CIVMB_BS_T2-1_v3

Business Skills

Topic 2-1: Organisations, teams and individuals

© 2017 Kaplan Education Pty Ltd. All Rights Reserved. The copyright of this material is owned by Kaplan Education Pty Limited and any reproduction, copying or other unauthorised use of this material without the written consent of Kaplan Education Pty Limited is strictly prohibited. While all care is taken to ensure the material presented is accurate and up to date, it should not be relied upon when providing advice or constructing financial plans.

External websites Kaplan’s subject notes contain links to the websites of other organisations. Kaplan does not necessarily endorse or support the views, opinions, standards or information contained within these linked websites. Kaplan does not accept any responsibility or liability for any loss, damage, cost or expense you might incur as a result of the use of, or reliance upon, the materials that appear at any linked site. Kaplan respects the intellectual property rights of others. Be aware that material found on linked sites is likely to be protected by copyright and may also contain trademarks and other protected information. It is your responsibility to use the material on each linked site in accordance with the site’s specific terms and conditions of use.

Topic 2-1: Organisations, teams and individuals

Certificate IV in Finance and Mortgage Broking

Contents Overview .................. ................................... .................................. .................................. .................................. .................................. ................... 2-1.3 Part 1: Individual professional development .................................. ................................................... .................2-1.4 1

Effective business communicat communication ion ............... ................................ .................................. ....................... ...... 2-1.4

2

Effective time management ........................................ ......................................................... ....................... ...... 2-1.17

3

Personal development and self-awareness................. .................................. ........................ ....... 2-1.28

4

Professional development ................ ................................. ................................... ................................ .............. 2-1.35

5

Credit licensing ................. .................................. .................................. .................................. ............................... ..............2-1.40

Part 2: Working in a team ............................... ................................................. ................................... ............................ ........... 2-1.43 6

Being a part of a team......... team.......................... ................................... ................................... ............................ ........... 2-1.43

7

Team roles............. roles.............................. .................................. .................................. .................................. ......................... ........ 2-1.45

8

Feedback ................. ................................... ................................... .................................. .................................. ...................... ..... 2-1.47

9

Problem solving............................................ ............................................................. ................................... .................... .. 2-1.55

Part 3: Managing a team................ .................................. ................................... .................................. ............................ ........... 2-1.57 2-1.57 10

Acting as a role model ................. .................................. .................................. .................................. .................... ... 2-1.57 2-1.57

11

Mentoring ............... ................................ ................................... ................................... .................................. ...................... ..... 2-1.58

12

Team leadership and management .................................. ................................................... ................... 2-1.59

13

Planning ................ ................................. .................................. .................................. .................................. ......................... ........ 2-1.61

14

Change management and technology ................ ................................. ................................ ............... 2-1.64

15

Performance appraisals ................. ................................... ................................... .................................. ................. 2-1.66

16

Managing underperformance ................. .................................. .................................. .......................... ......... 2-1.67

© Kaplan Education Pty Ltd

2-1.1

   1      2

Certificate IV in Finance and Mortgage Broking

Part 4: Working in an organisation ............... ................................ .................................. ................................ ............... 2-1.71 17

Vision and mission statement .................................. ................................................... .......................... ......... 2-1.71 2-1.71

18

Organisational structure ................ .................................. ................................... .................................. .................2-1.73

19

Internal policies and procedures ......................................... ........................................................ ............... 2-1.73

References ................ ................................. .................................. .................................. .................................. ................................. ................ 2-1.77 Suggested answers........................................ ......................................................... .................................. ............................... .............. 2-1.78

2-1.2 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Overview Working as a mortgage broker in the t he financial services industry can involve working for a large or small organisation. organisation. A comprehensive understanding understanding of the organisation’s structure, management, processes and polices is vital for success.

Topic learning outcomes On completing this topic, students should be able to: •

identify and and implement implement organisational organisational policies and procedures procedures

•

demonstrate an ability to work as an effective team member

•

plan individual individual work goals goals to ensure efficient efficient time time management, management, professional development and achievement of key performance indicators (KPIs).

   1      2

© Kaplan Education Pty Ltd

2-1.3

Certificate IV in Finance and Mortgage Broking

Part 1: Individual I ndividual professional development To contribute to your team and your organisation, you need to cultivate important business skills and techniques. This topic covers some of these skills including: •

effective business communication communication

•

effective time management

•

personal development and self-awareness self-awareness

•

goal setting setting for for personal personal and and professional professional development development

•

professional development, including:  – understanding your work work role and responsibilities responsibilities  – what KPIs are and and how they are used  – professional development development

•

1

credit licensing requirements.

Effective business communica communication tion Communication Communication is the foundation of all human relationships. In business, effective communication communication skills are crucial for team leaders and team members alike. Communication Communication is how people share information, information, give directions, express feelings, pursue relationships, and encourage and inspire others. There are many aspects to business communication and a wide variety of resources available to assist in the improvement improvement of communication skills. This section contains some guidelines for effective communication and provides many links to other resources.

Further resources: Business communications Links to a variety of articles on business communication: •

•

•

2-1.4 

For Dummies Dummies list of business communication communication articles, articles, http://www.dummies.com mies.com/how-to/bus /how-to/businessinessviewed 13 March 2017, . >. Business Balls Balls writing and communicating communicating techniques and and examples, examples, viewed 13 March 2017, . >. Mind Tools n.d., Understanding communication skills — why communications skills are important, Mind Tools, viewed 13 March 2017, . >.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

1.1

Listening According to Adair (2010), listening ‘has been variously called the neglected art or the forgotten skill in communication’. communication’. The effective communicator recognises that both talking and listening are equally important in verbal communication. communication. Listening is critical for the success of any verbal communication. The skill of active listening (i.e. conscious listening) enhances communication communication and teamwork because it is inherently respectful of the other person’s point of view. Developing effective communication communication skills will assist you in all aspects of client and colleague interaction.

Barriers to listening Some barriers to understanding what the other person is really saying are: •

thinking of the next thing you want to say rather rather than listening

•

personal bias

•

making assumptions and drawing drawing false conclusions

•

hearing only what what you you want want to to hear

•

prejudging the problem or the solution solution

•

talking too much

•

being closed-minded closed-minded to alternatives alternatives and other other opinions opinions

•

the fear of being wrong

•

use of jargon.

   1      2

Benefits of listening By developing sound listening skills, you are aiding effective communication and relationship building by: •

showing interest in what the the other person is saying

•

paying full attention attention to what is being said.

Providing feedback lets the other person know that you are interested and invites them to continue. Feedback can be: •

•

non-verbal such as eye contact, contact, a smile or a nod, or verbal such as saying ‘I see’ or ‘Is what you you are saying saying …?’ and and repeating the the speaker’s message message in your own words.

Active listening Active listening is conscious listening. It may involve: •

showing that that you are are interested through verbal verbal or non-verbal non-verbal cues cues

•

remaining neutral

•

using questioning questioning and summarising techniques to to confirm confirm your understanding.

© Kaplan Education Pty Ltd

2-1.5

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 1: Active listening Read the following article, watch the short video vi deo on active listening and then answer the following questions: Mind Tools n.d., ‘ Active  Active Listening’, Listening’, Mind Tools, viewed 13 March 2017, >. 1. What is active active listening? listening?

2. According to the the article, what what are the five (5) key elements of active listening?

3. How does active listening make you a more more effective communicator?

Note: You can access ‘Suggested answers’ for this activity at the end of

2-1.6 

CIVMB_BS_T2-1_v3

this topic.

Topic 2-1: Organisations, teams and individuals

1.2

Verbal communication Spoken or verbal communication is information delivered using speech. This requires that the message giver speaks and uses appropriate stress and tone and that the message receiver(s) listens. For successful communication to be achieved, both the speaker and the listener(s) need to be actively engaged. Adair (2010) suggests that there are seven characteristics of conversations. They are: •

face to face

•

a two-way process

  informal

•

•

sincere and open

•

adapted to the situation situation where where it occurs

•

constitutes a means to an end

•

desired and enjoyable.

Communication Communication tends to be effective in situations that resemble the direct face-to-face face-to-face conversation and less effective the less similar they are. Verbal communication communication skills are used in a wide variety of business situations including impromptu speaking, face-to-face casual conversations and telephone conversations to more formal speaking occasions, such as sales pitches, team meetings or presentations.

Apply your knowledge 2: Speaking in public Read the following article on public speaking and then answer the following question: Mind Tools n.d., ‘Better  ‘Better Public Public Speaking’, Speaking’, Mind Tools, viewed 13 March 2017, . >. What are the suggested steps or tips in the article for public speaking?

Note: You can access ‘Suggested answers’ for this activity at the end of

this topic.

© Kaplan Education Pty Ltd

2-1.7

   1      2

Certificate IV in Finance and Mortgage Broking

1.3

Questioning Communication Communication involves asking questions. Questions are tools that can be used to help obtain information, build rapport and confirm understanding. Techniques to make the questioning process more effective and more comfortable comfortable for the client include: •

asking one question at a time

•

allowing the respondent time to answer

•

using different types of questions.

Be clear about the purpose of asking particular questions at a particular time. For example, to: •

clarify if the information information provided is vague or inconclusive inconclusive

•

fill in the gaps when when more general information information is needed

•

probe to obtain specific details.

There are many types of questions, with different functions. Some may be used at any time and some need only be used at certain stages.

Closed questions Closed questions require short, usually one-worded answers such as yes or no. Examples of closed questions include: •

Do you agree?

•

Would you like to continue?

•

Are you happy with the service from your current adviser?

•

What is the date?

Closed questions are useful for: •

obtaining or confirming factual information

•

confirming statements or opinions

•

testing your understanding of what another speaker has has said.

Open questions Open questions, also known as open-ended questions, open up communication communication and encourage a detailed answer from the listener. They begin with wi th words such as how, what or why. Examples of open questions are: •

How can I help you today?

•

What is your current situation?

•

Why did you you want to see me?

•

What happened next?

The aims of open questions are to: •

establish rapport by developing a conversation

•

get detailed answers

•

uncover the client’s real view or or problem problem

•

elicit the other person’s person’s feelings feelings or opinions opinions on a topic.

2-1.8 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Reflective questions Reflective questioning means that you take some information you gathered previously, and use it in a question. Reflective questions are open questions that build rapport and show empathy. They often begin with: ‘So you feel that…?’ or ‘So this experience has left you feeling …?’ Reflective questions can work very well because they show that you have been listening and help you to focus on determining the exact needs of your customer. When using reflective questions, it is important to: •

listen for for key words and underlying feelings

•

‘mirror back’ back’ and and summarise summarise key words and feelings feelings

•

not appear judgemental.

Apply your knowledge 3: Questioning techniques Read the following article, watch the short video vi deo on questioning techniques and then answer the following questions: Mind Tools n.d., ‘Questioning ‘Questioning Techniques’, Techniques’, Mind Tools, viewed 13 March 2017, . >.

   1      2

1. What are funnelling funnelling questions? When should you use them?

2. What are probing questions? When When should you use them? them?

© Kaplan Education Pty Ltd

2-1.9

Certificate IV in Finance and Mortgage Broking

3. What are leading leading questions? When should you use them? them?

4. What are the uses uses of questions suggested in the article? article?

Note: You can access ‘Suggested answers’ for this activity at the end of

this topic.

Further resources: Verbal communication for business A variety of articles on communicating communicating in person: •

•

A variety of Mind Tools articles articles on communicating communicating in person, person, viewed 13 March 2017, . An article on effective effective verbal communication: communication: The Communication Toolbox n.d., ‘Effective ‘Effective verbal communication’, communication’, viewed 13 March 2017, .

1.4

Non-verbal communication Non-verbal communication communication is the communication communication that happens outside of words or speech. A frequently quoted statistic is that 93% of all daily communication communication is non-verbal. This is based on the work of Dr Albert Mehrabian who conducted several studies on non-verbal communication. communication. Dr Mehrabian found that with any message: •

•

•

7% is conveyed through words 38% is carried carried through certain vocal vocal elements or the way that the words words are spoken, spoken, such as emphasis, vocal nuance or speech volume 55% is communicated communicated through non-verbal non-verbal elements elements such as as facial expressions, gestures, posture or eye contact.

Although the actual percentage of non-verbal communication communication can be disputed, it is clear that non-verbal communication communication plays an important part in being persuasive with any personally delivered communication. communication.

2-1.10 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 4: Non-verbal communication Read the following article, watch the short video vi deo on body language and then answer the following questions: Mind Tools n.d., ‘Body ‘Body Language’, Language’, Mind Tools, viewed 13 March 2017, >. 1. What is body language language or non-verbal non-verbal communication? communication?

2. What are some some non-verbal cues or gestures indicating indicating defensiveness defensiveness or a lack of engagement?

3. How can you use awareness of non-verbal communication communicati on to be a more effective communicator?

Note: You can access ‘Suggested answers’ for this activity at the end of

this topic.

© Kaplan Education Pty Ltd

2-1.11

   1      2

Certificate IV in Finance and Mortgage Broking

1.5

Written communication Written communicatio communication n is any form of communication communication that uses the written word. Written communication is the most common and arguably the most important mode of business communication, particularly with the increasing reliance on small text messages (SMS), email, social media and other forms of electronic communications. Good written business communication: communication: •

is written with the target audience in mind mind

•

is complete, complete, concise, concise, clear, correct and and courteous courteous

•

answers the following questions: who, what, what, where, how, when and why

•

uses an active rather than than a passive voice

•

include examples and graphics as needed

•

avoids discriminatory, abusive or offensive offensive terminology

•

provides readers readers with ways of getting more information information on a topic when required. required.

Written communication is used extensively in business from short communications such as SMS or brief emails through to detailed reports and analysis.

