Cash Management System (CMS) Implementation

Carryme Treasury Department Report

A1 – Project Plan

Two recent projects, one of which to implement Carryme’s existing Treasury Management System (TMS), were unsuccessful and it became apparent that the treasury department lacked project management skills.

The current cash management process has a number of issues including the manual handling of cash receipts and labour-intensive bank account reconciliation. As such Carryme are looking to implement a new Cash Management System (CMS) to resolve these issues and improve the efficiency of the existing process. This report sets out a detailed project plan for the selection and implementation of a CMS to aid in the successful completion of this project.

Purpose: to select and implement a new CMS for Carryme

Objectives and Goals: Select and implement a new CMS which meets the below SMART objectives:

• improve the safety and security of handling cash receipts by enabling customers on buses to pay via debit or credit card which will reduce physical cash collections and consequently the number of bank accounts required
• streamline the system for dealing with cash receipts by automatically reconciling Carryme’s bank accounts
• enable cash pooling and netting to optimise Carryme’s overall liquidity
• enable international cash management in multiple currencies
• enable multi-bank reporting and transaction reconciliation
• enable automated straight-through processing of cash transactions
• enable detailed cash flow forecasting
• the CMS must be fully integrated to the existing TMS
• the CMS must go live in six months’ time

Scope: To select and implement a new CMS. The running and maintenance of the system following the go live date is not within the scope of this project.

Assumptions:

• This project has received prior Board approval to go ahead.
• There has been no budget set and therefore it has been assumed that Carryme’s priority is to implement a CMS which provides the requested functionality ahead of minimising cost.
• The treasury team will not be part of the project team due to their lack project management skills however, they will be consulted throughout the process as the end users of the CMS.
• There is not enough information to conduct a cost/ benefit analysis and therefore it has been assumed that the benefits of this project outweigh the costs.
• An appropriate project team size is six people.
• The schedule has assumed that there are no public holidays within the project timeframe.

Risks

Project Team

The project team will include six people and a PM. The team will be selected to provide the right mix of behavioural, business and technical competencies. An example structure chart has been provided below:

The required size and roles of the project team should be revised dependent on the offering of the chosen system vendor; they may provide developers and testers as part of their solution which would enable the project team to reduce in size.

Each of the functional leads will work with a deputy to ensure that key information is known by a number of individuals, reducing the risk associated with the unexpected absence of a team member during the project.

It is imperative that the project team share their contact details with each other to facilitate open communication.

Roles

Project Sponsor:The Group Treasurer (GT) will be the Project Sponsor and will champion the project throughout its duration. They will also be responsible for communicating the project’s goals to the wider organisation, overseeing the progress of the project and reacting to any strategic problems.

Project Manager (PM): The PM is crucial to the success of the project and therefore will be carefully selected. They will need to display the following key skills: team leadership; influencing and communication skills; analytical thinking; customer orientation; motivation; desire to achieve; concern for order and quality and information seeking (DipTM Unit 3 p34). Additionally they need prior experience in the selection and implementation of cash management software and an accredited project management qualification such as PRINCE2.

The PM will ensure that the project is delivered on time, to budget and to the required quality standard. They will ensure the project is effectively resourced and will manage the change process and relationships with key stakeholders alongside the GT. They are also responsible for maintaining a co-operative, motivated and successful team.

Business Analyst (BA) and Deputy Business Analyst: will be responsible for liaising with the treasury team and other key stakeholders to understand, capture, analyse and document the project requirements. They will need a strong commercial knowledge and good communication skills.

Developer Lead and Deputy Developer: will be primarily responsible for the technical integration of the CMS with the TMS. They will need particularly strong development skills to ensure smooth integration and minimal disruption of the existing TMS capabilities.

Testing Lead and Deputy Tester: will be responsible for testing the CMS, ensuring that both the CMS and TMS work as they should when integrated. They will need strong technical and problem solving skills to resolve any issues.

