Business Case
In
my previous blog I looked at resources available and suitable to assist me in
achieving my PDP’s goals and objectives. All of the resources I require to gain
these skills have been previously used by my company and made available to
other colleagues in their professional development. All the skills I require to gain fit in with
my current role specification and my companies objectives. My current role
requires me to have excellent communication both oral/written, excellent
problem solving skills, good analytical skills, strong relationship building as
well as negotiation and influencing skills. Plus commercial awareness of
insurance industry and having the correct leadership and management skills in
order to take on additional activities in absence of senior management.
Through
comprehensive research I believe I have found the most and best cost effective
resources (e.g. own research, reading, in-house training, distance learning
etc, which equates to around £600 -£1000 a year in comparison to one day
external courses that at times cost £600 just for one days training) in order to obtain the necessary skills which
would enable me to carry out my current and future roles within the company
more effectively and work towards the success of company and its growth by
reaching its current & future objectives. (Becoming a useful asset with
transferable skills).
By
supporting staff to gain the relevant skill and qualifications, our company
would receive recognition within the industry as an organisation that is
passionate about retaining and training staff to meet their full potential and
be the best and most qualified staff within the industry and would remain loyal
to the company who supports their professional development. The insufficient
and in experience resource is a Risk that effects each area of an organisation
so by training and developing staff a company reduces their exposure/loss
through this risk and having clear development plans and training is one of the
controls to mitigate this risk . This also reduces poor customer experience
risk as the staff would have all correct skills, training to provide the best
service to their customers / stakeholders. If these risk aren’t mitigated the
reputaional and financial loss to the company are massive and most likely reach
over millions of pounds & at times make company to close down, however a
simple development and training process/ funding would normally cost a company
like my organisation less than £500K.
If
the resources are not made available my skills would not be developed and the
quality of work would remain at a low standard, this could potentially lead to
extra resource and time required for the work to be reviewed and brought to a
high quality. At times work may need to be reallocated to other areas as the
team doesn’t have necessary skills to complete a given task and this would
effect the work load and productivity of other areas of the business and makes
company less likely to achieve its objectives in a given timeframe and
inability to meet stakeholders demands would reduce the companies reputation in
the market.
By
empowering staff and making resources for development available great short
term and long term savings can be achieved for example deadlines and targets
would be met, high quality work would be presented to stakeholders, staff
retention rate would increase & knowledge and skills obtained are an
investment for the company.
As
I have the ability to learn in various ways the cost imposed to the company
would be minimal as I have mentioned in previous blogs most of the study time
for revision, course work completion would be carried at my own time. Main cost
incurred by company is for accredited qualifications and cost can be spread
over the next 2 years. Also the cost of face to face trainings which are mainly
one or two days each time.
Other
resource with element of cost attached would be a ‘Release day’ from day to day
responsibility in order to shadow or being mentored by various areas of the
business, which would lead to better relationship and communication being
built, departments working better and more closely together to meet company
objectives. Also it would allow for knowledge, skills and experiences to be
shared plus allowing risk and issues to be identified more quickly and
resolution achieved more efficiently & effectively, this may cost around
£100 a day however if process is improved and risk mitigated the cost benefits
can be over £20k to £500K at times.
Comments from tutor before amendments were made:
Hello Mona
I have read the business case. There is a good opening paragraph
that makes a good argument that the development will help you do your
job better and so help the business.
The second paragraph includes "cost effectiveness"? IS it at all possible to put some actual measures/numbers in that?
With regard to the 5th paragraph and the "flip side" of para 2,
again would you be able to give a specific example of an effect on an
individual or team of not getting this personal development?
Again in para 7 could you give an approximate cost including the
actual cost of any courses or materials and/or the cost of your time
(based on a rough cost per hour of your time).
With regard to the link, unfortunately the web page has been taken
down and at this time I have not yet been able to find one that is fit
for purpose.
Comments from tutor after amendments were made:
Mona
Thanks for the extra detail and stats. I think this is fine now.
Vaughan 
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