Apply your knowledge 5: Writing skills Read the following Mind Tools article, watch the short video on writing skills and then answer the following questions: Mind Tools n.d., ‘Writing ‘Writing Skills’, Skills’, Mind Tools, viewed 13 March 2017, . >. 1. How do you choose the appropriate appropriate format format for written communications?

2. What are the suggested steps steps in composing a written communicati communication? on?

Note: You can access ‘Suggested answers’ for this activity at the end of

2-1.12 

CIVMB_BS_T2-1_v3

this topic.

Topic 2-1: Organisations, teams and individuals

1.6

Presentations Presentations are a critical business skill. You may need to make a presentation to sell, train or inform others. Presentations may involve: •

speaking in public public to an audience

•

structuring detailed detailed information information or presenting presenting complex complex ideas

•

use of technology technology such such as computers, computers, screens, screens, microphones microphones or public public address systems systems

•

visual presentation presentation skills, if you are using slides or visual aids.

A sales presentation structure A suggested structure for a sales presentation to a customer is outlined below.

   1      2

Successful presentations The following are useful hints on how to make your presentation successful: •

Create a meeting agenda.

•

Start on time. time. Keep to your time time estimates to ensure that you keep keep on track. track.

•

Respect your your customers. customers. Treat them as equals and be careful careful not to patronise them. them.

•

Make eye contact contact throughout the presentation. presentation.

•

Listen actively. Pay attention attention to the client’s questions, questions, comments comments and non-verbal non-verbal signals. Watch your audience’s facial expressions. Do they look puzzled? Do they appear bored, distracted or are their eyes glazed? Are they enthusiastic, nodding or excited?

•

Be personable — remember to smile.

•

Empathise with with the client. Demonstrate that you can relate to their situation. situation.

•

Draw a verbal verbal picture by by using metaphors, metaphors, analogies analogies or personal stories stories to explain explain or illustrate concepts or ideas.

•

Modulate your voice. Avoid a monotone.

•

Monitor your rate of speech. Do not speak speak too fast fast or too too slow.

•

Speak clearly and concisely.

•

Use pauses pauses to help the client digest important important points. points.

•

Use effective effective visual visual information information to support support your presentation.

•

Dress professionally.

•

Ask and encourage questions and interaction.

© Kaplan Education Pty Ltd

2-1.13

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 6: Presentations Read the following Mind Tools article on presentations presentations and then answer the following question: Mind Tools n.d., ‘10 ‘10 Common Presentation Mistakes’, Mistakes’, Mind Tools, viewed 13 March 2017, . >. What are the ten (10) common presentation presentation mistakes outlined in the article and how can you avoid them?

Note: You can access ‘Suggested answers’ for this activity at the end of

this topic.

Further resources: Presentations A variety of articles on business presentations, viewed 13 March 2017, . >.

2-1.14 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

1.7

Meetings Meetings are an important communication communication forum in business. Regular team meetings may be important in the following ways: •

communicate ideas or information

•

share progress on work

•

provide updates or changes

•

appreciate other colleague’s progress or issues issues

•

brainstorm ideas

•

ask questions

•

provide feedback or suggestions

•

opportunities opportun ities to boost morale and bond as a team.

Apply your knowledge 7: Running effective meetings Read the following Mind Tools article on running effective meetings and then answer the following question: Mind Tools n.d., ‘Running ‘Running Effective Meetings’, Meetings’, Mind Tools, viewed 13 March 2017, >.

   1      2

According to the article, what are the t he elements to running an effective meeting?

Note: You can access ‘Suggested answers’ for this activity at the end of

1.8

this topic.

Communication protocols and business etiquette As with any human interaction, it is a good practice to use good manners and adopt professional etiquette in work situations. Make appropriate use of phone greetings, writing emails, leaving voice messages and sending instant messages when communicating with team members. Avoid using colloquialisms, expletives or inappropriate language. Display appreciation for team members’ efforts appropriately. Take care with sensitive and confidential information. information.

© Kaplan Education Pty Ltd

2-1.15

Certificate IV in Finance and Mortgage Broking

Further resources: Communication protocols and business etiquette •

•

•

•

1.9

Mind Tools n.d., Good manners in the office, Mind Tools, viewed 13 March 2017, >. Giang, V 2013a, 15 business etiquette rules every professional needs to know, Business Insider Australia, 31 July, viewed 13 March 2017, . Giang, V 2013b, 15 communication etiquette rules every professional needs to know, Business Insider Australia, 19 December, viewed 13 March 2017, . etiquette-rules-2013-12 >. Business Management Management Daily n.d., 14 tips on business etiquette: setting a professional tone with co-workers, clients and customers, Business Management Daily, viewed 13 March 2017, Etiquette.html >.

Cross-cultural communication The following tips will help you communicate more effectively with individuals and groups from different cultural backgrounds: •

Always respect cultural and individual differences.

•

Avoid cultural stereotyping.

•

•

•

•

•

•

•

•

•

Keep your language language simple, simple, clear and to the point, especially especially if the other person’s understanding of English is limited or the subject matter is technical. Speak clearly clearly and slowly, slowly, but not in a patronising patronising way. A limited understanding understanding of English or the topic does not mean the person is unintelligent. Be patient. For For most people, communicating communicating in their non-native non-native language language requires great concentration, particularly when dealing with new concepts. Use gestures gestures and visual information information to help explain your your message. message. Check to see how how much is understood. understood. Look out for for signs that your message has has not been understood and clarify or paraphrase if necessary. Avoid using slang or jargon that might might be misunderstood. misunderstood. Use humour carefully. Be aware that that people from from other cultures may not understand understand cultural references or that humour may not translate t ranslate well. Be aware that that there are different different styles of communicating communicating.. What may appear appear rude or abrupt to you may be considered normal in another culture. Although a great deal of body language is universal, much much of it is also culturally culturally specific, for example, people from some countries may find pointing offensive.

For more on cross-cultural communication, communication, see ‘Topic 2-2: Customer service’.

2-1.16 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

2

Effective time management With the pace of change and the demands of work and personal life being as great as they are, you need to use the limited time available to best advantage. Unless you do this, you are at a significant personal and professional disadvantage. disadvantage.

2.1

Benefits of effective time management The benefits of managing your time effectively are obvious and manifold, including: •

•

2.2

submission of work work on time and and meeting meeting deadlines deadlines avoiding last-minute last-minute panic so you experience experience lower stress and less conflict conflict with work colleagues or managers

•

the ability to focus on on less urgent urgent but possibly more important important activities activities

•

potentially increased leisure time.

Assess your time management capabilities Apply your knowledge 8: Assess your time management capabilities Take a moment to assess your current time management management capabilities using the quiz provided in the following article: Mind Tools n.d., ‘How ‘How Good is Your Time Management? ’, Mind Tools, viewed 13 March 2017, . >. 1. Note your quiz score score and any suggested suggested ways to to improve your your time management management capabilities.

2. What are your strengths strengths and weaknesses weaknesses in relation to time management? management? How can you strengthen the areas of weakness?

Note: This

activity requires independent research, therefore, no suggested answers are provided.

© Kaplan Education Pty Ltd

2-1.17

   1      2

Certificate IV in Finance and Mortgage Broking

2.3

The Pareto principle The Pareto principle or 80/20 rule was developed by a 19th century economist and philosopher Vilfredo Pareto. The principle states that 80% of the results come from 20% of the items or effort. The 80/20 rule is often stated as a common rule of thumb, or benchmark measure, indicating that the majority of results achieved by any work group or individual are achieved by a relatively small number of items of work. For example, it is commonly commonly observed that: •

80% of sales come from 20% of clients

•

80% of world’s world’s resources or riches are are owned by by 20% of the population population

•

80% of a company's company's complaints come from 20% of its customers.

While the ratio is not always exactly 80:20, there is a broad pattern of agreement to this principle. By applying the Pareto principle, you can concentrate as much of your time and energy as possible on the high-payoff tasks.

Apply your knowledge 9: The Pareto principle and time management Think about how the Pareto principle might apply to you, your work and time management.

Note: This

activity requires independent research, therefore no suggested answers are provided.

Further resources: Pareto principle and time management •

•

•

2-1.18 

Starak, Y n.d., ‘What is the 80/20 rule and why it will change your life’, life’, Entrepreneurs-Journey.com, Entrepreneurs-Journey.com, viewed 13 March 2017, principle >. James, G 2012, ‘The surprising secret to time t ime management ’, Inc., Inc., 29 May, viewed 13 March 2017, . >. Pinola, M 2012, ‘Work less and do more by applying the Pareto principle to your task list ’, ’, Lifehacker, 1 June, viewed 13 March 2017, pareto-principle-to-your-task-list >.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

2.4

Common time wasters Some common time wasters are described below.

Interruptions Interruptions come in many forms including phone calls, non-urgent emails, instant messages, chat requests, or simply idle chatter with a colleague. Interruptions can take your attention away from work requiring concentration or detailed thought, or from more important tasks to focus on urgent but possibly less important activities.

Ineffective or meandering meetings Most of us have been unfortunate enough to be in a meeting where the time was not used effectively. Perhaps there was no agenda, objective or chairperson or perhaps there was no effective management management of the meeting participants. Ineffective meetings waste everyone’s time, frustrate the participants and make it harder to achieve daily work goals.    1      2

Procrastination When faced with difficult decisions, many people are unable to make a choice. While many decisions require thought and perhaps investigation of options, procrastination is the habit of delaying, or avoidance of decisive action. Sometimes people are afraid of making a mistake or may feel overwhelmed when required to make a decision — some people are just in the habit of avoiding responsibility. Either way, procrastinating about decisions is a common way to waste time.

Lack of planning or prioritisation A lack of planning and prioritisation means you can end up avoiding work that is urgent or important and spending time on matters that are relatively unimportant or minor.

Other time-wasting activities or behaviours Some of the other indications of time-wasting behaviour include: •

•

Disorganised or cluttered workspaces can be dangerous dangerous due to trip hazards hazards or even harbour pathogenic bacteria from discarded discarded food or drinks. It can also be a major source of time wasting when you are required to find items quickly, or a colleague is required to find items in your absence. Personal communications communications or social networking networking — many many people make use use of their own mobile phones or other technology to keep in touch with friends, use social networking sites or complete other personal business, such as banking or shopping. These can be a major source of distraction and interruption during the working day.

© Kaplan Education Pty Ltd

2-1.19

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 10: Identifying and overcoming time wasters Time waster

What I can do about it

Interruptions

Ineffective meetings

Procrastination

Lack of planning or prioritisation

Note: You can access ‘Suggested answers’ for this activity at the end of

2.5

this topic.

Stephen Covey and time management theory Stephen Covey identified four different generations of time management theory in his book The 7 Habits of Highly Effective People (Covey 2004): •

first generation — checklists

•

second generation — diaries and calendars

•

third generation generation — prioritising prioritising and goal setting

•

fourth generation generatio n — self-management.

Many time management theories and strategies focus on the first and second generation, with the assumption that being better organised and performing faster and smarter will make us more time efficient. This is partly true but is not t he whole story. What also needs to be considered is whether we are spending our time on the things that will generate the greatest benefit.

2-1.20 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

2.6

Covey’s time management matrix Covey’s time management matrix shown below is a model to help focus attention on important issues that are based on the t he four quadrants (I–IV). Covey differentiates between urgent and important tasks. If a matter is urgent, it requires immediate immediate attention. If a matter is important, the activity has an impact on results and outcomes, or contributes to high priority goals. Thus the ideal focus for the majority of your attention is at Quadrant II, the important, non-urgent tasks.

   1      2

Source: Covey 2004.

Urgent matters Because people tend to react to urgent matters immediately, they can be a disrupting influence on our time management. Often, urgent matters can be avoided with advance planning and consideration, while at other times they are unavoidable.

Important matters Important matters are not necessarily urgent and therefore you can demonstrate more initiative in their completion. completion. By not attending to important matters in a timely and planned way, you can easily reach the situation of having to deal with a matter that is both urgent and important.

© Kaplan Education Pty Ltd

2-1.21

Certificate IV in Finance and Mortgage Broking

What do the four quadrants mean? Once you have differentiated between the types of tasks you are faced with, you can make a decision about how to deal with these tasks (i.e. do, decide, delegate or dump). The table below demonstrates the likely results of spending most of your time in any one of the quadrants of the time management matrix. Quadrant I

Quadrant II

  Stress

•

  Burnout

•

 Crisis management

•

•

  Balance

•

•

•

Gain vision and perspective

Always putting putting out fires

  Discipline   Control

•

  Fewer crises

•

Quadrant III

Quadrant IV

 Short-term focus

•

 Crisis management

•

Being dependent on others

•

Seen as not credible

•

•

•

Reputation as changeable or directionless directionless

•

See goals and plans as worthless

•

Feel victimised or out of control

•

Shallow and broken relationships

  Irresponsibility

Apply your knowledge 11: The time management matrix and your work activities Think about the activities you undertake and the issues you need to deal with at work over a week or two. Allocate these activities to a quadrant in the table below.

2-1.22 

I — Urgent and important tasks

II — Less urgent and important tasks

III — Urgent and less important tasks

IV — Less urgent, less important tasks

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

1. Where is most most of your your time spent?

2. You will have seen seen that the ideal place place in the matrix in which to spend most of your time is Quadrant II. What strategies can you think of to move yourself to Quadrant II?

   1      2

Note:

This activity requires independent research, therefore no suggested answers are provided.

Moving to Quadrant II Focus on prevention rather than prioritising the particular crises you need to deal with each day. This can be done by organising regularly and then adapting and prioritising as the need arises. If you can organise weekly it provides balance and context for decision making. To move to Quadrant II, address the following important important criteria:   Alignment: Align your vision vi sion and mission; roles and goals; priorities and plans;

•

and desires and disciplines.   Balance: Your health, family, professional career and personal development must be

•

included. True effectiveness requires balance. Life is more than t han just your ‘work life’. •

People and flexibility: flexibility : Dealing with time leads to efficiency. Dealing with people

leads to effectiveness. effectiveness. There are times when schedules will need to be put aside for people. You need to accept this reality to avoid feelings of guilt if a schedule is not followed.

