FPC007B Professional Development Plan Assignment Sample

• Subject Code : FPC007B
• University : Kaplan University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Engineering

Client Engagement Skills

Business Problem

Different Investors as client approached the investment advisor, who after analysing their interview survey in the Assignment 1 has identified some behavioural and emotional issues of the clients towards the investment. One of Client is overconfident though initially made some profits after that incurred huge losses and other who is beginners makes investment completely on emotions.

As a Financial Advisor, it is duty of the advisor to engage all type of client and provide solutions looking into the personal emotional quotient of the client. And to do so it is important for the Advisor also to develop a plan for himself and his team to understand the concept of Emotional Intelligence , different theories around , how the communication is related to EI and generate a professional development plan to be competent to meet the current gap to professional engage the client in a successful manner.

Definition of Emotional Intelligence

Emotional Intelligence is a capability to recognize emotions of everyone. It is used to establish an emotional connection between two or more individuals, and helps to identify the opportunities and disagreements between them and necessary steps to resolve them. (Anon., n.d.)

To have a high Emotional Quotient is important for every level of employees whether being Managers, team leaders or for even entry level employees. Emotional Intelligence helps one to resolve communication barriers within the organization, it helps employees to be more emotionally open in their work place as it facilitates the free flow of unbiased emotions and information throughout the organization.

Emotional Intelligence

In 1995, a thesis was presented by Daniel Goleman presenting that the success in life depends on abilities such as self-awareness, self-control, and empathy on intellectual skills like learning ability and logic. He identified human behaviour is such cognitive and rational, that it is associated with one part of the brain, and another part of the brain is associated with more primitive and instinctive behaviours — the ‘emotional brain’ -Goleman 1995

For upholding the principles set forth by professional associations around the world, the individual financial adviser must be equipped with the emotional intelligence (EI) is considered necessary. In order to uphold the key principles of objectivity, competence and fairness, Emotional intelligence is very important. The principle of objectivity depends both on rational thought and emotional intelligence. It means an awareness of one’s own thoughts and emotions and also client’s emotions. The principle of competence also depends on how you balance situations of stress and emotions for the financial adviser and the client. Subordination of own feelings, beliefs and biases is required for the principle of fairness. -Swanson & Braid foot 2013

(Whipp, 2014) EMOTIONAL Intelligence (EI), as a psychological theory, it was developed in the late 1980s by Peter Salovay and John Mayer. The emotional intelligence can be characterized according to Salovey and Mayer as a component of social insight that incorporates the ability to assess and care for the feeling of oneself and that of others so as to segregate among the various people and to actualize this data to administer the thinking about the individual and lead. EI was characterized as

• The capacity of an individual to regulate absolutely, assessing and showing the sentiments
• The capacity of an individual to think of the inclination when a few musings are produced
• The capacity of the individual to have a superior comprehension of feeling and enthusiastic information
• The capacity of the individual to control the feelings to advance scholarly turn of events

Strength and Weakness of the Emotional Intelligence

Strength of EI it gives the system to the person to settle on the choice based on realities as opposed to feelings. The individual can't be tricked by others because of their phony feelings

Weakness of EI it person with higher enthusiastic insight has a low degree of development and imagination. They treat each connection and collaboration being impartial that hampers their social relationship

Emotional strengths at workplace:

1: Positive outlook towards things 2: Patience by giving people appropriate time to do things 3: Confidence and believe in oneself.

b) Emotional Weakness: Fear and overthinking towards and issue

Strengths

Eustress or Positive stress provides us an opportunity to blossom and rise. The situations of normal routine like overtime working hours, excess work overload, meeting or achieving targets, cultural differences among the employees or colleagues at workplace are the some examples of positive stress that should be appropriately dealt with the help of a properly defined EI (emotional intelligence). EI acts as a catalyst and it speeds up the positive stress by interacting with people who are around. Problems are always solved and situations are always won by keeping everyone together and interacting more with people. With this, betterment of an individual and elevation of organization is achieved. One of the strength is the capacity for recognising own and other feelings , emotions and motivating accordingly in building relationships. (Goleman 1998, p. 317)

Mindfulness means being completely aware of oneself and being non-judgemental as well as enthusiastic at the same time. EI and mindfulness are alike in nature. The key and major attribute of mindfulness at workplace is being an in charge of your own life through endeavours. EI and mindfulness minimises conflicts and difference and on the other hand, it also enhances team cohesiveness and team bonding. Humour also acts as a proactive tool in this regard.

Respecting and loving people around me, understanding them and always being ready when they need help, apologising them at the time of making mistake, praising them for doing good and forgiving them at times of fault are my areas of strengths. However, low capability or power of listening and feeling de-moralised or discouraged at times when someone criticises are some of my drawbacks or weaknesses.