Project Schedule

The project has been broken down into the below key tasks:

1. System Research (2 weeks) – Initial research must be conducted on potential vendors. This stage may include attending conferences, speaking to industry contacts, seeking recommendations and viewing demos. A ‘request for information’ should be prepared and sent out in order to gather information from the various suppliers who operate in the CMS market. This should give a good idea of the ‘art of the possible’ and will limit scope creep at a later stage in the project.
2. Define the CMS requirements (3 weeks) – In addition to the high level objectives provided by the GT, a thorough review of Carryme’s current cash management processes and systems should be conducted. This should be followed by a discussion with key stakeholders, in particular the GT and the treasury team, to agree system requirements. Medium and long-term requirements should be considered as well as immediate. A ‘requirements definition’ document should be produced by the end of this stage. Additionally, a Request For Proposal (RFP) should be produced which can then be shared with potential vendors.
3. RFP (2 weeks) – Carryme should share the RFP with two or three vendors who have impressed in the system research stage. The RFP requests potential suppliers to provide detailed responses, prices and proposals to address the specific criteria in the RFP.
4. Workshops and Structured Demos (1 week) – Dependent on the competitiveness of the process, the final short list of suppliers may carry out a number of workshops and structured demos of their software. At the end of this stage, the vendor should be selected.

The first four stages above will be led by the BA team with oversight from the PM.

5. Implementation and testing (3 months) – The project team should work with the vendor to implement and integrate the chosen CMS with the TMS. The testing will occur alongside implementation using an agile style methodology and will include User Acceptance Testing carried out by the treasury team. Significant time has been provided for this stage to incorporate headroom should any issues or scope creep occur. This will be the most labour-intensive stage for the developer and testing team.
6. Training (2 weeks) – Training for all treasury staff, and those who many need to use the CMS, should be conducted with the supplier to ensure optimum use of the software.

There is just under a month between the scheduled go live date and the end deadline which leaves a good amount of headroom for contingencies.

The whole project and key milestones are displayed in the below Gantt chart:

In addition to the Gaant chart above, it may be appropriate to produce a work breakdown structure or specification tree dependent on the granularity of requirements.

Monitoring

The PM will monitor and control the above tasks against the three key variables of cost (cost to date vs. budget), time (project plan vs. percentage complete) and quality (compliance to the project or Carryme’s organisational governance).

The project team should meet weekly to provide an update on their work streams as well as highlighting any issues. If the issue is significant it should be immediately reported to the PM rather than waiting for the team meeting. Following team meetings, the project plan should be reviewed and updated. The PM will also report to the GT on a weekly basis to provide a high level update of progress.

A2 – Change and Stakeholder Management

Research finds that 70 percent of change programs fail to achieve their goals, largely due to employee resistance, and that when people are truly invested in change it is 30 percent more likely to stick (Ewenstein, Smith and Sologar). This is supported by Kurt Lewin’s freeze model which recognises that people prefer the safety and feeling of control within their existing environment and have little desire for change. The model states that change involves a move from one static state via a state of activity to another static status quo via a three-stage process of unfreezing, changing and re-freezing (Pettinger, 2012 p53). A common issue is that people are unable to see a need for change nor do they see the benefits of the end point (re-freezing stage).

(Pettinger, 2012 p53)

Therefore, it is crucial that both the issues with the existing set-up and the benefits of the new cash management system are articulated to the relevant stakeholders.

Kurt Lewin further investigated the factors that effect change by splitting out the forces which drive change and those that restrain it:

The driving forces should be reinforced and strengthened through communication and high quality open information and the restraining forces should be addressed individually with concerns answered where possible (Pettinger, 2012 p53). This is an exercise that the Project Manager (PM) should conduct as identifying these forces ahead of implementing the project should increase the likelihood of success.

Kotter’s eight step model provides step-by-step approach to change:

1. Create urgency
2. Form a guiding coalition
3. Develop a vision and strategy
4. Communicate the vision
5. Enable action and remove obstacles
6. Generate short-term wins
7. Hold the gains and build on change
8. Anchor changes in the culture

(Cited in DipTM Unit 3 p196)

This model further supports several of the actions recommended by Lewin: create urgency through communicating the issue and the requirement for change; develop a vision through communicating why the desired end state is beneficial; remove obstacles through reducing restraining forces and hold the gains by strengthening driving forces.