© Kaplan Education Pty Ltd

2-1.23

Certificate IV in Finance and Mortgage Broking

2.7

Time management case studies Apply your knowledge 12: Case study 1 Caroline works in the customer service section of Big Bank Australia. She is a senior member of staff and has a number of tasks to deal with every day, such as logging and monitoring customer enquiries, cross-sales targets to meet, staff training, answering complex customer queries and dealing with customer complaints. She has good working relationships with her colleagues and makes herself available to help them with their work (and sometimes personal) problems. Some of Caroline’s colleagues are frequent visitors to her desk with one problem or another. Caroline sees maintaining good relationships with her colleagues as being very important and always manages to find the time to help everyone with their problems. The downside of this is that she often falls behind with her other duties. This means she needs to work late at times and often feels stressed. Consider Caroline’s situation and then answer the questions below. 1. Caroline has an an effective relationship relationship with her colleagues. colleagues. However, the way she deals with issues raised by her colleagues could have detrimental effects. List some of the possible effects this could have on Caroline’s work and personal life.

2-1.24 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

2. How can Caroline Caroline change her current work style to help her to overcome overcome stress but maintain good relationships with her colleagues? colleagues?

   1      2

3. Given your response response to the above above question, what would would be your suggested way for Caroline to implement the desired changes?

Note:

You can access ‘Suggested answers’ for this activity at the end of this topic.

© Kaplan Education Pty Ltd

2-1.25

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 13: Case study 2 Michael is a loan officer with Big Bank Australia. He has been working on assessing a loan proposal for a number of days. The proposal is from one of the bank’s valuable customers who wants to purchase a new home. Michael has yet to write a loan submission to his credit manager seeking approval. He has been stalling on preparing the loan submission because the client’s income is complex and he does not really know how to analyse it to determine if the client can afford to purchase the property. The property goes to auction at 3 pm today and the customer is anxious to find out whether he is able to bid at the auction. Michael has spoken to the customer this morning and promised to give him an answer before midday. It is now 10 am and Michael receives a call from his son’s school to say that his son has been in an accident and has been taken to hospital. He is advised to go to the t he hospital as quickly as possible. Analyse Michael’s situation and then address the questions below. 1. What should Michael Michael do immediately immediately in relation to the outstanding loan proposal?

2-1.26 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

2. What should Michael Michael have done done differently to avoid avoid the current predicament?

3. List some of the possible consequences consequences if Michael Michael is unable to provide his valuable client with a decision in time to bid at the auction.

Note: You can access ‘Suggested answers’ for this activity at the end of

this topic.

Further resources: Time management •

•

Stephen Covey’s website, viewed 13 March March 2017, >. A variety of articles on time time management management techniques and and tips:  – Mind Tools n.d., ‘Time ‘Time Management ’, ’, Mind Tools, viewed 13 March 2017, .  – Business Balls n.d., ‘Time ‘Time management techniques and systems’, systems’, Mind Tools, viewed 13 March 2017, . >.

© Kaplan Education Pty Ltd

2-1.27

   1      2

Certificate IV in Finance and Mortgage Broking

3

Personal development and self-awarenes self-awarenesss By objectively assessing your competencies, values, needs and how you do things, you can gain self-awareness in both your personal and professional life. Once you achieve self-awareness, you can determine your goals and priorities and start constructing a work and personal lifestyle that is consistent with your real needs. Inconsistency between your real needs and your goals can lead to feelings of stress and a lack of fulfilment. The diagram below shows how self-awareness is at the core of self-management.

Source: Whetten & Cameron 2004.

3.1

The Johari Window Self-awareness Self-awareness is about understanding: •

how others see you

•

how you see yourself

•

the similarities and differences differences between between those two views or perspectives. perspectives.

Joseph Luft and Harry Ingham developed the Johari Window in 1955. The tool is a useful visual representation of a person's character and is represented with a four-quadrant grid as shown above. The Johari Window provides a way of thinking about the different parts of yourself. According to the Johari Window, we all have: •

an open self

•

a hidden self

•

a blind self

•

an unknown self.

The theory suggests that as the size of one of the quadrants changes, the size of the other quadrants will also change proportionately.

Open self The open self is all that you and others know about your history, behaviour, knowledge, skills, attitudes, likes, dislikes and potential reactions. Your open self is related to your ability to understand yourself and communicate with others. A larger open self involves higher levels of communication and more willingness to let others get to know you.

2-1.28 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

A person is at his or her most creative when the open self is maximised. Increasing Increasing the open self can lead the way to a character change. Obtain feedback to decrease the blind self and decrease the hidden self through self-disclosure and through engagement engagement and sharing with others.

Hidden self Your hidden self is what you know about yourself but that you hide from others. A person with a large hidden self could be seen as unwilling to disclose, while someone someone with a small hidden self might be seen as disclosing too much. Most of us fit somewhere between these two extremes, revealing certain things but keeping other things hidden.

Blind self The blind self refers to all of the things that other people know about you but that you cannot see yourself. Most of us have come across people who appear to be oblivious to their (good or bad) habits and behaviour — these are usually people with a large blind self. People who fear their blind self may continually seek reinforcement or reassurance.    1      2

Unknown self The unknown self is that part that neither you nor other people are aware of. The unknown self might be revealed in extreme circumstances or clinically, through psychological analysis or hypnosis. The theory states that you cannot change the unknown self, but be aware that it does exist in you and in others.

Using the Johari Window to develop self-awareness Achieving an adequate level of self-awareness helps you to develop personal and business relationships that are satisfying and beneficial. When you have become self-aware, you are accepting of your own character traits and are more able to express your needs to others. The Johari Window theory suggests ways to help you develop these abilities: •

Be self-questioning, posing questions such as:  – What do I want want to get out of this relationship?  – What direction do I want to take in my career?  – What obstacles obstacles am I putting in my my way?

•

•

•

Listen to feedback. feedback. In every every interaction, people can can provide you you with valuable valuable feedback, in both what is said and how they behave towards you. This feedback can help you to see yourself as they see you. Take note of feedback and give it careful consideration and analysis. Ask others about about yourself. yourself. You can seek information information about about yourself from others others to try and reduce your blind self. Do not overuse this strategy because you might be seen to be anxious and needing reassurance. Increase your open self. By By increasing the the amount you are willing to reveal about about yourself, you may also learn more about yourself. By doing so, you may also open up new opportunities to develop relationships that will be of benefit now and in the future.

© Kaplan Education Pty Ltd

2-1.29

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 14: The Johari Window Read the article on the t he Johari Window below and answer the following questions: Mind Tools n.d., ‘The ‘The Johari Window ’, ’, Mind Tools, viewed 13 March 2017, . 1. How can the Johari Window be be used with a team? team?

2. Reflect on your your own level of self-awareness self-awareness using the Johari Window. Window.

Note: You can access ‘Suggested answers’ for Question 1 at the end of

2-1.30 

CIVMB_BS_T2-1_v3

this topic.

Topic 2-1: Organisations, teams and individuals

3.2

Emotional intelligence Emotional intelligence is the ability to recognise your own emotions, understand why you are feeling that way and have empathy for people around you. Increasing your emotional intelligence is a key to building great team morale, and achieving increased motivation and increased productivity.

Apply your knowledge 15: Emotional intelligence Read the following Mind Tools article and watch the short video on emotional intelligence and then answer the following questions: Mind Tools n.d., ‘Emotional ‘Emotional Intelligence’, Intelligence’, Mind Tools, viewed 13 March 2017, >. 1. What is emotional intelligence?

   1      2

2. What are the five (5) characteristics characteristics of emotional emotional intelligence outlined in the article?

3. Read the ways ways suggested in the article article to improve improve emotional emotional intelligence. Do any of these hints apply to you? Develop a plan to monitor your own actions and feelings to improve your emotional intelligence.

Note: You can access ‘Suggested answers’ for Questions 1 and 2

at the end of this topic.

© Kaplan Education Pty Ltd

2-1.31

Certificate IV in Finance and Mortgage Broking

Further resources: Emotional intelligence in the workplace •

•

•

3.3

Emotional intelligence at work work (includes (includes videos and resources), resources), viewed 13 March 2017, >. Poskey, M n.d., ‘The importance of emotional intelligence in the workplace: why it matters more than personality ’, ZeroRisk HR, viewed 13 March 2017, . Llopis, G 2012, ‘5 ways to lead with emotional intelligence — and boost productivity ’, Forbes ’, Forbes,, 24 September, viewed 13 March 2017, .

Goal setting Effectively managing your professional and personal performance involves setting realistic targets and goals, organising your activities in an efficient way, and achieving a balance between your work and personal life. Successful people in any field of endeavour commonly commonly have a clear vision of where they are going, that is, they have specific goals, a clear vision of what they want to achieve in life and the directions in which they are heading.

Why set goals? The need to have clearly defined and measurable goals is also one of the t he keys to success. Goals help you prioritise all the competing issues you need to deal with every day and concentrate on the ones that really make a difference. They also provide the basis for decision making. If we have clear goals we can use them to establish the criteria against which decisions are made. This makes decision making and life in general a little easier. Setting goals is not always easy, however, the time and effort spent in goal setting and planning will bring significant benefits. Keep in mind that as your life changes, your goals will also change. Goals are not and should not be static. Constantly reassess your goals to ensure that they are still current and relevant.

2-1.32 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Establishing goals Having clearly defined goals helps you to focus on what is really important in your life. Goals can be long term and short term. Someone who has thought about their life and what they want from it will have one or more long-term goals, and a number of short-term goals leading to the long-term ones. Think about goals in terms of the key areas of your life, for example: •

  family

  career

•

•

  financial

  educational

•

  artistic

•

•

  social

•

  community

•

health, including  – physical health  – psychological health. health.

Once you have determined goals, ensure you write them down. Express your goals in a positive way and provide as much detail as possible.

SMART goals SMART is a mnemonic to help you rewrite or refine your goals to make them into clearer, action-oriented statements. Ultimately this helps to measure your progress towards your goal. Specific

Objective statements that state exactly what is to be achieved.

Measurable

The objective is measurable.

Action orientated

The statement has action verbs and is a complete sentence.

Realistic

The objective is attainable while still presenting a challenge.

Timely

A specific time is set by which the objective is to be achieved.

For example, a person may have the following goal: I would like to travel overseas. Phrased in this way, the goal is not specific and does not show commitment. There is no action or time frame. A SMART goal might be phrased in the following way. In two years time I will wi ll travel to Europe for a one-month holiday. In order to  fund that trip, I will save $100 $100 per week in a high interest-earning interest-earning account. Now, the goal setter has defined: •

a specific and measureable measureable goal goal (i.e. a one-month holiday holiday in Europe) Europe)

•

an action-oriented action-oriented plan of saving the required amount amount to meet the goal goal

•

•

a realistic challenge challenge — while saving $100 per week might might be difficult, it it is still attainable a time-bound time-bound objective objective — to be achieved within two years.

© Kaplan Education Pty Ltd

2-1.33

   1      2

Certificate IV in Finance and Mortgage Broking

Setting short-term goals To achieve a major goal in your life you may need to set some smaller goals along the way. For example, your major career goal might be to be general manager of your organisation’s finance division. A shorter-term goal might be to achieve the necessary educational qualifications qualifications and business experience to fill such a role. An even shorter-term goal might be to research which qualifications are most relevant and how you can obtain the necessary necessary business experience.

Apply your knowledge 16: Establishing life goals Watch the short and informative informative video and read the accompanying Mind Tools article on personal goal setting and then answer the questions below: Mind Tools n.d., ‘Personal ‘Personal Goal Setting’, Setting’, Mind Tools, viewed 13 March 2017, .

4

Professional development Professional development development involves planning and the active management management choice of your career.

4.1

Understanding your work role A job description is the typical way most people understand their organisational organisational role. Without a job description it is difficult for a person to properly commit to, or be held accountable for, a work role. This is especially so in larger organisations. A job description usually defines a person’s: •

organisational organisational role

•

qualifications or licensing licensing required required for for the role

•

the knowledge, knowledge, skills and experience experience required for for the role

•

job responsibilities

•

reporting lines

  accountability.

•

© Kaplan Education Pty Ltd

2-1.35

   1      2

Certificate IV in Finance and Mortgage Broking

Job descriptions are important for: •

organisational organisational planning

•

determining training requirements

•

identifying and selecting job candidates

•

salary determination determination

•

clear understanding understanding of job job expectations expectations and thus thus a harmonious harmonious working working environment environment

•

outlining benchmarks benchmarks or measures measures for for job performance performance

•

a reference for any disciplinary measures, measures, in the the result of conflict or or disputes.

Further resources: Job descriptions •

•

4.2

Fair Work Work Ombudsman Ombudsman templates, templates, including job description description templates, templates, viewed 13 March 2017, >. Job descriptions, viewed 13 March 2017, . >.

Key performance indicators KPIs are job performance measurements, metrics or benchmarks. As Marr (2013a) writes: ‘KPIs are vital navigation instruments instruments used by managers and leaders to understand whether they are on course to success or not’. Effective KPIs are closely tied to corporate or organisational strategic objectives. For example, if a company wishes to increase the number of customers by 10% in the t he forthcoming year, sales staff may be required to prospect for customers in new markets or increase their cold calling by a similar percentage in order to achieve the overall organisational organisational target. KPIs may be derived from competency standards, job analysis, business targets or budgets. They might be agreed with by your managers, colleagues, team members or other stakeholders.

