...Workforce Planning a good practice guide for TAFE Institutes 10 September 2004 1 Introduction 1 2 Purpose of this guide 2 3 Key elements of workforce planning programs 2 4 Implementation guidelines 3 4.1 Consider the broader context 3 4.2 Identify your future business direction and workforce needs 4 4.3 Know your current workforce 6 4.4 Bridge the gap – identify and address your workforce issues 8 4.5 Provide a sound basis for effective implementation 9 5 WORKFORCE PLANNING CHECKLIST 10 5.1 Key considerations for effective workforce planning 10 6 UNDERPINNING KNOWLEDGE FOR WORKFORCE PLANNING 12 Introduction Workforce planning is the continuous process of ensuring that the right people are in the right place at the right time, in order to accomplish the organisation’s mission now and into the future. Its fundamental purpose is to align and integrate the organisation’s workforce with its strategic goals and objectives. The degree to which the organisation has the appropriate skills, the correct numbers and the right talent mix to achieve its mission in a dynamic external environment will be crucial to its continued success. It is also about the sound management of human capital processes, including recruitment, retention, development, redeployment, and retirement planning for minimal loss of knowledge. Workforce planning can assist TAFE Institutes anticipate the staffing and skill...
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...Planning in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale. As such, it is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans, that is, it combines forecasting of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with forecasting. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like.[1] The term is also used for describing the formal procedures used in such an endeavor, such as the creation of documents, diagrams, or meetings to discuss the important issues to be addressed, the objectives to be met, and the strategy to be followed. Beyond this, planning has a different meaning depending on the political or economic context in which it is used. Two attitudes to planning need to be held in tension: on the one hand we need to be prepared for what may lie ahead, which may mean contingencies and flexible processes. On the other hand, our future is shaped by consequences of our own planning and actions. Planning is a process for accomplishing purposes. It is a blue print of business growth and a road map of development. It...
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...have the opportunity to learn about varied financial paths for avoiding common money mistakes. Your knowledge and actions will move you toward financial security. Despite economic uncertainty, you will be able to use wise financial strategies in every stage of your life to achieve your personal goals. LO1-2 Assess personal and economic factors that influence personal financial planning. LO1-3 Develop personal financial goals. LO1-4 Calculate time value of money situations associated with personal financial decisions. LO1-5 Identify strategies for achieving personal financial goals for different life situations. my life e HOW DO I START? One day, you may receive news that your aunt has given you a gift of $10,000. Or you might find yourself with an extensive amount of credit card debt. Or maybe you desire to contribute money to a homeless shelter or a hunger-relief organization. Each of these situations involves financial decision-making that requires, first, planning and then taking action. The process you use should be carefully considered so no (or only a few) surprises occur. The main focus when making decisions is to avoid financial difficulties and legal troubles. How will you best plan for using your finances? For each of the following statements, select “yes,” “no,” or “uncertain” to indicate your personal response regarding these financial planning activities. 1. When making major financial decisions, I research them using a variety of...
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...Personal Financial Planning: Chapter One Concept Checks Concept Check 1-1 (pg 9): What steps should we take in developing our financial plan?1) Determining your current financial situation 2) Developing your financial goals 3) Identifying alternative courses of action 4) Evaluating alternatives 5) Creating and implementing a financial action plan 6) Re-evaluating and revising the plan What are some risks associated with financial decisions? Economic and Product Risk: Interest rate risk- changing interest rates affect your cost when you borrow and your benefits when you invest Inflation risk- rising prices cause lost buying power Liquidity risk- Some investments may be more difficult to convert to cash or to sell without significant loss in value Product risk- products may be flawed or services may not meet your expectations. Retailers may not honor their obligations Personal Risk: Risk of Death- Premature death may cause financial hardship to family members left behind Risk of income loss- Your income could stop as a result of job loss or because you fall ill or are hurt in an accident Health Risk- Poor health may increase your medical costs. At the same time, it may reduce your working capacity or life expectancy Asset and Liability Risk- Your assets may be stolen or damaged. Others may sue you for negligence or for damages cause by your actions What are some common sources of financial planning information? Printed Materials: newsletters...
