT NEED SELF-DEVELOPMENT OF EMPLOYEES:

The development activities that employees undertake will depend on: 

• partly on the budget and 
• partly on the time you provide for self-development.

Activities can be diverse and include any type of personal development:

• Work-based learning like: undertaking special projects, shadowing colleagues and taking on new responsibilities
• formal learning like: taking external training courses and educational qualifications, attending conferences or e-learning
• Professional activities like: training or mentoring others, being part of a professional body and networking with other professionals
• Independent learning such as reading academic and industry texts

PROVIDING INCENTIVES FOR SELF-DEVELOPMENT

Ultimately, as beneficial as self-development can be for employees, it still requires initiative and motivation on their part. Therefore, the ability to self-develop is itself a desirable skill, sometimes called ‘learning agility’. Employees can also be encouraged to develop themselves, and many organizations run employee incentive programs for this purpose. 

Incentive programs should be:

• Effective: make sure you reward valuable outcomes, such as meeting ‘agreed development targets’.
• Fair: Incentives should be realistically achievable.
• Desirable: employees will only change their behavior because of the rewards they really want.

Employees who feel inspired and passionate about their work are more likely to develop themselves. Employee engagement programs can, therefore, support self-development while offering wider value.

Self-development can be divided into 3 segments:

1. Improving skills: Upskilling is the development of personal skills, abilities and competencies. It includes: 

• Interpersonal (focus on relationships and interactions with others. It includes how to communicate and work with others, as well as how to lead others) and 
• Personal effectiveness skills (focuses on skills that can be applied independently of other people. It includes skills such as problem-solving, goal setting, time management, and stress management). 

• Mental condition: Mental fitness is the process of building and strengthening our minds. It allows us to maintain a positive focus on our goals and intentions through imagery, visualization, and other techniques. It also allows us to create positive images and feelings about ourselves to increase our self-image, self-esteem, and self-confidence. Mental conditioning techniques include relaxation, which helps reduce anxiety and tension and improve performance through better concentration and focus.

• Forming habits: Habit formation is the conscious establishment of behavior or thoughts in an effort to improve oneself. Habits are behaviors or tendencies that you do automatically without thinking or consciously intending. Our habits usually drive our actions, our reactions, our decisions, and even our thoughts. Creating positive habits can help you develop a more productive and enriched life.

How far are you on your way to self-development? Did you find anything useful? If yes, then let me know in the comment section what you think!

All the Best for your ABM Exams 2023!

Team: Learning Sessions