Further resources: KPIs •

•

•

2-1.36 

Mind Tools n.d., ‘Performance management and KPIs’ , Mind Tools, viewed 13 March 2017, . >. Marr, B 2013a, ‘The 75 KPIs every manager needs to know’, LinkedIn, 5 September, viewed 13 March 2017, . Marr, B 2013b, ‘What the heck is a… KPI?’ , LinkedIn, 16 May, viewed 13 March 2017, . the-hell-is-a-kpi >.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

4.3

Training and professional development plan Any financial services industry professional needs to be committed to a program of lifelong learning. This includes keeping up to date with the latest industry trends and developments, and changes that occur in the products offered by various lenders.

Keeping up to date Larger financial organisations often conduct or organise regular r egular industry and product information training. Smaller organisations and independent brokers may need to develop their own methods of keeping up to date. Irrespective of your employment situation, a number of relatively simple strategies can be used to ensure that your industry and product knowledge is up to date and you are able to offer your clients the full range of products and services available within your scope of offerings. Some useful strategies include: •

joining a professional professional association appropriate to your area area of work work

•

subscribing to a professional journal or newsletter newsletter

•

participating in a workplace mentor program

•

•

•

volunteering for for any strategic strategic work committees committees where you might be able able to contribute enrolling in a further education education program or undertaking undertaking further formal formal training subscribing to industry and and related business journals, journals, newsletters newsletters and product updates

•

attending relevant seminars and conferences

•

networking with colleagues colleagues and other industry participants participants

•

•

   1      2

participating in regular professional professional development development activities, activities, such as presentations presentations and workshops regularly checking checking industry websites websites and reading reading the financial financial pages pages of the paper.

For more information on keeping up to date, see ‘Topic 1-3: Products and services’.

Networks and professional associations Establishing networks and joining and participating in professional associations are excellent ways to keep up to date with current and future industry developments. Networking can also be very useful in your planned career development. Networks can assist you to identify opportunities such as sales opportunities or new markets. Networks can be formal or informal: •

•

Formal networks networks are the type you join, sometimes sometimes at a fee, which conduct regular regular meetings or get-togethers. Professional associations associations may fall into this category. Informal networks networks may include current and ex-colleagues, ex-colleagues, and and friends with similar interests. There is usually less organisation with these networks, but the informal nature may make it easier to make contact with others when you need informatio i nformation n or help.

© Kaplan Education Pty Ltd

2-1.37

Certificate IV in Finance and Mortgage Broking

When networking consider the following: •

•

If you have have identified a number of possible network network opportunities, it it may not not be possible to keep up with commitments to each of them. List the networks and consider the benefits of each. Consider the practicality of each network, for example, which will be the easiest for you to maintain? Remember that you can can start a network yourself. Talk to people, send send emails or establish contact in some other way such as through LinkedIn at > or other professional networking sites.

Professional training Opportunities for ongoing professional development include: •

employer organisations training programs

•

training provided or sponsored by professional professional associations associations

•

accredited courses courses provided provided by universities, TAFES or other tertiary organisations organisations

•

4.4

training provided provided by third-party third-party organisations organisations such such as registered training training organisations organisations (RTOs).

A professional development plan Factors to consider when preparing your development plan include but are not limited to: •

Consider your current formal qualifications.

•

Review your life experience.

•

Assess your current work situation situation and the requirements requirements of your current position, position, for example:  – KPIs  – objectives  – general work competencies competencies  – job description.

•

Assess your current work performance. performance.

•

Identify any gaps gaps in your competencies, skills, ability and and knowledge by looking at: at:  – outcomes of of performance performance review  – feedback from others  – your own self-assessment. self-assessment.

•

Consider your future work and life and the sort of of future you visualise for yourself.

•

Review your life goals, goals, see ‘Goal setting’ setting’ in section 3.3.

•

Consider your values, see ‘Aligning work goals and and values’ in section 3.3. 3.3.

•

Determine the skills and knowledge knowledge needed for for this work.

•

Identify any gaps gaps between your current situation situation and what you need need to do to achieve your goals.

•

What further education and training will you need? need?

•

Who would be a valuable mentor to you?

•

Which networking opportunities would assist you?

•

Which external external factors may affect affect your plans, plans, such as as changing business environment?

2-1.38 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

•

Which changes might occur occur in your family and home life that that might have an an impact on you?

•

What might might be your organisation’s organisation’s expectations of future performance performance and roles?

•

How will you manage your stress levels? levels?

•

What personal personal traits may may be of benefit in your your future work performance? performance?

Apply your knowledge 17: A professional training and development plan Consider the professional development activities you might undertake in the next 6–12 months. If appropriate and you are currently working in the industry, speak with your manager, training or human resources department about the activities that you are considering and include these in your plan. In the table below, list possible areas of development. development. Research training or development opportunities that may offer the appropriate skills or knowledge you require. Briefly describe the programs or opportunities you have identified in these areas. Developmental area to be addressed

Program or developmental opportunity

Competencies

   1      2

Note: This

activity requires independent research, therefore no suggested answers are provided.

Professional development and training records Maintaining and keeping a record of ongoing professional development is often a licensing requirement for some professionals. Any system or process you use or put in place to maintain the currency of your industry and product knowledge must meet your individual needs.

© Kaplan Education Pty Ltd

2-1.39

Certificate IV in Finance and Mortgage Broking

Further resources: Professional development plan •

•

•

•

•

5

Mortgage & Finance Association of Australia Australi a (MFAA) professional development opportunities, viewed 13 March 2017, . Development.aspx >. Scivicque, C 2011a, ‘Creating your professional professional development development plan: plan: 3 surprising truths’ ,  , Forbes, Forbes, 21 June, viewed 13 March 2017, . Scivicque, C 2011b , What is a professional professional development plan?, plan?, online video, 20 September, viewed 13 March 2017, . >. Templates and quizzes quizzes related to professional professional development, viewed 13 March 2017, . stuff/free-downloads >. A sample sample professional development plan template, viewed 13 March 2017, .

Credit licensing Credit licensing There are three possible credit licensing l icensing process authorisations: •

•

•

engage in credit activities as a credit credit provider provider engage in credit activities other than as as a credit credit provider or lessor (e.g. (e.g. as a credit representative or broker) engage in all credit activities.

Credit licensing requires that the applicant is a fit and proper person to engage in credit activities and involves a criminal history check and the payment of fees. For full details of credit licensing requirements, see ‘Apply for a credit licence’ on the ASIC website at: . >. See also ASIC Regulatory Guide RG 204 ‘Applying for and varying a credit licence’ at: www.asic.gov.au/regulatory-r u/regulatory-resources/findesources/find-a-documen a-document/regulatory-g t/regulatory-guides/rg-204uides/rg-204. Once accredited, ASIC will issue the t he applicant with an Australian credit licence (ACL) number.

2-1.40 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Credit licensing — financial requirements Credit licensees must ensure that they have access to sufficient financial resources to be able to meet all their debts as and when they become due. A credit licensee must: •

•

plan and monitor cash cash flows to ensure they are are sufficient sufficient to adequately adequately meet obligations as a credit licensee under the National Consumer Credit Protection Act 2009 (Cth) (NCCP Act) document the process process for determining adequate adequate financial financial resources. resources.

For more information see ASIC Regulatory Guide RG 207 ‘Credit licensing — Financial requirements’, viewed 13 March 2017, at: . >.

Competence and training Credit licensees must comply with the organisational organisational competence obligation outlined in the NCCP Act. ASIC Regulatory Guide RG 206 ‘Credit licensing l icensing — Competence and training’ sets out the minimum requirements for competence competence and training required by different types of businesses and licensees. For more information on RG 206 go to the ASIC website, viewed 13 March 2017, at: . >.

Panel of lenders According to the MFAA (2015):  A credit adviser or brokerage brokerage has to obtain accreditation accreditation with lenders in order to sell their product/s. Most credit advisers will become accredited with a number of lenders — called a ‘panel of lenders’. Credit advisers are only able to sell products from lenders on their panel. The requirements for accreditation vary from lender to lender, as too does the size of each credit adviser's panel. Some lenders have minimum volume loan requirements in order to achieve and maintain accreditation.

Other requiremen requirements ts Other requirements include: •

•

As recommended recommended by the MFAA Code of Practice, credit credit advisers or brokers need need to maintain professional indemnity insurance. Membership of the credit credit ombudsman ombudsman as recourse recourse in the event of disputes or complaints.

© Kaplan Education Pty Ltd

2-1.41

   1      2

Certificate IV in Finance and Mortgage Broking

List of MFAA lenders A list of MFAA lenders is available, viewed 13 March 2017, at: . >.

Further resources: Licensing •

•

•

•

•

2-1.42 

Mortgage & Finance Association of Australia Australi a (MFAA) 2015, Code of  practice,  practice, MFAA, 15 September, viewed 13 March 2017, 0Code%20of%20Practice%20Effective%2015Oct15.pdf  >. Australian Securities and Investments Investments Commission Commission (ASIC) (ASIC) n.d., FAQs — getting a credit licence, licence, ASIC, viewed 13 March 2017, . nce?openDocument >. Australian Securities and and Investments Investments Commission (ASIC) 2013, Regulatory Guide RG 204 ‘Applying for and varying a credit licence’, ASIC, viewed 13 March 2017, penDocument#rg204 >. Australian Securities and Investments Investments Commission Commission (ASIC) (ASIC) 2010, 2010, Regulatory Guide RG 207 ‘Credit licensing — Financial requirements’ , ASIC, viewed 13 March 2017, penDocument#rg207 >. Australian Securities and Investments Investments Commission Commission (ASIC) (ASIC) 2014, 2014, Regulatory Guide RG 206 ‘Credit licensing — Competence Competence and training’ ,  , ASIC, viewed 13 March 2017, penDocument#rg206 >.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Part 2: Working in a team Professionals often find themselves working as part of a team. Lenders will often operate in a team environment comprised of professionals who offer the customers products and services based on their combined professional professional knowledge and skills. The ability to work in and as part of a team is important. The skills required are relevant to a variety of interpersonal relationships. A foremost skill in developing any human relationship and in all aspects of business is the ability to communicate effectively.

6

Being a part of a team A team is a group of individuals working together with a common focus, focus, goal or objective. When a team is functioning well, it is greater than the sum of its parts. Whether on the sports field or the t he office, working in a great team where the participants feel valued can lift individual performances. performances. Being a part of a team involves: •

being fully committed committed to the team’s team’s goals

•

being responsible for meeting meeting commitments commitments or tasks assigned assigned to you

•

being an effective effective and sensitive communicator communicator

•

providing constructive feedback when required

•

recognising recognisi ng fellow team members’ achievements

•

being an an active contributor and participant participant in the team team

•

having a collaborative collaborative attitude

  sharing

•

•

being flexible and and compromising compromising when necessary

•

being respectful respectful to others in and outside the team team

•

creative problem solving

•

resolving any any conflicts conflicts in a professional and respectful respectful manner. manner.

© Kaplan Education Pty Ltd

2-1.43

   1      2

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 18: Being a part of a successful team Take a moment to reflect on times in your life where you have worked in a successful and effective team. It may have been a work team, sporting team or some other context. 1. When was the team most effective? effective? Why?

2. How did working in a successful successful and effective team team make you feel?

3. What are the qualities qualities or behaviours behaviours of team members who work effectively in a collaborative collaborative way?

4. What, if any, are are the disadvantages disadvantages of working in a team? team?

Note: This

2-1.44 

activity requires independent research, therefore, no suggested answers are provided.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

7

Team roles It is important when working in a team to have clearly defined roles and responsibilities. This helps to avoid confusion, overlap of work or unnecessary rework. Dr RM Belbin developed a theory of team roles to identify people’s behavioural strengths and weaknesses in the workplace to: •

build productive working relationships

•

select and develop high-performing teams

•

raise self-awareness self-awareness and and personal effectiveness

•

build mutual trust and understanding

•

aid recruitment processes.

Apply your knowledge 19: Your role in i n a team Read the Mind Tools article on Belbin’s team roles and answer the following questions: Mind Tools n.d., ‘Belbin’s ‘Belbin’s Team Roles’, Roles’, Mind Tools, viewed 13 March 2017, . 1. Belbin identified nine (9) (9) team roles and categorised categorised those roles into into three (3) groups: action oriented, people oriented, and thought oriented. Briefly describe each of the nine (9) types listed in the article.

© Kaplan Education Pty Ltd

2-1.45

   1      2

Certificate IV in Finance and Mortgage Broking

2. Which of these roles roles do you think most most closely aligns aligns to your personality? Can you identify colleagues (present or past) who fulfil the other team roles?

3. How might this this information information assist you to work work more effectively effectively in a team?

Note: You can access ‘Suggested answers’ for Question 1 at the end

of this topic.

Further resources: Effective teams •

•

2-1.46 

Belbin Associates n.d., Belbin team roles, roles, Belbin Associates, viewed 13 March 2017, . Heathfield, SM n.d., 12 tips for team building, About.com, viewed 13 March 2017, . p_team.htm >.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

8

Feedback

8.1

What is feedback? Feedback is information or criticism given with the intention of improvement. In a work situation, feedback can be: •

informal, for example, casual comments on work performed

•

formal, for example, performance review

•

positive, for example, thanks, thanks, praise or rewards for for a job well done

•

negative, for example, formal warnings or performance management when a person’s performance is not adequate.

Positive feedback Everyone welcomes positive feedback. feedback. People like to receive it and give it. When genuine, positive feedback can build confidence and be a very good motivator for work performance. performance.    1      2

Negative feedback Although potentially of equal or greater value, negative feedback is more difficult to deal with. Despite resistance to negative feedback, it is still more likely to be accepted and viewed as constructive feedback and not just criticism if it:

8.2

•

comes from a credible credibl e and respected source

•

is accompanied accompanied by data to support support the feedback

•

is presented in an objective way

•

is accompanied by suggestions for for improvement. improvement .