It is important to enhance on listening capabilities by questioning people around them and getting more and more answers to listen them. Which in turn increases listening capacity gradually.

Weakness

Anxious Feeling is a weakness generally people suffer from when the work is not progressing according to my plans. They get finicky about the situation which makes it even worse.

People are introvert and reserved and like to stick to themselves. They don't like to socialize much and prefer doing my own stuff as it gives me more satisfaction.

Real world situations where they would be able to practice emotional intelligence are at workplace where sometimes situation becomes tricky and out of hand and you have to be emotionally intelligent during those times so that you do not lose your temper. As an example, when you know that you are right and your boss is wrong and he is getting mad at you for no fault of yours, you still have to be calm and handle situation with peace of mind since if you get angry, then situation gets out of hand and relationship with your boss gets affected.

Laying the role of the victim or not taking personal responsibility for errors clear signifies us to have a low level of EQ and not taking some responsibilities would seriously affect our job career.Refusing to work as a team will make us look like a looser and everyone will start bullying us when we are not in the part of any team.

Frameworks for explaining the nature (positive and negative) of engagements by Goleman and Geno

As per the work of John Mayer, David Caruso and Peter Salovey in 1990s, emotional intelligence was recognized and considered as a different type of human intelligence. At the same time, Daniel Goleman in his Emotional Competence Model has defined a framework for competency which helped individuals to learn emotional intelligent behaviour. Later in Australia, a Genos model of emotional intelligence was developed by Ben Palmer and Con Stough. (Goleman 1995)

Geno EI Theory (Stough et al. 2009)

(Anon., n.d.)

Goleman’s EI theory:-

Evaluation of Communication style and its possible perception

Emotional intelligence also helps in managing stress levels at workplace which involves a proper and effective communication with peers and employees and one shouldn’t get angry or hyper unnecessary at our employees/ colleagues at times when they communicate their issues and problems or show their resentment to anything irrespective of the working conditions. “E I impacts executive’s ability to resolve key issues of corporates with high integrity & authenticity”. (Frenchetti, 2016)

One should always use and adopt positive and energetic nonverbal communication i.e. body language so that one should always remain calm and composed and should feel happy and smiling even at strained times at work.

Acts of Humour should always be added at the workplace to engage people so that they don’t get tired and bored of their monotonous and mundane routine work. For an example, a boss should crack jokes during an official meeting to make everyone feel lighter and energetic.

Conflict Resolution at workplace should be adopted in such a way that it does not results into any biasness and each party should be given a chance to speak and put their views.

Characteristics of a good leader is to create such kind of work environment for employees that everyone feels important to organization and every employee feels belongingness towards each other and to the organization. Leaders with high emotional intelligence can use their social competencies to foster employer- employee relationships and also helps in building trust among employees. High emotional intelligence is related to improved job results, stronger team function, enhanced productivity, employee engagement and tolerance of change. Above and beyond the office, individuals who are socially savvy also experience stronger interpersonal ties at home.

Expression is also a way of communication style, Emotional intelligence refers to the capability of any person to understand their emotions or feelings and manage them. It shows the senses of a person to understand their emotions themselves and the emotions of other people. At a workplace, People prefer that emotional intelligence is important Employees with Emotional intelligence might be more devoted employees at your workplace. It can be useful to understand the values and convert them into actions. Emotional intelligence is quite helpful in the workplace. Emotional intelligence might be more devoted to employees at your workplace, and they would be more loyal to the firm as compared to the other employees. For example:- If someone has a bad day, instead of concentrating on worsening the situation and thinking about the same, one should concentrate on understanding the situation calmly and try to find solutions to it.

Various networking software with social emotions software have been set up that analyses the emotional angle of people and give a rating accordingly- as introvert, extrovert, shy, confident, friendly, social, growth seeking, emotional, romantic, entertaining, self-perceptive, dominant etc. Various policies are usually described by marketing person with confidence and leadership qualities for the upliftment of partnerships and business collaborations to earn profit in the long span.

Opportunities to improve emotional intelligence--1) always think positively 2) always have a tendency to help others 3) interacting and communicating with people in a confident and appropriate way 4) investing money and wealth in health and educational fund of children 5)various monetary benefit for employees in the form of cheques, gifts or incentives for hard and good working and laborious employees in the form of bonus payment policies 5)yoga for peace of mind and soul 6) polite nature while communicating with people.

Professional Development Plan

Many strategies employed by sports team managers are often effective in the workplace. Thinking a position in coaching may be successful on an person level and on a team level. The world of sports is close to the workforce in that a squad has to be well assembled and trained, there is still a target and an action strategy, and there is always a lot that can be learnt along the way. This is what sports trainers do every day that makes people compete at their peak and motivates them to excel and accomplish their objectives.

