Strong Medicine: A Case Study of the Indian Healthcare Sector
The Paradox of the Indian Healthcare Sector For a country that prides itself on being a welfare state that looks after its many poor and underprivileged citizens, India spends surprisingly less on healthcare as a percentage of GDP or Gross Domestic Product than other developing and developed countries. Indeed, India is among the countries with […]
Goldman Sachs and the 1MDB Scandal
The 1MDB scandal is a scandal of epic proportions that was uncovered in Malaysia almost five years ago. This scandal has led to a lot of consequences in Malaysia. For instance, this was the main reason behind the sudden downfall of the previous Malaysian Prime Minister Najib Razak’s government. The main accused, Jho Low, who […]
Three Layers of Banking as a Service
The concept of banking as a service is revolutionary. This is because banking as a service is a mechanism using which commercial banks can now collaborate with other non-banking entities in order to expand the coverage of their services. Hence, this model has led to a decomposition of the commercial banking value chain. Earlier, all […]
Famous Cases of Hyperinflation
The common perception amongst lay people is that hyperinflation is the economic equivalent of a doomsday. True, that the consequences are dire and the threats are real. But this sort of stuff almost never happens, does it? This is the opinion that the common public holds when they are confronted with the issue of hyperinflation. […]
Role of Freight Forwarding & Logistics Companies in Supply Chain Management
Global Logistics Scene is dominated by a handful of ten to twelve multinational Companies followed by smaller companies altogether numbering below fifty. Entire global trade is facilitated by these service providers. Major players in the field are lead by DHL, Kuehne + Nagel, Schenker/BAX, UPS, Geodis, Expeditors, Agility, CEVA Logistics, Hellman worldwide logistics, etc. The […]
Individual development plan plays an instrumental role in employee development. Individual development plan is generally prepared both by the employee as well as the employer as to what all initiatives the organization needs to take to enhance the skills of an employee and help him grow both personally as well as professionally.
Individual development plans are generally well written and hence taken seriously both by the management as well as employee.
In an individual development plan, employer or the team manager outlines the job responsibilities/key responsibility areas of an employee in lines with his educational qualification, back ground, specialization and areas of interest.
In a layman’s language through individual development plans superiors decide the career goals of employees and how they can accomplish the same.
Individual development plan is designed and implemented in the following steps:
Employees ought to analyze their strengths and weaknesses to know the gaps between their current stage and desired stage. No one knows you better than yourself. Find out what all skills you should know if you really want to excel in your professional career. Set a benchmark for yourself. Every employee should have well defined key responsibility areas and job responsibilities, the very first day he/she joins an organization.
At the end of every month, jot down what all important you did in the month, your achievements, your contributions towards the organization and so on. Check whether you have exceeded the targets of your previous month or not?
Compare your knowledge and skills with those mentioned in your key responsibility areas. Do not hesitate to send weekly or monthly reports of what all you have done to your seniors. Performance monitoring is essential to successfully design individual development plans. To know what extra you need to learn, you need to understand where all you are lacking. Ask for proper feedbacks from your seniors.
It is essential for employees to evaluate their current position in the organization and how they can improve their performance which would not only help in their career development but also benefit the organization. Identify what the management expects out of you ? Organizations face problems as majority of the employees do not know what they are supposed to do in the system ?
Ask yourself what if in the coming times you have to handle new clients or your organization asks you to perform additional responsibilities? Are you really capable of surviving the changes in the work environment ? Are you well equipped to face unforeseen circumstances or adverse conditions ? Do not always think about the present but also for the future. Find out what all new skills you need to learn to be an efficient resource for the organization.
Identify how you would achieve your career development goals. Identify what all steps you need to take to upgrade your knowledge and enhance skills ?
Prepare a rough draft of your development Plan. Do take the help of your manager or supervisor. Your manager’s approval is necessary. Once you are ready with your individual development plan, put your plan in action. Implement your plan and evaluate your progress on a regular basis. Find out how the plan is helping you.
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Current Employment Trends and Their Implications for Business, Society, and Individuals
February 12, 2025