Why is feedback important? Feedback is an essential part of learning and an important way to assist another person to improve their performance. performance.

8.3

Assess your ability to give feedback Many people avoid giving feedback. This may happen for a number of reasons: •

•

•

Some people do not like confrontation. confrontation. Some people people just want want to be liked and do not not realise the the value of constructive feedback to others. Most people want and will act on such feedback. Many people people do not know how how to give feedback.

© Kaplan Education Pty Ltd

2-1.47

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 20: Assess your ability to provide feedback Take a moment to assess your ability to provide feedback using the quiz provided in the following article: Mind Tools n.d., ‘How ‘How Good is Your Feedback ’, ’, Mind Tools, viewed 13 March 2017, >. 1. Note your quiz score and any any suggested ways to improve improve your ability to give feedback.

2. Plan how you can implement implement improvements to your ability to give feedback.

Note: This

2-1.48 

activity requires independent research, therefore, no suggested answers are provided.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

8.4

Providing effective feedback Effective feedback needs to be specific and timely. Feedback may provide: •

an evaluation evaluation of how well the action action or task task was performed

•

guidance as to how performance can be improved.

Give feedback on how individuals are contributing to the team’s performance as well as how the team is performing. performing.

Preparing to give feedback Plan the feedback you will give. Plan what you are going to say by reviewing documentation and preparing notes.

Giving feedback Consider the following guidelines: •

•

•

•

•

•

•

•

Ensure that your your feedback feedback contains positive positive aspects aspects of the individual’s performance, performance, not just the areas needing improvement. improvement. Ensure the the feedback feedback has a positive intent. intent. Establish an appropriate environment in which to give give the feedback feedback where you can both share information in a positive, objective, constructive and realistic way, focusing on the future rather than dwelling on the past. Be open, honest honest and tactful, focusing focusing on the stated and and documented requirements of the job. Describe specific issues and not just just generalities. generalities. Do not make make judgements judgements about the individual’s personality. personality. Focus Focus comments comments on observable, job-related skills and abilities. Listen actively to the individual, individual, using appropriate appropriate body body language, language, paraphrasing and summarising key points. Be encouraging encouraging and end end on an an optimistic note with a clear action action plan and action steps.

After the feedback Keep a record of the t he issues discussed during the feedback session and the action plan agreed to. Ensure that you take t ake appropriate follow-up action and review progress against the action plan.

© Kaplan Education Pty Ltd

2-1.49

   1      2

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 21: Giving feedback Read the following Mind Tools articles on giving feedback and then answer the following questions: •

Giving feedback: Mind Tools n.d., ‘Giving ‘Giving Feedback ’, ’, Mind Tools, viewed 13 March 2017, >

•

The situation–behaviour–impact situation–behaviour–impact feedback tool: Mind Tools n.d., ‘The ‘The Situation-Behaviour-Impact Feedback Tool ’, Mind Tools, viewed 13 March 2017, feedback.htm >.

1. What are the suggested suggested rules for for giving effective feedback?

2. Describe the situation–behaviour–impact situation–behaviour–impact feedback tool. tool.

Note: You can access ‘Suggested answers’ for this activity at the end of

2-1.50 

CIVMB_BS_T2-1_v3

this topic.

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 22: Providing effective feedback to a team member Michael is a call centre home loan customer service manager for a portfolio of valuable clients. His relationship and customer contact skills are excellent. He is well liked and respected by the other team members. He thoroughly enjoys his job and regularly exceeds his performance and objectives. He is a valued member of your team. However, Michael does not like any type of administrative task, much preferring to deal with his clients. A recent compliance compliance audit has highlighted that within Michael’s portfolio, the quality of the client records do not meet the required standards. Most of these records do not include adequate or any type of notes supporting or analysis demonstrating the reasons why actions were taken regarding the client’s accounts. The compliance department department advises you that Michael has failed the audit because of the quality of his records. They have given you a list of action items to be undertaken to address the situation within the next month. They have warned you that if shortcomings are not rectified, Michael’s position may be in jeopardy. 1. How would you prepare to give give Michael this feedback? feedback?

   1      2

2. How should you you provide this feedback feedback to Michael? Michael?

3. What should you do after the meeting? meeting?

Note: You can access ‘Suggested answers’ for this activity at the end of

this topic.

© Kaplan Education Pty Ltd

2-1.51

Certificate IV in Finance and Mortgage Broking

8.5

Formal and informal feedback Formal feedback is usually a part of the performance review process. However, informal informal feedback and ongoing communication with managers and team members should not be ignored.

Apply your knowledge 23: Formal and informal feedback Answer the questions below about formal and informal feedback in your workplace. 1. What ways and at what times do you get formal feedback about your performance? performance?

2. What ways and at what times do you get informal feedback about your performance? performance?

3. Summarise at at least some of the feedback feedback you have received in the last 12 months and outline the steps you have taken in response to this feedback.

Note:

2-1.52 

This activity requires independent research, therefore no suggested answers are provided.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

8.6

360-degree feedback Traditionally feedback tends to follow a top-down approach, that is, feedback comes from a manager to a subordinate. The process of 360-degree feedback involves collecting feedback about a person or a topic from a range of persons within a work environment including: •

the feedback recipient, if applicable

•

subordinates, direct reports or team team m members embers

•

peers or colleagues colleagues

•

supervisors, line manager or team leader

•

other managers including executive managers

•

external parties such as customers or suppliers. suppliers.

The practice of 360-degree feedback helps employees understand the impact of their behaviour on others and on the business and encourages a culture of open communication.

Further resources: Feedback techniques •

•

•

•

8.7

Dhavale, G 2013, Performance 2013, Performance feedback examples, examples, Buzzle.com, 19 June, viewed 13 March 2017, . 360 feedback — What is a 360 degree feedback survey and how does it work?  2008,  2008, online video, STAR 360 feedback, 15 July, viewed 13 March 2017, . Halford, S n.d., Five steps for giving productive feedback , Entrepreneur, viewed 13 March 2017, . A variety of of links to Mind Tools articles on giving and receiving feedback, feedback, viewed 13 March 2017, >.

Handling difficult or sensitive situations Conflict can occur in the workplace, as a natural consequence of people interacting with each other. It may be necessary to: •

deal with or mediate mediate conflict conflict in the workplace workplace

•

manage persons demonstrating demonstratin g problematic problemat ic behaviour

•

have difficult conversations conversations or provide feedback to people who are not not performing performing adequately — for more information, see ‘Being a part of a team’ in Part 2, section 6.

This section provides some guidance on how to handle difficult workplace situations with tact.

© Kaplan Education Pty Ltd

2-1.53

   1      2

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 24: Being tactful Read the following Mind Tools article on being tactful and then answer the following questions: Mind Tools n.d., ‘How ‘How to be Tactful ’, ’, Mind Tools, viewed 13 March 2017, >. 1. According to the the article, what what is tact and when is it it important?

2. What are the suggested suggested strategies strategies to communicate communicate with tact? tact?

3. Think of times in your professional professional or personal life when you could could have acted more tactfully. What do you think was the reason? How can you improve this in the future?

Note: You can access ‘Suggested answers’ for Questions 1 and 2

2-1.54 

CIVMB_BS_T2-1_v3

at the end of this topic.

Topic 2-1: Organisations, teams and individuals

9

Problem solving Problem solving is a key skill in any professional’s professional’s career. You may be required to solve problems alone or you may find that you need to solve problems alongside members of your team. Not all problems have a solution — sometimes there is nothing you can do to reach a successful outcome. There are as many approaches to problem solving as there are problems. However, a basic approach to problem solving is discussed below.

Approach to problem solving The diagram below shows an approach to problem solving.

   1      2

The first step is to define the problem in as much detail as possible. Investigate the cause of the problem. This may require root cause analysis. Rather than just solving the symptoms of the problem, you need to get to the very basis or cause of the problem. Once you have established the definition of the problem, generate as many responses or possible solutions to the problem as possible. At this stage, do not try to filter or censor any of the solutions. Be as creative as possible.

© Kaplan Education Pty Ltd

2-1.55

Certificate IV in Finance and Mortgage Broking

Once you have possible solutions, remove obviously poor or impractical solutions. Examine each possibility with an open mind. Think through the consequences of these possible solutions. Select the best option for a solution and work towards implementation of the solution. Monitor the solution once implemented to determine its effectiveness or efficacy. If the solution proves less than successful or if there are unexpected consequences to the solution, this is an opportunity to review. Thus, the problem-solving problem-solving process becomes an iterative process, with the previous solution feeding into the next problem to be solved.

Further resources: Problem solving •

•

2-1.56 

A variety variety of of articles articles on problem-solving problem-solving techniques, viewed 13 March 2017, . Malouff, J n.d., ‘Over fifty problem solving strategies explained’, University of New England, viewed 13 March 2017, . strategies-explained >.

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Part 3: Managing a team Effective team management management is an essential skill in almost every field of work. A team can be as small as two people and as large as entire departments or companies. Effective team managers possess several qualities. This section covers some of these skills and competencies. competencies.

10

Acting as a role model BusinessDictionary.com (2015) defines a role model as: … an individual who is looked up to and revered by someone else. A role model is someone who other individuals aspire to be like, either in the  present or in the future. Mahatma Gandhi said ‘You must be the change you wish to see in the world’. This is also true of a team leader being a role model for his or her team. If you want your team to be ethical, motivated, successful successful and passionate, these are the values and the behaviours that you also need to demonstrate in your work and daily life.    1      2

Consider the following: •

As a member member of the financial financial services industry, industry, it is particularly particularly important important to demonstrate ethical behaviour and attitudes and to t o comply with recommended recommended codes of conduct for the industry.

•

It is important to both espouse and and adhere to a clear set of values and behaviours. behaviours.

•

Treat customers customers politely and and ethically ethically at all times. times.

•

•

•

•

Conduct your own business and personal personal affairs adhering to the highest levels of expected conduct. To motivate motivate and inspire inspire your team, team, demonstrate demonstrate passion passion and enthusiasm enthusiasm for your work. Show your commitment commitment and support your team team members, members, especially if morale is down for some reason. Provide incentives incentives and motivation motivation to succeed. Even with small gestures of appreciation such as a public thank you to a team member can be encouraging in difficult times.

•

Celebrate victories victories together. together. Be open and generous with praise.

•

Demonstrate resilience and and the ability ability to overcome obstacles.

Further resources: Team leader as a role model •

•

A variety of of team building articles and and ideas, viewed 13 March 2017, 2017, . >. Management Management Study Study Guide Guide (MSG) n.d., ‘Role of team leader in team building’ , MSG, viewed 13 March 2017, >.

© Kaplan Education Pty Ltd

2-1.57

Certificate IV in Finance and Mortgage Broking

11

Mentoring Mentoring is a partnership between two people (mentor and mentee) normally working in a similar field or sharing similar experiences. The mentor is a guide who can help the mentee to find the right direction and who can help them to develop solutions to career issues. Mentors typically have had more experience and provide support and advice. The mentoring relationship is based on mutual trust tr ust and respect, and can be rewarding to both people, personally and professionally.

Further resources: Mentoring Mind Tools articles about mentoring: •

•

Mind Tools n.d., ‘Mentoring: An Essential Leadership Skill ’, ’, Mind Tools, viewed 13 March 2017, >. Mind Tools n.d., ‘Mentoring: A Mutually Beneficial Partnership’, Partnership’, Mind Tools, viewed 13 March 2017, >.

Mentoring programs: •

•

Australian Businesswomen’s Businesswomen’s Network mentoring program, viewed 13 March 2017, > Financial Executives Institute of Australia (FEI) mentoring mentoring program, program, viewed 13 March 2017, MFAA mentoring program, viewed 13 March 2017, .

2-1.58 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

12

Team leadership and management

12.1

Team development Teams may come together from different backgrounds backgrounds — individuals may be of different ages, have different skills and have different experiences. The Forming, Storming, Norming, Performing model of group development was first proposed by Bruce Tuckman in 1965. •

Stage 1: Forming — individuals may be strangers to each other, anxious and possibly

formal towards each other. The team needs to clarify and commit to its goals. Team members gradually get to know each other. •

Stage 2: Storming — team members are eager. Conflict may arise when people have

different ideas of how to accomplish goals. Some people may elect to leave the group. Communication, recognising and publicly acknowledging accomplishments and participation in the team become important. important. •

Stage 3: Norming — people begin to recognise ways in which they are alike.

Team members may socialise together and feel more comfortable with each other. There is a greater ‘we’ than ‘I’ feeling. Training may be important in this time to refine skills and knowledge. •

t eam is mature. Team members understand their roles Stage 4: Performing — the team and responsibilities and are trained and competent. Encourage Encourage growth and the search for new challenges.

Further resources: Team development Forming, Storming, Norming, and Performing: Mind Tools n.d., ‘Forming, ‘Forming, Storming, Norming and Performing’, Performing’, Mind Tools, viewed 13 March 2017, .

12.2

Team management Team managers have responsibilities to the team. These include: •

Leadership Leadership and direction: Managers need to provide clear goals and objectives to

the team on a short- and long-term basis. •

Planning: Managers need the ability to plan and provide work to the team ensuring

that team members have challenges and tasks to complete without being overwhelmed. •

Removal of obstacles: Managers need to remove any obstacles preventing the team

from achieving its goals. For example, this might mean providing technological technological solutions, removing bureaucratic red tape or providing access to resources. •

Motivation and support: Managers need to motivate and support team members to

achieve their best. •

Delegation: Managers need to be able to divest responsibilities to trusted team

members. •

Communication: Managers must clearly communicate to team members to outline

goals, explain changes, update progress or change priorities when required.

© Kaplan Education Pty Ltd

2-1.59

   1      2

Certificate IV in Finance and Mortgage Broking

•

Professional development: Managers need to ensure that team members have

access to appropriate professional professional development opportunities and suitably challenging tasks to stretch their abilities. •

Discipline: When required, managers need to be able to deal with poor behaviour or

attitudes from team members.

