Academic Master

Business and Finance

Training Need Analysis

What is your training problem statement or objective?

The training aims to impart to both management and accountants the relevant skills on how to utilize the new accounting software in the business. The accuracy of users’ financial information will be enhanced through the use of the new software. Also, the accessibility of the financial information of the company by the potential user will be easy as a result of the new system.

What are the skills and knowledge required to perform the work?

First is the basic computer skills. Some of the employees in the firm have limited knowledge of computers; therefore, training will focus on imparting necessary computer skills to the employees. The operation of the software requires essential computer skills; hence, the employees should be trained to perform their daily activities effectively. Initially, data entry in journals and ledgers was manual since most accountants were computer illiterate. Nevertheless, the introduction of the new software in accounting enhances the entire accounting process, but there is one challenge. The challenge is the incapability to establish the cause of the accounting error. The second skill is how to key the raw data into the system. The employees should know how to log in and understand the dynamics of financial data entry when using the new software. The basic skills of error originality are the last essential skill for employees. It enables employees to minimize and correct the activities that cause accounting errors during operations.

What are the measures of successful work performance?

The number of errors that result during the generation of reports and data entry is the primary determinant of successful work performance. Currently, human error has been reduced since the accounting process is automated. However, the process of keying data in the system is manual; thus, it is vulnerable to errors. For instance, posting the transaction is the major part that is prone to errors. Therefore, a well-performed work is associated with limited or no error.

Are people performing at the levels required?

The performance of most individuals is comparatively good since the mission and vision of the firm are achieved. For instance, the firm has managed to maintain a crucial accounting aspect. The payable amount of money, which is a core characteristic of accounting, is well-tracked. All the payable information of accounts is updated on a daily basis, which means the performance of employees is at a high level. The new software has facilitated frequency updates of the accounts.

Is there under-performance for specific groups of employees?

The performance level of employees varies according to their knowledge, skills, and training. Few employees are performing at low levels. The manager established the performance of each employee through the use of a client survey. Email links and Survey Monkey, a digital survey, were employed. A few clients noted a few errors in the financial statements, hence indicating the existence of underperforming groups. The errors are mistakes during data input. Conversely, various client responses were positive. The second approach is the use of OKRs. It involves the addition of an extra objective to the checklist for each employee. The evaluation at the end of the fiscal quarter indicated the number of accounts that performed less. A quarter of employees did not achieve their state goals appropriately.

What are the causes of under-performance?

The presence of ineffective Onboarding and accounting software systems is one cause of a business’s poor performance. Define management of organization processes and practices to determine staff performance. Efficient implementation of the new system requires enough capital. However, the company usually ought to implement shortcuts that reduce the efficiency of the system, leading to under-performance. Pre-training and quality induction on the new software reduces under-performance.

Disconnection of the employee also causes under-performance. Disconnection results when business visions, missions, beliefs, and directions are not understood or shared by the employees. In most instances, employees are emotionally disconnected. Individual values and passion act as fuel for the performance. Conversely, it is liable to diminish when there is poor connection or interest. Underperformance can only be eliminated when workers have a common belief and vision.

What training will help bridge the gap between the standards of performance needed and the actual performance?

The business has an automated system which solves accounting cycle steps automatically as long as raw data is entered. The employees need to learn new skills to operate the new automated system. Therefore, training has two major ways of linking the actual and standard performance in an organization. The first one is promoting accountability. It will be possible to trace back any activities to an individual since the system will have a user account for every accountant. The new feature of “tracing back” will enhance accuracy during data entry. The second approach is teaching employees the use of the new software. The new software will minimize the accounting workload.

Is there specific training that is needed in the training triad categories below?

Employee training will involve technical training on accounting software usage. Professional training will include four aspects. First, log into the respective user accounts after the program has started successfully. The second aspect is using the system to post entries as well as to check errors. The other element is using the system to generate charts and reports revealing the firm’s financial performance trends. Finally, reversing entries were made to track the user who posted the entries. Also, training on business skills, such as coaching and time management, will be provided. Coaching training enables employees to assist their colleagues in using the system. Time management skills enable employees to prioritize tasks as they conduct their duties.

What is the expected return on the investment (ROI)?

ROI is used in investment efficiency evaluation or in comparing the efficiency of different investments. The firm will use an improved version of Xero accounting software. The company will spend $540 annually on the software, including training expenditures. The firm will save $720 annually. The net profit is:

$720-$540 = $180

The cost of investment is $540

ROI = (Net Profit ÷ Investment cost) x 100%

= (180 ÷ 540)*100

=33.333%.Therefore, the ROI of the investment is 33.33%.

What does success look like?

A business that operates or carries out its role in a unique way indicates success. A successful business has high revenue. High-income results when a company meets all its objectives, mission, and vision. Thriving businesses concentrate less on “pushes” factors compared to “pulls” factors.

Do you have a budget for the training development?

The training budget is available. The training cost is minimized through the use of an e-learning platform. Initially, the employees were taught the necessary computer skills to boost their learning process. The relevant stakeholders must approve the training budget. The main components of the training budget are the soft copy training manuals, brochures, and certificates. The facilitator fee is not included in the budget because the software offers free training as an after-sale service.

Any other relevant information?

Training needs analysis is crucial since all business needs are comprehensively understood. It also links the open gap in the organization. Nevertheless, having an appropriate objective before conducting training needs analysis is mandatory. Research and innovation are vital areas that should be prioritized over training.

References

Barbazette, J. (2006). Training needs assessment: Methods, tools, and techniques. San Francisco: Pfeiffer.

Donovan, P., & Townsend, J. (2015). Learning Needs Analysis Pocketbook. New York: Management Pocketbooks.

Marr, B. (2015). Key Performance Indicators (KPI): The 75 measures every manager needs to know. Harlow: Financial Times/ Prentice Hall.

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