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...Axia College Material Appendix B Personal Financial Planning Worksheet Directions: Based on your readings and discussions in class this week, answer the following questions completely. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called: a. Developing goals. b. Personal financial planning. c. Collecting financial information. d. Personal finance. 2. Which of the following is not one of the five major steps of the financial planning process? a. Analyze your current finances. b. Establish and implement your plan. c. Collect and organize your financial information. d. Reevaluate and revise your plan as needed. 3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development? a. Teenage years b. Between your 50s and 60s c. Late 20s through your 40s d. During retirement 4. Which of the following are some benefits of having a college degree that can affect your financial planning? a. The potential to make a higher salary b. Jobs with retirement plans and benefits c. The ability to receive promotions and wage increases d. All of the above 5. Which of the follows elements of a comprehensive financial plan discuss analyzing future needs, such as saving for retirement or college funding for dependants? a. Building wealth b. Securing basic...
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...study and research have been applied | M1: To achieve M1 you need to identify some of the types of benchmarking strategies used by organisations and analyse at least four of the stages used in Benchmarking, state some of the advantages of using the technique OR Identify and analyse the 7 elements in McKinsey’s model (Task1) | M2 Select/design and apply appropriate methods/techniques, by using a range of sources of information | Appropriate learning methods/techniques have been applied | M2: To achieve M2 you need to compare, strategies and demonstrate how they (PESTEL and Porter’s Five Forces ) influence your chosen organisation or as (Task2) | M3 Present and communicate appropriate findings by using an appropriate structure and approach | Coherent, logical development of principle/concepts for the intended audience. | M3: To achieve M3 Present or communicate your choice or chosen strategy using any structured method or approach. (Task 2) | D1 Use critical reflection to evaluate own work and justify valid conclusion | Conclusions have been arrived at through synthesis of ideas and have been justified.Realistic improvements have been proposed against the defined characteristics for success | D1: To achieve this critically evaluate the use of limited growth and market penetration strategies including Ansoff’s Matrix (Task3 ) | D2 Take responsibility for managing and organising activities | Activities have been...
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...Axia College Material Appendix B Personal Financial Planning Worksheet Directions: Based on your readings and discussions in class this week, answer the following questions completely. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called: a. Developing goals. b. Personal financial planning. c. Collecting financial information. d. Personal finance. 2. Which of the following is not one of the five major steps of the financial planning process? a. Analyze your current finances. b. Establish and implement your plan. c. Collect and organize your financial information. d. Reevaluate and revise your plan as needed. 3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development? a. Teenage years b. Between your 50s and 60s c. Late 20s through your 40s d. During retirement 4. Which of the following are some benefits of having a college degree that can affect your financial planning? a. The potential to make a higher salary b. Jobs with retirement plans and benefits c. The ability to receive promotions and wage increases d. All of the above 5. Which of the follows elements of a comprehensive financial plan discuss analyzing future needs, such as saving for retirement or college funding for dependants? a. Building wealth b. Securing basic needs c. Establishing a firm foundation d. Protecting wealth and dependants 6. People...
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...to put a monetary value on financial goals. 3 FIN4901EF.Unit 2 Table of Content • The role of financial statements in financial planning • Personal balance sheet: assets, liabilities and net worth • Personal income and expense statement • The budgeting process • Tracking financial progress: ratio analysis • Time value of money 4 FIN4901EF.Unit 2 The Role of Financial Statements in Financial Planning • Financial plans, financial statements, and budgets provide direction by helping you toward specific financial goals. ▫ Financial plans are road may that show you the way. ▫ Financial statements let you know where you stand. ▫ Budgets allow you to monitor and control expenses and purchases in a manner that is consistent with your financial plans. • All three tools are essential to sound personal financial management and the achievement of goals. 5 FIN4901EF.Unit 2 The Role of Financial Statements in Financial Planning • Planning tools that provide an up-to-date evaluation of your financial well-being, help you identify potential financial problems, and help you make better-informed financial decisions. • Measure your financial condition so you can establish realistic financial goals and evaluate your progress toward those goals. • Knowing how to prepare and interpret personal financial statements is a cornerstone of personal financial planning....