Apply your knowledge 25: Team management Read the article below on team management management skills and answer the following questions: Mind Tools n.d., ‘Team ‘Team Management Skills’, Skills’, Mind Tools, viewed 13 March 2017, >. 1. What is delegation delegation and why is it important? important?

2. What are some of of the things that motivate people people to perform at work? work?

3. What are some of of the ways that a team leader leader can develop the skills of the team members?

Note: You can access ‘Suggested answers’ for this activity at the end of

2-1.60 

CIVMB_BS_T2-1_v3

this topic.

Topic 2-1: Organisations, teams and individuals

13

Planning Planning is the process of thinking about and organising the activities required to achieve a desired goal. Planning is a critical management management function, and team leaders and managers may need to be able to t o plan in a number of challenging situations.

13.1

Work planning Managers need to plan work for their team on a short-term basis (i.e. be able to provide work tasks so that each team member has appropriate quantity and type of tasks to achieve on perhaps a daily or weekly basis). Ensuring that a work team is gainfully employed sounds deceptively simple but in practice is often mishandled or not given adequate thought. It may involve: •

understanding the size, nature nature and scope scope of the work that needs to be completed — work demand may be driven by a variety of things such as:  – customer requirements requirements  – organisational organisational goals  – regulatory requirements requirements

   1      2

 – meeting financial financial or other targets targets •

estimating work effort

•

prioritising work

•

allocating work to team members on the basis of: of:  – the skills, qualifications qualifications or experience experience of the team member  – urgency

•

checking progress progress to ensure ensure work is on track for for timely completion completion

•

accounting for completed work

•

taking steps to deal deal with situations when work cannot cannot be completed on time or to an acceptable level of quality — this may involve:  – working to remove remove obstacles or or road blocks  – identifying and allocating allocating additional additional resources  – working with team members to replan replan and reprioritise work  – managing internal or external external customer expectations. expectations.

© Kaplan Education Pty Ltd

2-1.61

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 26: Planning and estimating time accurately Read the article below on estimating time accurately and answer the following questions: Mind Tools n.d., ‘Estimating ‘Estimating Time Accurately ’, ’, Mind Tools, viewed 13 March 2017, > 1. What are the steps steps suggested for for estimating time time accurately?

2. List and briefly describe the suggested methods methods for estimating estimating time.

Note: You can access ‘Suggested answers’ for this activity at the end of

this topic.

Further resources: Work planning Daily management planning and implementation, viewed 13 March 2017, >.

13.2

Developing team skills Managers need to plan to develop the skills of their team members to assist them with training and development and career path progression. For more information, see ‘Professional development’ in Part 1, section 4.

2-1.62 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

13.3

Plan projects Managers may need to plan projects, or plan discrete and unique sets of tasks with a particular aim. Projects range from small and simple undertakings involving a small number of participants, to large and complex activities involving many people with a variety of skills, multiple resources and extensive time frames. Planning and managing projects, particularly large projects, is a complex skill. Many project management methodologies have evolved to assist project managers to deliver outcomes on time and on budget.

Further resources: Plan projects Useful project management management websites: •

•

•

Project Management Management Institute, viewed 13 13 March March 2017, 2017, >. ProjectManagement.com ProjectManageme nt.com (formerly Gantthead), viewed 13 March 2017, . ProjectsAtWork, ProjectsAtWork, viewed 13 March 2017, >.    1      2

13.4

Business and organisational planning For small business, business planning is required to secure finance for a business, to secure investors and to clearly determine the benchmarks for business success. Business planning creates a roadmap for the business’s direction and future. This may involve: •

investigating the industry, market and competitors

•

identifying what what market market your business is in and the intended business direction direction

•

identifying strengths, strengths, weaknesses, weaknesses, opportunities opportunities and and threats to the business

•

identifying challenges challenges to the the business and and strategies to avoid or overcome overcome them

•

planning the business finances, including managing cash flow

•

•

setting specific short- and long-term long-term business business goals and time frames for achieving them determining determini ng how to measure performance.

In larger organisations, planning may focus on different aspects of the wider business including: •

Workforce planning: This type of planning looks at current and future organisational organisational

demand, as well as regulatory requirements and organisational objectives, and matches the type and number of human resources required to meet this demand. •

Strategic planning: Where an organisation reviews its future short-, medium- and

long-term goals and plans its strategy or direction to achieve these goals. •

Safety planning: A plan to achieve workplace safety goals or objectives.

Many larger organisations will also develop business plans based on work units, departments or groups.

© Kaplan Education Pty Ltd

2-1.63

Certificate IV in Finance and Mortgage Broking

Further resources: Business and organisational planning •

•

•

14

Business plan template template and and guide, guide, viewed 13 March March 2017, 2017, >. Australian Public Service Service (APS) (APS) workforce workforce planning guide and templates, viewed 13 March 2017, >. Balanced Scorecard Institute n.d., ‘What is strategic planning?’ , Strategy Management Group, viewed 13 March 2017, . >.

Change manageme management nt and technology It is a truism that ‘change is the only constant’. However, However, there is no doubt that the pace of change is increasing in all our lives, and that the rate of change is exponential. Change may be experienced in an organisation due to: •

advances in technology

•

changes in legislation or regulation

•

a strategic strategic change change in an an organisation’s organisation’s vision vision or mission

•

competition from rival organisations. organisations.

Change management management is a structured approach for ensuring that changes are understood, planned, developed and implemented promptly promptly to cause as little disruption as possible to the functioning of the business. Change management management programs typically incorporate: •

•

•

•

communication communication about the change to ensure that the target target population population is informed informed about what is happening stakeholder stakehold er management training to ensure ensure that the target population population can use the new technology, system, system, policy or procedure effectively a person or a team of people involved involved in the: the:  – planning and management management of the change  – the preparation and and development of the change itself, whether it is new technology, a new system, new policy or new procedure  – implementation of the change. change.

2-1.64 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 27: Change management Read the article below on change management management and answer the following questions: Mind Tools n.d., ‘Change ‘Change Management ’, ’, Mind Tools, viewed 13 March 2017, . >. 1. What is change management? What does it cover?

2. During your working life, life, what different technologies have you seen implemented? How were they implemented? implemented? Was the change successful?

3. From your own experience experience of workplace change, change, what do you think are the most important aspects of change management?

Note: You can access ‘Suggested answers’ for Question 1 at the end

of this topic.

© Kaplan Education Pty Ltd

2-1.65

   1      2

Certificate IV in Finance and Mortgage Broking

Further resources: Change management and technology •

•

15

Australian Broker Online n.d., ‘Managing change for success’, online interview with John Kolenda, Australian Broker Online, viewed 13 March 2017, . Macartney, W n.d., ‘Technology and business strategy’, Australian Broker Online, viewed 13 March 2017, . 181564.aspx >.

Performance appraisals Performance appraisals (PAs) are part of the ongoing workplace communication that helps people to perform well. It provides an impartial consideration of performance and a sound basis for dealing fairly and equitably with employees, and protecting them from arbitrary decisions. Performance Performance management aligns individual employees’ goals and measures of success with the organisation’s strategic and business plans. Formal PAs and informal performance performance feedback are two important elements of the performance management process.

15.1

What does a PA cover? PAs provide the opportunity employees need and want for regular comprehensive feedback on how their manager sees their performance. PAs: •

look backwards backwards to review past performance, performance, including:  – what the employee employee did well  – what needs improving improving  – which skills and behaviours behaviours need strengthening strengthening  – mistakes that were were made  – what can be learned learned

•

make improvements, improvements, including how to:  – alter the job to make make it easier or more efficient efficient  – streamline the job or remove obstacles  – eliminate difficulties difficulties

•

look to the future, including:  – aligning individual individual goals with overall company goals goals  – clarifying expectations expectations of future future results  – setting new goals goals for the employee employee  – identifying training and and development required required to achieve achieve goals  – identifying new challenges, challenges, additional duties duties or new career career directions.

PAs are usually conducted over a six or 12-month cycle. The employee’s immediate manager conducts the PA. The manager’s superior reviews the results of the PA. The human resources manager may review PA results to ensure consistency.

2-1.66 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Companies assess different skills and abilities depending on the job and employee profile, however, some of the areas to be covered in a PA may include: •

employee’s skills and abilities, such such as the ability to:  – make decisions decisions  – collaborate and and work as a team team member member

•

employee’s workplace record, including:  – attendance and and punctuality  – commitment commitment to safety  – dependability  – job knowledge  – quality of work  – output  – project involvement involvement

16

•

the employee’s career direction

•

the employee’s employee’s training and development development needs.

   1      2

Managing underperformance Disappointing performance performance may not be the t he employee’s fault. The causes of poor performance and low productivity may include: •

unclear workplace performance performance standards

•

unclear or undocumented workplace procedures

•

inefficient, ineffective or poorly poorly constructed constructed workplace workplace procedures

•

misunderstood misunder stood performance standards

•

poor job design

•

a mismatch mismatch between the employee employee and the skills, knowledge or experience required for the job

•

an inability to perform perform work-related work-related tasks to the level required

•

a lack of training opportunities

•

a lack of training facilities or or appropriate training materials materials

•

a poor learning environment environment

•

a lack of appropriate workplace facilities

•

faulty tools or equipment

•

a lack of of time or or resources to complete complete the job to the appropriate appropriate standard standard

•

poor teamwork or collaboration collaborati on

•

poor management management or team leadership including:  – ‘micromanagement’ ‘micromanagement’ or not not allowing employees employees the freedom freedom or discretion to to make work-related choices  – a lack of direction direction or guidance guidance  – a poor attitude to employees or or team members members

•

intrapersonal conflict between workers

•

workplace bullying or harassment

•

a workplace workplace culture where people are not not respected or valued.

© Kaplan Education Pty Ltd

2-1.67

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 28: Managing poor performance Read the document below and answer the following questions. Fair Work Ombudsman 2013, Best practice guide: managing underperformance, underperformance, Australian Government, viewed 13 March 2017, guides/managing-underperformance >. 1. What is underperformanc underperformance? e?

2. What is the difference difference between underperformanc underperformance e and misconduct? misconduct?

3. What are the reasons reasons given in the guide for workplace workplace underperformance?

4. What are the suggested suggested steps to handling handling underperformance? underperformance?

Note: You can access ‘Suggested answers’ for this activity at the end of

2-1.68 

CIVMB_BS_T2-1_v3

this topic.

Topic 2-1: Organisations, teams and individuals

Further resources: Managing poor performance •

•

•

•

16.1

A range of policy and and guidelines on workplace workplace issues and and managing poor performance, viewed 13 March 2017, . practice-guides >. A range range of templates for managing workplace issues, viewed 13 March 2017, . >. A range of free, interactive, online courses courses covering covering handling handling poor workplace performanc performance e and having difficult conversations in the workplace, viewed 13 March 2017, . we-will-help/online-learning-centre >. Tools and resources for for small small business related to fair work and work work conditions, viewed 13 March 2017, >.

Terminating employment Dismissing employees is always unpleasant but there are four reasons it might be necessary: •

•

   1      2

The employee’s employee’s performance performance continually continually fails to meet the required standard standard over a reasonable period of time. The employee employee is found guilty of misconduct such such as theft, theft, resulting in summary dismissal.

•

The employee’s employee’s job is redundant redundant or no llonger onger required. required.

•

There is insufficient work for for the employee.

Regardless of the reason for termination, there are some very specific actions that you will need to take and processes you must follow before considering terminating employment. The person being terminated will need plenty of support and you must refer to your human resources specialist and your own manager before taking any action.

© Kaplan Education Pty Ltd

2-1.69

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 29: Terminating employment Read the document below and answer the following questions. Fair Work Ombudsman 2013, Best practice guide: managing underperformance, Australian Government, viewed 13 March 2017, guides/managing-underperformance >. 1. When is termination termination of employment an option?

2. What are the suggested suggested guidelines for dismissing an an employee?

3. What are the special special dismissal dismissal arrangements for employers with with fewer than 15 employees?

Note: You can access ‘Suggested answers’ for this activity at the end of

2-1.70 

CIVMB_BS_T2-1_v3

this topic.

Topic 2-1: Organisations, teams and individuals

Part 4: Working in an organisation Working in an organisation requires that you are aware of and understand your role within: •

17

the organisation’s organisation’s vision and mission mission statement, encapsulating the direction and and goals of the organisation

•

organisational organisational structure

•

internal policies, procedures and systems.

Vision and mission statement Organisations typically develop and publish mission and vision statements to:

17.1

•

state their attitudes, attitudes, values and goals

•

provide a guideline for for good good behaviour as good good corporate corporate citizens citizens

•

inspire and motivate employees.    1      2

Mission statement According to BusinessDictionary.com (2015), a mission statement is: … a written declaration of an organisation’s core purpose and focus that normally remains unchanged over time. Properly crafted mission statements 1. serve as filters to separate separate what is important from from what is not, 2. clearly state which markets will be served and how, and 3. communicate a sense sense of intended intended direction to the entire organisation.

17.2

Vision statement According to BusinessDictionary.com (2015), a vision statement is: … an aspirational description of what an organisation would like to achieve or accomplish in the mid-term or long-term future. It is intended to serves as a clear guide for choosing current and future courses of action.

© Kaplan Education Pty Ltd

2-1.71

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 30: Vision and mission m ission statements Review the Mind Tools article below on mission and vision statements and answer the following questions: Mind Tools n.d., ‘Mission ‘Mission and Vision Statements’, Statements’, Mind Tools, viewed 13 March 2017, . 1. What is the difference difference between a mission mission and a vision statement? statement?

2. Research and collect collect at least two (2) mission mission and two (2) vision statements from organisations organisations in the Australian financial services industry.