In reference to Lewin’s restraining forces, Ken Blanchard states that change is successfully implemented when people have an opportunity to express their concerns and influence how the change is implemented (2007). This further emphasises the importance of identifying restraining forces and concerns as early as possible in the project so that they can be resolved.

The change curve, developed in the 1960s by Elisabeth Kubler-Ross, is widely utilised as a method of helping people understand their reactions to significant change. The curve can be used to predict how performance is likely to be affected by the announcement and subsequent implementation of a significant change (Exeter University).

The Group Treasurer (GT) should be particularly aware of the change curve as his direct reports, the treasury team, will be heavily impacted by the new cash management system as the end users. The GT should work with the treasury team to try and reduce the length of time it takes to move from one state to another. The PM should also be aware of any key stakeholders who may be significantly impacted by the new system and proactively help manage their acceptance of the change.

Ken Blanchard suggests that it is not change, but control that people resist. If we are able to motivate and meaningfully involve them in change projects that resistance will be reduced (2007). This is further supported by Ewenstein, Smith and Sologar who refer to organisational change like turning a ship: the people at the front can see the change but the people at the back may not notice for a while. Communicating and demonstrating progress, as close to real-time as possible, can make the change feel more urgent and real which in turn creates momentum that can help push an organisation to a tipping point where a new way of doing things becomes the way things are done, or to use Lewin’s phrase, reach the refreezing point. The PM should take this into consideration, for example a digital dashboard could be used to update all stakeholders on a regular basis.

It is evident from the studies referenced above that the change communication strategy for Carryme will be crucial in the success of the new cash management system. There are two change communication strategies:

1. open communications
2. closed communications

A closed model assumes only those immediately involved in the change processes are involved. Whereas an open model assumes everyone across the organisation is aware of the change plan and objectives (DipTM Unit 3 p199).

The open communication approach would involve informing not just intermediaries but also customers and suppliers which is not appropriate. Whereas, the closed change communications would only inform a small number of stakeholders which, using Ewenstein et al’s analogy, would undesirably place many stakeholders at the back of the ship. The PM and GT must work together to find an appropriate and balanced communication strategy for the project as it is key that everyone who impacted the project be updated on progress as much as possible. Additionally, Aguilar states that it is important that stakeholders are informed as soon as the project starts. Shannon and Weaver also emphasise the importance of reducing “noise” to ensure effective communication between the sender and receiver.

In summary, implementing any change in an organisation must be managed to ensure success. Carryme must ensure that key stakeholders are consulted throughout the project, in particular the treasury team as the end users of the system. Additionally, communicating the issues with the existing set-up and benefits of the new system is imperative.

B1 – Assessment of Carryme’s Current Treasury Management

Treasury Structure – The headquarters of Carryme are located in the UK together with 82% of employees and 75% of buses and coaches therefore justifying 80% of the treasury team also being UK based. Additionally, the allocation of a team leader, the Group Treasurer (GT), is key in setting the team’s objectives and managing their performance.

KPIs – The treasury KPIs were praised by external auditors and are closely aligned to the company’s objectives which is key to ensuring the treasury team are working towards the ultimate objectives of the organisation. However, treasury staff stated they did not have much involvement in developing the KPIs which implies a lack of wider team involvement by the GT. It is crucial that the treasury team buy into and understand their KPIs else they are unlikely to be met.

Stakeholder Management – Identifying the wide range of treasury stakeholders and their requirements is key to the credibility and success of the treasury department and as such a formal stakeholder management framework needs to be put in place. The treasury team have been praised for having robust systems in place for the safeguarding of important information however, there is a perception that the treasury department do not like to share information. As the treasury team sits at the group level they may have access to confidential information that is not appropriate to share with other departments, however, they must not hold back answers to straightforward questions. It is crucial that the treasury department has a good relationship with other internal departments as there may be situations where the treasury team need specialist advice.