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...their life to be or how they are planning to make their life for the future. As a young girl who appreciate GOD and life I've planned my life for the future at age twelve. Where I'm going to live, where I 'm going to go, what I'm going to do, who I 'm going to approach in class, who I 'll avoid as friends, who I think will always appreciate me for who I am etc. Loving me for me as I show a hundred percent more of compassion, compendious, compatible love, trust, support and understanding as to me being the perfect friend shows you care a-lot more. Most time in my life, damaging, not giving happiness, destroying not building confidence. The life destroyer, darkens my future temptation of Satan's device, leaving trail of bribes of my human vice. Joy without suffering, life worth living are my goals as I be strong fighting those who try to irritate me and tell me that life and planning for the future is beyond my control. But I negligence believe that if you work hard on whatever it is you really want or think is right for you in life will come true. Achieving your life goals and truly believing in yourself that you can be or do whatever makes you be you knowing that no one is perfect yet guilty in the court of GOD, but if being axiom in ourselves averaging Right from Wrong in our daily life only a fool would say "Planning for the future is a waste of time; Too much of our future is beyond our control." Tomorrow is promised to no one but making your dream come true living life everyday...
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...Financial Planning BA101 Kimberly Bernard What is financial planning for a business why is it important, and what can happen if not done accurately. Financial planning is simply planning for the future of a business to ensure there will be positive cash flow in the years to come. Financial management is essential because it will either make or break a business or company, if you start a business without putting a plan in affect and just start spending or making decisions this can be costly. Having a plan in place will help you set and achieve financial goals. A business’s priority when creating a financial plan should be accurate cash management. Accurate cash management will also help the business see if there could be the potential for a cash shortage during any particular time of the year. This is a crucial part of the plan, let’s just say a business is having an employee outing or event and they don’t have a financial plan in place, what will happened? The business can put them into debt or not have enough cash flow to fund the event, this would be an embarrassment for the business or they would have to find other means to funding the event like having the employees pay a percentage of the event. This would tell the employees one thing, that the company doesn’t have enough cash to even offer an employee outing or an event without the help of the workers, I know I wouldn’t want to work for a company that would ask for help for an event that they are planning. Another important...
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...Financial Planning Worksheet Directions: Based on your readings and discussions in class this week, answer the following questions completely. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called: a. Developing goals. b. Personal financial planning. c. Collecting financial information. d. Personal finance. The answer is B, It prepares you for the future and your financial needs. This includes in it developing goals, and more so the answer is B. 2. Which of the following is not one of the five major steps of the financial planning process? a. Analyze your current finances. b. Establish and implement your plan. c. Collect and organize your financial information. d. Reevaluate and revise your plan as needed. The answer is C, this is not a major step of the financial planning process. 3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development? a. Teenage years b. Between your 50s and 60s c. Late 20s through your 40s d. During retirement The answer is C, This is where everything most of the time begins. At this age more things start to happen in our lives and we start to think about or focus on all of these things. 4. Which of the following are some benefits of having a college degree that can affect your financial...