3. Imagine you owned owned your own mortgage mortgage broker organisation. Using the tips in the Mind Tools article, develop a mission statement and a vision statement for your organisation.

Note: You can access ‘Suggested answers’ for Question 1 at the end

2-1.72 

CIVMB_BS_T2-1_v3

of this topic.

Topic 2-1: Organisations, teams and individuals

18

Organisational structure An organisational structure shows the hierarchy of an organisation, the different groupings or departments and the reporting lines. The organisational structure is normally expressed in a hierarchical diagram such as the example for a fictional financial institution shown below.

   1      2

19

Internal policies and procedures

19.1

Policy Policies are statements of principles, guidelines or rules about how things are done in an organisation. Policy may: •

establish clear standards for acceptable behaviour

•

provide goals and objectives

•

acknowledge legal and regulatory responsibilities

•

contribute to the culture of of the workplace, workplace, reinforcing reinforcing norms and values. values.

Examples of internal business policies include safety policy or human resources policy.

© Kaplan Education Pty Ltd

2-1.73

Certificate IV in Finance and Mortgage Broking

19.2

Procedure Procedures are a set of steps that are performed to obtain a specified outcome. The words procedure words procedure and  and process  process are  are often used interchangeably interchangeably or may have specific meanings within the context of an organisation. All organisations have some kind of operational policies and procedures documentation but there various levels of comprehensiveness, quality or currency across organisations.

19.3

Documentation of policy and procedure All organisations have some level of documentation of internal policies and procedures. Some organisations have detailed and comprehensive internal policies and procedures, others less so. Ideally, policies and procedures need to be: •

Accessible: All workers in the organisation need access to internal policies and

procedures. In large organisations, policies and procedures are commonly stored on a corporate intranet that is accessible by all workers including contractors and part-time workers. •

Comprehensive: Policies and procedures need to cover all aspects of work normally

carried out by an organisation. organisation. This includes:  – the step-by-step details details of how to complete normal normal working tasks tasks safely and efficiently  – what to do when something goes goes wrong  – regulatory and compliance compliance requirements requirements  – responsible and accountable accountable persons persons  – reporting  – dispute resolution processes. processes. •

Accurate: Policies and procedures need to be accurately worded to ensure that

readers understand what is expected of them. •

Regularly reviewed:  A number of events impact policy and procedure and require

changes. Particularly in the financial services industry, legislative and regulatory changes affect, for example, the way work needs to be completed or the information that must be provided to clients. Other reasons to regularly review and update documentation documentation are to include technology changes, software changes and to implement more efficient ways of doing work. It is important that the procedures documentation documentation reflects what actually happens in the organisation. •

Compliant: All policy and procedures need to be compliant with relevant laws, l aws,

regulations and codes of practice. For more information about relevant legislation and regulation, see ‘Topic 1-2: Legislation and codes of practice’.

2-1.74 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 31: Internal policy and procedures 1. Who has responsibility responsibility for managing managing and maintaining maintaining internal policy policy and procedure documentation at your workplace? How often is this internal documentation reviewed?

2. How comprehensive, comprehensive, accurate and accessible accessible is the documentation? documentation?    1      2

3. Can you suggest suggest ways this documentation documentation could could be improved? improved?

Note: This

activity requires independent research, therefore, no suggested answers are provided.

© Kaplan Education Pty Ltd

2-1.75

Certificate IV in Finance and Mortgage Broking

19.4

Human resources Human resources refers to the human capital of a business, that is, the persons who work in the business to make it function. Human resources policies, procedures and systems generally focus on: •

how those persons are employed

•

conditions of employment, employment, including salary salary and and other benefits

•

industrial relations

•

management, training and career advancement of employees

•

where appropriate, appropriate, the cconditions onditions of of employment employment termination.

The wider legislative and regulatory environment affects human resources policies and procedures. However, a number of human resources policies and procedures are based on internal business decisions.

Apply your knowledge 32: Human resources guidelines Download and read section E of the ASIC Regulatory Guide RG 104 ‘Licensing: Meeting the general obligations’ using the link below and answer the following questions: . 1. As an employer employer with an AFS licence, what are your responsibilities around managing employees?

2. As an employer employer with an AFS licence, what are your responsibilities around hiring employees?

3. How closely should an employer employer with an AFS licence licence supervise employees or representatives? representatives?

Note: You can access ‘Suggested answers’ for this activity at the end of

2-1.76 

CIVMB_BS_T2-1_v3

this topic.

Topic 2-1: Organisations, teams and individuals

Further resources: Working conditions •

•

For links on working conditions and and legislation legislation and regulation relating to to working conditions, viewed 13 March 2017, conditions >. Information on wages, wages, conditions conditions and and entitlements entitlements including including the the National Employment Standards (NES), viewed 13 March 2017, >.

References Adair, J 2009, Effective communication: the most important management skill of all, Pan Books, London. BusinessDictionary.com BusinessDictionary.com 2015, viewed 13 March 2017, . >. Covey, SR 2004, The 7 habits of highly effective people, Simon people, Simon & Schuster Ltd, New York. Marr, B 2013a, The 75 KPIs every manager needs to know , LinkedIn, 5 September, viewed 13 March 2017, . Whetten, DA & Cameron, KS 2004, Developing management skills, skills, 6th edn, Prentice Hall, New York.

© Kaplan Education Pty Ltd

2-1.77

   1      2

Certificate IV in Finance and Mortgage Broking

Suggested answers Apply your knowledge 1: Active listening 1. Active listening is where you make make a conscious effort effort to hear not only the words that another person is saying but, more importantly, i mportantly, try to understand the complete message being sent. It involves paying attention to the other person very carefully. Do not allow yourself to become distracted by whatever else may be going on around you, or by forming counter-arguments that you will make when the other person stops speaking. Show the other person you are listening to them. Do not allow yourself to get bored and lose focus on what the other person is saying. 2. (a)

Pay attention: Give the speaker your undivided attention and acknowledge the

message. Recognise that non-verbal communication also ‘speaks’ loudly. (b)

Show that you are listening: Use your own body language and gestures to

convey your attention. (c)

Provide feedback: Reflect what is being said and ask questions.

(d)

Defer judgement: Interrupting is a waste of time. It frustrates the speaker and

limits full understanding of the message. (e)

Respond appropriately: Active listening is a model for respect and

understanding. Be candid and respectful.

Apply your knowledge 2: Speaking in public •

plan appropriately

  practise

•

•

engage with your audience, audience, ask questions, questions, do not speak too quickly and do not just read from your notes

•

pay attention to body language

•

think positively, positively, use use af affirmations firmations and visualisation

•

have strategies strategies to cope with anxiety, such such as deep breathing breathing

•

watch a recording of your your speech speech to improve.

2-1.78 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 3: Questioning techniques 1. This technique involves starting with general general questions, then homing in on a point point in each answer, and asking more and more detail at each level. It is a useful technique to home in on an answer, find out more detail about a specific point, or gain the interest or confidence of the other person. 2.

•

•

Asking for additional additional information information for for clarification. clarification.

•

Investigating whether there is proof for what has been been said.

•

3.

Probing questions are useful to find out more detail detail or to get to the root of the problem or issue.

•

Adding a personal personal appeal appeal to agree at the end.

•

Phrasing the question so that the “easiest” “easiest” response is “yes”.

•

•

4.

Asking your respondent respondent for for an example example to help help you understand understand a statement statement they have made.

Giving people a choice between between two options, options, both of of which you you would be happy with, rather than the choice of one option or not doing anything at all. Leading questions questions try to to lead the respondent to your way of thinking.

  learning

•

•

relationship building

•

managing and coaching

•

avoiding misunderstandings misunderstandings

•

defusing a heated situation

•

persuading people.

   1      2

Apply your knowledge 4: Non-verbal communication 1. Body language includes body movements and gestures (legs, arms, hands, head and torso), posture, muscle tension, eye contact, skin colouring (flushed red), even people's breathing rate and perspiration. Additionally, the tone and pitch of voice and the rate of speech all add to the words that are being used. 2. The confident person:

3.

•

stands tall with shoulders back

•

makes eye contact and displays display s a smiling face

•

displays purposeful purposeful and deliberate gestures gestures with hands and and arms

•

has slow and clear speech

•

has a moderate-to-low moderate-to-lo w tone of voice.

•

•

Use these cues cues to understand understand whether your message message is getting getting across to a listener, or to stop a conversation or presentation to question listeners directly about their response if you feel that you have not been successful in your communication. communication. Adopting confident confident gestures gestures can help you to appear appear confident confident even if you do not feel confident inside.

•

Assist in determining whether someone someone is lying.

•

Assist in negotiations and interviews.

© Kaplan Education Pty Ltd

2-1.79

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 5: Writing skills 1. Determine the audience audience for the message and the the level of formality required. This will help to determine your writing ‘voice’ or tone. 2.

•

•

Keep the audience in mind. What do they need to know first? Create an outline — identify identify which steps to take in which order and and how to break the task up into manageable pieces of information.

•

Use the the Attention-Interest-Desire Attention-Interest-Desire-Action -Action (AIDA) formula.

•

Be empathetic — remember your audience's needs at all times.

•

Use the rhetorical rhetorical triangle: If you are trying to persuade persuade someone someone to do something, make sure that you communicate why people should listen to you, pitch your message in a way that engages your audience and present information rationally and coherently.

•

Identify your main theme or contention.

•

Use simple language.

•

•

•

•

Structure your communication communication — use use headings, subheadings, subheadings, bullet points and and numbering whenever possible to break up the text. Add diagrams or charts if required. Avoid grammatical grammatical and and spelling errors — use the spelling and and grammar grammar checking facilities of the word processor. Proofread your completed document.

Apply your knowledge 6: Presentations •

Mistake 1: Not preparing enough, sometimes the most apparently impromptu

presentations are carefully prepared. •

Mistake 2: Not familiarising yourself with the venue and equipment — be familiar

with the technology and the venue well in advance. •

Mistake 3: Ignoring your audience — engage with the audience and do not forget

their needs. •

Mistake 4: Using inappropriate content — research your audience and pitch

the presentation at their needs, do not use unfamiliar jargon, and engage with the audience. •

Mistake 5: Being too verbose — be short, succinct and precise.

•

Mistake 6: Using ineffective visuals — ensure that the slides reflect what you are

saying in both meaning and tone, use high-quality graphics, and avoid clutter and garish colours. •

Mistake 7: Overcrowding text — keep the text simple and concise, use bullets,

keep the number of slides to a minimum. •

Mistake 8: Speaking incoherently — do not rush your presentation. If you are

nervous, use deep breathing or other relaxation techniques. •

Mistake 9: Showing a lack of dynamism — show you feel confident and comfortable,

use gestures and appropriate body language. •

Mistake 10: Avoiding eye contact — meet the eyes of members of the audience to

keep them engaged.

2-1.80 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 7: Running effective meetings Have a clear meeting objective, for example: •

Do you want a decision?

•

Do you want to generate ideas?

•

Are you getting status reports?

•

Are you communicating something?

•

Are you making plans?

Use the time wisely. Create a meeting agenda covering the following: •

Priorities — what absolutely must be covered?

•

Results — what do you need to accomplish accomplish at at the meeting?

•

Participants — who needs to attend the meeting for it to be successful? successful?

•

Sequence — in what order will you cover cover the topics? topics?

•

Timing — how much much time will you spend spend on each topic? topic?

•

Date and and time — when will the meeting take place? place?

•

Place — where where will the meeting meeting take take place? place?

Use the agenda as a time guide, start on time and ensure that people keep to the allotted time for each item. If certain people are dominating the conversation, conversation, make a point of asking others for their ideas. At the end of each agenda item, quickly summarise what was said, and ask people to confirm that it is a fair summary. Then make notes regarding follow-up. Note items that require further discussion. Watch body language and make adjustments as necessary. Maybe you need a break or you need to stop someone from speaking too much. Ensure the meeting stays on topic. t opic. List all tasks that are generated at the meeting. Make a note of who is assigned to do what, and by when. At the close of the meeting, quickly summarise the next steps and inform everyone that you will be sending out a meeting summary.

Apply your knowledge 8: Assess your time management management capabilities This activity requires independent research, therefore, no suggested answers are provided.

Apply your knowledge 9: The Pareto principle and time management This activity requires independent research, therefore no suggested answers are provided.

© Kaplan Education Pty Ltd

2-1.81

   1      2

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 10: Identifying and overcoming time wasters Some suggested answers are provided below. These are by no means exhaustive. Time waster

What I can do about it

Interruptions

•

•

•

Ineffective meetings

•

•

•

•

•

•

Procrastination

•

•

Lack of planning or prioritisation

Set aside time for concentration on important or detailed detailed tasks, and do not allow minor interruptions (for example, do not respond to emails or messages during this time) Allocate time in your day to complete urgent but relatively relatively minor tasks Identify which tasks are important and urgent, urgent, say ‘no’ to non-urgent and non-important tasks Volunteer to chair chair the meeting meeting Create a meeting objective and agenda or insist on the chairperson chairperson creating an agenda Ensure that the meeting starts punctually and time time limits are followed Send out documents for pre-reading if required, with plenty plenty of time for people to review before the meeting Create a meeting protocol to ensure that all participants participants can contribute Focus on items in the meeting that require the interaction of all participants participants — allocate tasks that can be completed outside of the meeting to be completed before the next meeting Recognise that you are procrastinating and try try to determine why you are unable to move forward Create ‘to-do’ lists and prioritise tasks, ensuring ensuring that you allow some time in your day for important tasks

•

Set your own deadlines for tasks

•

Identify the unpleasant unpleasant consequences of not doing a task

•

Adopt better decision-making decision-making techniques techniques

 Prioritise tasks

•

•

•

Allocate time in your day accordingly Write down everything you hope to achieve and assign a set time to do so, based on importance

•

Do not move on to the next task until you have completed the previous one

•

Force yourself to finish something within the time allotted

Apply your knowledge 11: The time management matrix and your work activities This activity requires independent research, therefore no suggested answers are provided.

