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Department
Commerce
Course
COMMERCE 1B03
Professor
Rita Cossa
Semester
Winter

Description
COMMERCE 1E03 Professor Rita Cossa Tutorial 17 Group Number 172 March 18, 2013 Group Report Surname Name Student Number E-Mail Assaf-Costabile Roberta 1205089 [email protected] Del Sordo Christina 1218219 [email protected] Dobrov Dmitri 1201714 [email protected] McLeod Tristan 1218583 [email protected] Prebianca Connor 1155946 [email protected] Contents Introduction..................................................................................................................................................1 Functional Area and Topic............................................................................................................................1 Current Research on the Topic....................................................................................................................2 Conclusion...................................................................................................................................................2 Appendix A – Increase in CIBC’s Training and Development Budget Between 2010 and 2011...................3 Notes...........................................................................................................................................................4 Bibliography.................................................................................................................................................6 Secondary Sources.........................................................................................................................6 2 Introduction The purpose of this report is to research and analyze a specific topic within one of the functional areas of business. The Club of Hamilton has therefore chosen the topic of management training and development, which falls under the functional business area of Human Resources (HR), as its primary topic. Using a variety of secondary sources, this report describes the implications of management training and development, and highlights how the assigned company, the Canadian Imperial Bank of Commerce (CIBC), applies it. In addition to its application CIBC, the topic’s impact on the bank is discussed. Finally, current industry views and applications concerning the topic are presented. Functional Area and Topic The functional area of business chosen by the Club of Hamilton for this report is HR and the topic that will be further analysed is management training and development. Human Resource Management (HRM) is the achievement of organizational goals through the procedure of recruitment, selecting, developing, 1 motivation, evaluating, compensating and scheduling employees. Companies incorporate HRM as well 2 as management training and development in their business practices. When development and training are reinforced, employees have a greater potential of becoming professionals that fulfill roles that contribute to the organization’s success as well as the individual’s satisfaction. In order to accomplish company objectives, management training and development are being used more often in modern day business. 4 In adhering to its mission statement, CIBC is devoted to helping its employees and managers excel in achieving personal and business goals. CIBC showed their commitment to its mission by increasing investments in training and development to C$58 million in 2011, up from C$56 million in 2010. Based on The Club of Hamilton’s calculations, which is provided in Appendix A, this marks an 6 increase of 3.57% from the previous year. With this investment, CIBC expanded its existing training initiatives, such as its Leadership Development Program, which aims at enhancing the strengths and 7 skills of its global management team. The company has also expanded its People Manager Essentials Program, which is continuously developing its managers’ leadership and communication skills in order for them to improve their employees’ performance. Finally, in its ongoing commitment to training and development, CIBC created a Talent Management team to “find, develop and retain [its] next generation of leaders”.9 CIBC’s HR department has created a meaningful vision and strategy that employees can strive to achieve. However, for the company to achieve success and become a leader in their field, there is no question that proper management development is essential. 3 Current Research on the Topic Management development is being used more frequently as businesses evolve to 10 accomplish their many goals. Supporters of management development find that keeping employees productive is problematic if they are not managed correctly. 11 There are a variety of methods that are 12 implemented in the managerial development process. Examples of training initiatives include on-the-job 13 training, understudy positions, job rotation, and off-the-job courses and training. These management- training methods assist managers in expanding their knowledge, practicing new skills, and learning from higher-level managers. 14Overall, companies benefit from practical management training because their 15 managers will be better equipped to obtain goals and increase company success. Two methods of management development being implemented by modern-day businesses are 16 talent management strategies and Sustainable Executive Performance (SEP). Talent management strategies focus on maintaining highly skilled and talented business leaders, by creating individual training plans for managers, based on their existing strengths and weaknesses. 17 SEP is a management development program with two main objectives: to help employees by providing tools to improve their health and energy levels, and to enhance well-being and performance in the working environment. 18In order to keep developing skilled managers, and particularly managers who are committed to long-term 19 success, these two methods, among others, must continue to be implemented. The best-performing companies recognize the importance of human capital as their most 20 21 valuable asset. However, in the midst of economic recession, budgets for training ofte
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