As per the survey outcome it was found that survey was helpful identify the EI quotient toward the risk taking of the person for an investment. It will Financial Advisor to engage its client on the basis of its EI q level.(Jureviciene, 2012) did a research on the behavioural finance theories in households' decision-making process and according to it investors could be divided into four general categories according to attitude on risk and behaviour result from the questionnaire, they can be categorised as cautious, methodical, spontaneous or individualistic, due to their market strategies and their risk tolerance. Development plan will be as per the Risk taking capability or intention of the person:-

(I Able, n.d.) Suggests that how an investor can find out in which category one falls as per risk is concerned depending on his goal and when it is required and related risk tolerance level, High Medium and low.

(www.investopedia.com, n.d.)

Managers may benefit from their methods, from supporting and inspiring staff leaders to be an professional or pro in what they are doing; Setting objectives for people that are special to that person and represent their strengths and personal aspirations; utilizing teamwork strategies that allow team members some influence about how tasks are achieved and a sense of responsibility in the process; finding fresh, distinct and improved methods of doing things, and keeping an active mind while offering recommendations (and inspiring team members to do things). For investor advisors it helps a lot to understand their clients and provide the solution as per their risk taking capabilities. And dot that following competencies are required and company can create such type of professional Development plan for enhancement of the competency of the employees ( It is purely assumption based and example )

Along with the above company can also work on following recommendation to deal with the EI issues in client engagement:-

• Managing negative emotions:We are surrounded by many stressors and negative emotions are most important from them. It will be recommended to people not to jump into the conclusion to listen anyone’s word. One should analyse the situation and conclude the situation by own judgment.
• Practicing empathy:A person can be called empathetic when he will feel another’s situation and will imagine himself in that situation to understand better. Practicing empathy can increase power of controllability of emotions.
• Analysing stressors:Avoiding distresses are important for controlling emotions. This will help people to be more organized and cognitively active. Awareness about self: It is important to assess self before accessing any other person. Knowing about strength and weakness of helps people to function accordingly.
• Awareness about society:In this point, the concept of real self and ideal self comes. Real self indicates a person’s own self and ideal self indicates that the society wants a person to be like. Emotional intelligence depends on how a person can handle different situations in the society. For that knowing the surroundings is important.
• Relationship Management:In relationship management it can be seen that people became emotionally overwhelmed and cannot control the emotions. It is important for couples to use more humours than negative or serious words. In any conflicting situation, empathy is needed. Two people might not be same, might not have same needs and might have different views. Most important step is that to respect each views of each person to maintain the good relationship.

Reference for Professional Development Plan

Anon., n.d. https://economictimes.indiatimes.com/definition/emotional-intelligence. [Online]
Available at: https://economictimes.indiatimes.com/definition/emotional-intelligence
[Accessed 2020].

Anon., n.d. https://web.sonoma.edu/users/s/swijtink/teaching/philosophy_101/paper1/goleman.htm. [Online]
Available at: https://web.sonoma.edu/users/s/swijtink/teaching/philosophy_101/paper1/goleman.htm

Frenchetti, S., 2016. https://franchetti.com/emotional-intelligence-impact-communication-workplace. [Online]
Available at: https://franchetti.com/emotional-intelligence-impact-communication-workplace
[Accessed September 2020].

I Able, n.d. investment-options/what-type-of-investor-are-you. [Online]
Available at: https://www.iable.gov/investment-options/what-type-of-investor-are-you
[Accessed September 2020].

Jureviciene, D., 2012. https://www.researchgate.net/figure/Investor-types-classified-by-risk-taking-and-the-way-of-making-financial-decisions. [Online]
Available at: https://www.researchgate.net/figure/Investor-types-classified-by-risk-taking-and-the-way-of-making-financial-decisions_fig3_268467098
[Accessed September 2020].

Whipp, C., 2014. five-components-of-emotional-intelligence-ei. [Online]
Available at: https://veterinary-practice.com/article/five-components-of-emotional-intelligence-ei
[Accessed September 2020].

www.investopedia.com, n.d. https://www.investopedia.com/articles/basics/03/050203.asp. [Online]
Available at: https://www.investopedia.com/articles/basics/03/050203.asp

Goleman, D 1995, Emotional intelligence, the University of Michigan, Bantam Books.

Goleman, D 1998, Working with emotional intelligence, Bloomsbury Publishing, London.

Mayer, JD & Salovey, P (eds) 1997, Emotional development and emotional intelligence: Educational implications, Basic Books, New York.

Stough, C, Saklofske, D, Parker, J & Cignac, G 2009, The genos emotional intelligence inventory: a measure designed specifically for workplace applications, Springer, Dordrecht

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