2-1.82 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 12: Case study 1 1. Caroline might find herself stressed stressed and anxious, taking taking on other people’s worries. worries. She might feel frustrated by long hours at work and feel that she has not enough time or energy to devote to her own personal life, family or friends. 2. Perhaps Caroline can can allocate some some of her day to being with colleagues colleagues and giving her time to others. However, when she is working, she needs to learn to say no to colleagues who want to chat, or make time to see them when she is less busy. 3. Caroline needs to be more more assertive in her relationships, politely politely but firmly saying ‘no’ when she is too busy to discuss personal matters. She needs to manage her time more carefully, so she can accomplish work tasks in the allocated time and avoid working back late.

Apply your knowledge 13: Case study 2 1. Explain the situation to his manager manager immediately. immediately. Provide all the details of the loan loan proposal to his manager, so that another member of staff can take over the work and assist the customer. 2. Michael should have asked asked for help from his manager manager or more experienced experienced colleagues colleagues to assist him as soon as he realised he was unable to assess the loan application. 3. The customer may may not be able to bid at auction if the loan application application cannot be assessed in time by bank staff. Consequently the customer may be angry, and possibly end his or her accounts. In addition, the customer may publicly complain about the bank’s poor customer service, using social media or other means, thus damaging the bank’s brand and reputation. There may also be disciplinary consequences for Michael.

Apply your knowledge 14: The Johari Window •

For personal personal growth and increased self-awareness. self-awareness.

•

To build trust with team members members and and improve communication. communication.

•

To understand the behaviour behaviour of others.

•

To provide feedback about work performance and capabilities capabiliti es to other team members.

•

To receive receive feedback feedback about about your own work performance. performance.

Apply your knowledge 15: Emotional intelligence 1. Emotional intelligence intelligence is the ability to recognise your emotions, emotions, understand what what they are telling you and realise how your emotions affect people around you. Emotional intelligence also involves your perception of others — when you understand how they feel, this allows you to manage relationships more effectively. 2.

•

Self-awareness: The ability to understand your own emotions, know your

strengths and weaknesses. •

Self-regulation: The ability to control emotions and impulses.

•

Motivation: People who are willing to defer immediate results for long-term

success are highly productive, love a challenge, and are very effective in whatever they do. •

Empathy: The ability to identify with and understand the wants, needs and

viewpoints of those around you. •

Social skills: Typically, team players are able to help others develop and shine.

They can manage disputes, are excellent communicators and are good at building and maintaining relationships.

© Kaplan Education Pty Ltd

2-1.83

   1      2

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 16: Establishing life goals •

Create the big picture picture of what you you want to do with your life (or over, say, the next next 10 years) and identify the large-scale goals that you want to achieve. Then separate these into increasingly smaller targets that you must hit to reach your lifetime goals.

•

Use the SMART goal-setting guidelines.

•

State each goal as a positive statement.

•

Set precise goals, goals, inserting dates, times and amounts amounts so that you can measure measure achievement.

•

Set priorities.

•

Write goals down.

•

Keep operational goals small.

•

Set performance goals, goals, not outcome goals.

•

Set realistic goals.

Apply your knowledge 17: A professional training and development plan This activity requires independent research, therefore no suggested answers are provided.

Apply your knowledge 18: Being part of a successful team This activity requires independent research, therefore, no suggested answers are provided.

Apply your knowledge 19: Your role in a team Belbin identified nine team roles and categorised those roles into three groups: action oriented, people oriented, and thought oriented. Briefly describe each of the nine types listed in the article. Action oriented: •

shaper — challenges the team to improve

•

implementer — puts ideas into action

•

completer–finisher completer–finisher — ensures thorough, timely completion.

People oriented: •

coordinator coordinat or — acts as a chairperson chairperso n

•

team worker — encourages cooperation

•

resource investigator — explores outside opportunities.

Thought oriented: •

plant — presents new ideas ideas and and approaches approaches

•

monitor–evaluator monitor–evaluator — analyses the options

•

specialist — provides specialised skills.

2-1.84 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 20: Assess your ability to provide feedback This activity requires independent research, therefore, no suggested answers are provided.

Apply your knowledge 21: Giving feedback 1.

2.

•

try to make it a positive positive process process and experience

•

be timely

•

make feedback a regular process

•

prepare your comments

•

be specific

•

criticise in private

•

use ‘I’ statements

•

limit your focus

•

talk about positives

•

make specific suggestions

•

follow up

•

•

•

Outline the situation situation — when you are are giving feedback, feedback, first define the where and when of the situation you are referring to. This puts the feedback into context and gives the other person a specific setting as a reference. Describe the specific specific behaviour behaviour you want want to address. address. Use your your own observation observation and do not make assumptions about the behaviour. Describe the impact of of this behaviour. behaviour. Use ‘I’ statements. Encourage the other person to think about the situation and to understand the impact of his or her behaviour.

Apply your knowledge 22: Providing effective feedback to a team member 1. Collate examples examples of Michael’s client client records and notes. Find a number number of acceptable client record and notes. Have a list of all the shortcomings shortcomings at hand in preparation for the meeting. 2. You should arrange for for the meeting to take place in a private private setting. Reinforce to to Michael that he is considered a valued member of the team and that, for the most part, you are satisfied with his performance. performance. Be open about the shortcomings but be firm that they must be addressed. Encourage Michael to discuss the findings and participate in an appropriate action plan. Discuss the consequences if his client records and notes do not improve. Provide support to Michael and determine if there are any skills gaps that can be addressed to assist Michael. 3. Record the events of the meeting meeting and proposed action action plan to address the issues. Give Michael a copy of this. Take appropriate follow-up action and review progress. Seek and provide ongoing feedback on Michael’s progress and monitor this against the action plan.

Apply your knowledge 23: Formal and informal feedback This activity requires independent research, therefore no suggested answers are provided.

© Kaplan Education Pty Ltd

2-1.85

   1      2

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 24: Being tactful 1. Tact is the ability to tell the truth in a way that considers other other people’s feelings and reactions. It allows you to give difficult feedback, communicate communicate sensitive information, and say the right thing to preserve a relationship. Tact is important when you have to deliver bad news or provide critical feedback, whether in personal or professional situations. Communicating Communicating tactfully strengthens your reputation and builds your credibility. It allows you to preserve existing relationships and build new ones. Tact also demonstrates good manners. Tact can help you to avoid conflict, find common ground and allow others to save face. It can therefore be an important asset in negotiations and in conflict resolution. 2.

•

Create the right environment, environment, and think before you speak. speak.

•

Determine the appropriate time.

•

Choose words carefully.

•

Take ownership ownership of your feelings feelings rather than placing placing blame. blame.

•

Be concise, honest and assertive.

•

Monitor your body language.

•

Never react react emotionally, emotionally, and and calm down before before responding. responding.

Apply your knowledge 25: Team management 1. Delegation is the ability to give give responsibility for a task to another, another, usually a subordinate team member. Delegation is important because it: •

•

•

enables the team to achieve more provides opportunities opportunities to develop the the skills and and capabilities capabilities of other team members fosters a feeling of trust.

2. Team members members can be motivated by various various things including: •

self-motivation, self-motivation, that is, wanting to do a good good job for personal or internal reasons reasons

•

praise or appreciation

•

incentives or rewards

•

fear of punishment or retribution.

3. Team members can assist assist with professional development of team members members through: •

•

  feedback assessing the ability of a team member and suggesting professional development activities such as training courses

•

providing challenging tasks to team team m members embers

•

supporting team members.

2-1.86 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 26: Planning and estimating time accurately 1.

•

Understand what is required — identifying all of of the work work that needs to be completed.

•

Order the activities.

•

Decide who who you need to to involve involve and brief them. them.

•

Make estimates  – estimate a time time for each activity  – list assumptions  – assume an 80% 80% level of productivity productivity  – do not be overly optimistic. optimistic.

2.

•

Prepare a schedule or plan.

•

Bottom-up estimating: Break larger tasks into i nto smaller tasks, estimating the time

required for each task. •

Top-down estimating: estimating: Estimate the time required for the project as a whole and

then divide the available time according according to tasks required. •

Comparative estimating: Consider the time it took to complete similar tasks.

•

Parametric estimating: Look at the time required for one deliverable and multiply

it by the number of deliverables involved. •

Three-point estimating: Estimate time for best case, worst case and most

likely case.

Apply your knowledge 27: Change management Change management management is a structured approach for ensuring that changes are understood, planned, developed and implemented promptly to cause as little disruption as possible to the functioning of the business. It involves:   sponsorship — ensuring there is active sponsorship for the change at a senior

•

executive level within the organisation, and engaging engaging this sponsorship to achieve the desired results •

buy-in — gaining buy-in for the changes from those involved and affected, directly or

indirectly •

involvement — involving the right people in the design and implementation of

changes to ensure the right changes are made •

impact — assessing and addressing how the changes will affect people

•

communication — telling everyone who is affected by the changes

•

readiness — getting people ready to adapt to the changes by ensuring they have the

right information, training and help.

© Kaplan Education Pty Ltd

2-1.87

   1      2

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 28: Managing poor performance 1.

Unsatisfactory work performance, performance, that that is, a failure failure to perform perform the duties duties of the position or to perform them to the standard required.

•

•

Non-compliance Non-compliance with workplace workplace policies, policies, rules or procedures. procedures.

•

Unacceptable behaviour in the workplace.

•

Disruptive or negative negative behaviour behaviour that that impacts impacts on co-workers.

2. Underperformance Underperformance is not the same as misconduct. misconduct. Misconduct Misconduct is very serious behaviour such as theft or assault which may warrant instant dismissal. In cases of misconduct, employers should seek specific advice about how to proceed before taking any action. 3.

•

•

•

•

•

•

4.

an employee does not know what is expected because goals and/or standards or workplace policies and consequences are not clear (or have not been set) interpersonal differences there is a mismatch between between an employee’s employee’s capabilities capabilities and the job they are required to undertake, or the employee does not have the knowledge or skills to perform the job expected of them an employee does does not know know whether they are doing doing a good good job because there there is no counselling or feedback on their performance lack of personal personal motivation, motivation, low morale in the workplace workplace and/or poor poor work environment personal issues such as family stress, stress, physical and/or and/or mental mental health problems problems or problems with drugs or alcohol

•

cultural misunderstandings misunderstandings

•

workplace bullying.

•

Step 1: Identify the problem.

•

Step 2: Assess and analyse the problem.

•

Step 3: Meet with the employee to discuss the problem, including:

 – what the problem is  – why it is a problem  – how it impacts on the workplace workplace  – why there is a concern. concern. •

Step 4: Jointly devise a solution; the solution plan needs to:

 – reflect an understanding understanding of performance performance expectations expectations and and what is to be achieved over the specified time period  – clarify roles and and responsibilities of the employee  – include strategies for for training and career career development development  – include time frames frames for improvement improvement  – reinforce the value and worth of the role being performed. performed. •

Step 5: Monitor performance. performance.

2-1.88 

CIVMB_BS_T2-1_v3

Topic 2-1: Organisations, teams and individuals

Apply your knowledge 29: Terminating employment 1. If an employee’s performance does not improve to an acceptable standard, termination of their employment may be an option. 2. Employees cannot cannot be dismissed in ‘harsh, unjust or unreasonable’ unreasonable’ circumstances. circumstances. What is harsh, unjust or unreasonable depends on the circumstances of each case. However, it is important to be fair to employees, who are to be given reasons for dismissal and an opportunity to respond to those reasons. 3. Employees will need to have worked for the business for 12 months in order to be eligible to make a claim for unfair dismissal. If a small business employer strictly follows the Small Business Fair Dismissal Code and the dismissal of their employee is not harsh, unjust or unreasonable, then the dismissal will be deemed to be fair. It is best practice to follow the code and complete the Small Business Fair Dismissal Code Checklist when an employee is dismissed. You should keep the checklist with your records because it will assist you if an employee makes an unfair dismissal claim.

Apply your knowledge 30: Vision and mission statements Mission statements define the organisation’s purpose and primary objectives. These statements are set in the present tense and they explain both to members of the organisation and to people outside it why you exist as a business. Mission statements tend to be short, clear and powerful. Vision statements also define your organisation’s purpose but they focus on its goals and aspirations. These statements are designed to be uplifting and inspiring. They are also timeless — even if the organisation changes its strategy, the vision statement can often stay the same.

Apply your knowledge 31: Internal policy and procedures This activity requires independent research, therefore, no suggested answers are provided.

© Kaplan Education Pty Ltd

2-1.89

   1      2

Certificate IV in Finance and Mortgage Broking

Apply your knowledge 32: Human resources guidelines 1. An employer must: •

take reasonable reasonable steps to to ensure that that their representatives representatives comply comply with the financial services laws

•

ensure if employees employees provide financial financial services, they are are trained and competent competent to do do so

•

monitor and and supervise employees employees to ensure that they they comply with financial services laws laws

•

have a robust mechanism for remedying any breaches

•

ensure that representatives are trained trained and competent. competent.

2. An employer must: •

conduct appropriate appropriate background background checks before before appointing appointing new representatives, possibly including referee reports, searches of ASIC’s register of banned and disqualified persons or police checks.

3. An employer employer needs to: •

•

keep track of who their representatives representatives are, what role they perform and whether whether they are appropriately authorised ensure their representatives (including their authorised representatives) act within within the scope of what they have authorised them to do

•

ensure their representatives understand their compliance compliance arrangements arrangements

•

monitor their representatives’ representatives’ compliance

•

respond to compliance compliance failures.

2-1.90 

CIVMB_BS_T2-1_v3