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HRM 420 DeVry Week 4 Homework Latest
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Individual Development Plan
INDIVIDUAL DEVELOPMENT PLAN
Insert your company name here
1. Name (Last, First) 2. Current position 3. Department
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1. Name (Last, First)
2. Current position
5. Plan period (dates)
THREE-YEAR PLAN & GOALS
6. Year 1 Developmental Goals
7. Year 2 Developmental Goals
8. Year 3 Developmental Goals
9. DEVELOPMENTAL OBJECTIVES
12. DESCRIPTION OF PLANNED DEVELOPMENTAL ACTIVITY (Include COST and DATE for Accomplishment)
13. EVIDENCE OF ACCOMPLISHMENT
Explain any hurdles or barriers you see in completing the above and what assistance is requested from the company or supervisor on the same.
Employee Signature and Date
Supervisor Signature and Date
Lillian R Potter, PMP
COLUMN 5: PERIOD The one-year period in which you will begin or accomplish the developmental objectives listed on this IDP form
COLUMNS 6, 7, and 8: YEARLY DEVELOPMENTAL GOALS identify your career and self? Management goals for each of the next three years to give yourself some benchmarks for progress in your professional development. Examples: Increase skills in. . . . Take on greater responsibilities as/in. . . . Qualify to become eligible for . . .
COLUMN 9: DEVELOPMENTAL OBJECTIVES List specific knowledge, skills, and abilities to be acquired or developed in this IDP year. Be sure your objectives may be reasonably accomplished in the period of time you have specified. Keep it manageable!
COLUMN 10: PURPOSE
A. Mission Need
C. Change in State-of-the-Art
E. Improved Performance
G. Develop Unavailable Skills
B. Organization Policy
D. New Assignment
F. Meet Future Staffing Needs
H. Career Interests
COLUMN 11: PRIORITY
3. Helpful . . . . . to achieving what?
COLUMN 12: DEVELOPMENTAL ACTIVITIES
Use one of the following to specify the developmental activity you will use to complete your objectives.
a. On? Site Training or Course
b. Off? Site Training or Course
c. Seminar or Conference
d. College or University Level Course
e. New or Rotational Assignment
f. Added Responsibilities
g. On-the-Job Training
h. Detail Within the Department
i. Details Outside of Department
k. Sabbatical or Leave
COLUMN 13: EVIDENCE OF ACCOMPLISHMENT
Cite specific product(s), outcome(s), or evidence that demonstrates the completion of the planned developmental activities
“No developmental activities required:” This block may be checked if there are no developmental activities required for the 12-month period of the plan. Acceptable reasons for “no developmental activities” may include pending retirement, expiration of or short-term nature of appointment, and so forth.
*Note: the completion of this form and discussion with the supervisor is not a binding approval for costs of training or development. A request for expense (RFE) must be completed and approved.
Answer the four following problems and submit all questions in a Word document. Include a title page with your name and APA (6th edition) information, headers, and any references you use to answer the problems. Note to students who are planning to take the SHRM Assurance of Learning exam, PHR, or SPHR exam, these problems are derived from SHRM-based scenarios. (Homework Part 2, 25 points)
1. Training return on investment (ROI) is a calculation of economic return on a project. Refer to the lecture for the formula. Review this problem.
An organization lost 125 employees last year, at a cost of $5,000.00 each. (Value is derived from cost to rehire and fill opening, as well as lost investment in the employee.) You suggest that a one-time investment in a training program (costing $250,000 up front) will reduce turnover by 50%. Calculate the following numbers using historical figures as your assumptions.
Total savings that the program stands to create
Net savings the first year in place
Return on investment after one year
Return on investment after two years
Return on investment after six months (assume half of the employees/but all of the cost) (5 points)
2. Cost-benefit analysis presents data as a ratio to determine financial impact on company profitability. The formula is: cost-benefit ratio = value of projected benefits divided by cost.
We have estimated that a training program on sexual harassment will cost $14,000 and result in a savings of $70,000 (the cost of the two settlements we paid last year).
What is the cost-benefit ratio of this training? (2.5 points)
What is the return on investment after one year? (2.5 points)
Do you agree that we can use the amount of our settlements from the prior year as our savings figure? Why or why not? (5 points) (10 points total)
3. Break-even analysis. This is the point in which revenue (or savings) from the program equals the cost of the program-the time the company has "broken even" on the cost of the training.
Formula = Break-even point = cost/savings * time
*time is the period of time in which the return is being calculated? If annually, then 12 months.
A program has an annual cost of $70,000 and is expected to generate in return a savings of $80,000. When would the break-even point occur, given steady savings and costs? (5 points)
4. Why is it important for trainers to be able to estimate the ROI, cost-benefit analysis, and break-even analysis? Give three reasons why calculating this information will assist the training endeavors.(5 points)d in the period of time you have specified. Keep it manageable!
An organization lost 125 employees last year, at a cost of $5,000.00 each. (Value is derived from cost