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...BA101 Grantham University Financial Planning Financial planning is simply planning for the future of a business to ensure there will be positive cash flow in the years to come. Everybody can benefit from using a financial planner simply by getting all of your ducks in a row. Business is the number one people around that have financial planners. A Financial Planner will talk to you about your goals and finances. They'll then put together a personalized plan based on the building blocks to wealth. However, they bring the right knowledge, expertise and guidance to identify and help you achieve your specific lifestyle goals. It means you'll also be partnered with a qualified professional who's committed to helping you realize your financial possibilities. Once you've outlined your goals and the timelines within which you want or need to reach them, you can figure out how much you'll need to save to attain them. In addition to your earnings, savings and investments are essential to increasing your wealth. For instant, putting your money in an account that accrues interest means you can take advantage of compounding. Compounding occurs when the interest you earn is added to the balance in your account, creating a larger base upon which future contributions and interest can grow. So it can be a powerful force, especially over long periods of time. It's probably why Albert Einstein once said, "Compounding is the most powerful force in the universe.” Not only but also, my grandma...
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...Strategic Planning {What is it? How do you do it?} [pic] 2008 Table of Contents Page Content 3-4 Introduction 5 Section 1: The “What” of Strategic Planning 6 Why should departments and agencies plan strategically? 7-8 Section 2: The “How” of Strategic Planning 9-10 How do I gather data and where do I get it from? 11 Participant Selection 12 Survey/focus group question development 12-14 Core Values Development 15-17 Organizational “Purpose” Development 17-19 Organizational “Vision” Development 19-20 Organizational “Mission” Development 20-22 Organizational “Goals and Objectives” Development 22-25 What are Action Steps and how are they developed? 25 Performance Audit – Review of Organizational Strengths, Weaknesses, Opportunities, Threats [SWOT] 26 Gap Analysis – Compare SWOT analysis information with Draft goals and objectives 26 Contingency Planning – Worst and Best Case Scenarios 26 Integrated Functional Plans – Action Steps 27 Implementation Considerations 27 Monitoring and Evaluation 28 -42 Short Cut – Simplified Planning Model 43-57 Section 3: Sample Plan 58 Points to Remember Introduction This document is intended to provide the reader with information about strategic planning. It is organized into three sections to help the reader better understanding what strategic planning is about and how it...
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...Objectives – Scope- Functions of Financial Management – Financial forecasting – Financial Planning – Time Value of Money (NP) Nature of Financial Management: Meaning: Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise. Nature Scope/Elements 1. Investment decisions includes investment in fixed assets (called as capital budgeting).Investment in current assets are also a part of investment decisions called as working capital decisions. 2. Financial decisions - They relate to the raising of finance from various resources which will depend upon decision on type of source, period of financing, cost of financing and the returns thereby. 3. Dividend decision - The finance manager has to take decision with regards to the net profit distribution. Net profits are generally divided into two: a. Dividend for shareholders- Dividend and the rate of it has to be decided. b. Retained profits- Amount of retained profits has to be finalized which will depend upon expansion and diversification plans of the enterprise. Get MBA study materials, articles, order business templates and stock market updates from or http://www.easymbaguide.in/ or www.easymbaguide.jimdo.com or www.easymbaguide.blogspot.com. Give your valuable feedback easymbaguide@gmail.com. Join easymbaguide@yahoogroups.com to get updates ...
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...What is Career Planning? Career planning consists of activities and actions that you take to achieve your individual career goals. Career planning is the ongoing process where you: Explore your interests and abilities; Strategically plan your career goals; and Create your future work success by designing learning and action plans to help you achieve your goals. Who's Responsible for Planning Your Career? You have the lead responsibility for planning your career. Supervisors, managers, and your agency can provide you with meaningful assistance in this process. The following are examples of career planning actions: Employees: Decide what you want from your career now and in the future. Take actions individually or with your supervisor to assess your individual interests, strengths, and areas for development. ( See Steps to Career Planning ) Develop a yearly “Employee Development Plan” (See Part III of the Employee Work Profile ) with input from your supervisor, including current job development and long-term career objectives as part of the performance management process. Work with your supervisor to identify on-the-job learning and training opportunities, continued education, and/or avenues for professional development. Managers: Identify the job-related knowledge, skills, abilities, competencies and experience that employees need to be effective in their positions. Help employees define short and long-term development needs that support agency...
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