Lack of motivation – Lack of motivation appears to be a key issue within the treasury department. The GT believes that staff need to be paid more to become more motivated however, treasury staff have stated that a lack of empowerment is a key demotivating factor. A lack of empowerment would imply that staff do not feel encouraged to make decisions and lack adequate responsibility.

Performance Management – Treasury staff have stated that there is no formal performance management system in place and consequently they are lacking feedback. Feedback is key for those who are achievement motivated (McClelland, cited in DipTM Unit 3 p117) to ensure they are progressing and achieving their goals.

US Office – Treasury staff in the US raised that they are excluded from monthly update meetings. It is imperative that all members of the treasury team are party to the updates and feel part of the wider treasury team. Feeling excluded can have detrimental effects on workers’ well-being and performance.

Personal Development – Identifying the capabilities, weaknesses and development needs of the treasury team is key to ensuring that each individual has the necessary skills and support to conduct their role. Training and development opportunities for those who wish or need to better their existing skills sets should be offered as this would enhance the capabilities of the treasury team and ultimately maximise the value they can add to the organisation.

Group Treasurer (GT) – The GT lacks communication and negotiation skills evident in the fractious relationship they have developed with the Finance Team. The Finance Team are a key internal stakeholder for the treasury team and work must be done to improve this relationship else it may have a detrimental impact on the organisation. The GT is viewed as having an “excessively prudent attitude to money” which on one hand should not be mocked as it is the GT’s role to manage risks and ensure that the organisation has sufficient cash to keep trading, however, if they are excessively prudent this could also be costly for the organisation.

B2 – Prioritised Actions to Address the Weaknesses and Threats of Carryme’s Current Treasury Management

1) Group Treasurer (GT)

There are multiple examples where the GT displays a lack of key behavioural competencies required to lead a team and manage stakeholder relationships.

McBer et al identified a number of behavioural competency groups (cited in DipTM Unit 3 p119). The GT needs to work on their organisation awareness, relationship building, teamwork and team leadership skills which are part of the managerial, impact and influence cluster. The fractious relationship the GT has developed with the Finance Team is a prime example of their lack of influencing and relationship building skills.

In line with John Adair’s model of action-centred leadership (cited in DipTM Unit 3 p121) the GT displayed weak leadership skills when they published the treasury KPIs without the involvement of the wider treasury team. This is an example of a leader becoming too focussed on the task in hand and consequently the team and individuals suffer. The model states that good leaders must always be alert to three factors: achieving the task; managing the team; and managing individuals. If one of the factors is not in balance, then they are more likely to be less successful.

Goleman (cited in DipTM Unit 3 p162) highlighted five key areas of emotional intelligence: self-awareness; self-regulation; motivation; empathy; and social skills. It is evident that the GT is lacking in several of these areas using the example of their misunderstanding of what motivates the team as a lack of empathy.

There are multiple examples where the team is unhappy with the way they are managed and it is recommended that the GT attend a leadership course to develop the behavioural skills required to manage a team successfully. In addition to benefitting the GT’s relations with the treasury team, their improved behavioural skills will also help manage wider relationships, for example with the Finance Team. A survey should be conducted within the treasury team in six months’ time to assess whether the GT has made any progress following these courses. If not, it may be worth considering if the GT is the correct employee to lead the treasury team.

It is clear that the GT is the root cause of many issues present in Carryme’s treasury team and therefore addressing their lack of key behavioural competencies is a key priority.

2) Stakeholder Management

A stakeholder is an individual or group who has something to gain or lose through the outcomes of a planning process, programme or project (DipTM Unit 3 p39). Currently Carryme has no framework in place to assess the importance and influence of stakeholders and consequently no structure around how to manage diverse stakeholder requirements. It is recommended that Carryme conduct thorough stakeholder analysis to formulate strategies for managing stakeholder relationships (CMI).

The first step involves identifying all relevant stakeholders and producing a stakeholder map. The importance and influence of each stakeholder must then be assessed in order to prioritise effectively. The below matrix is a simple method of using importance and influence to help identify stakeholders’ expectations and needs:

(DipTM Unit 3 p40)

For example, an infrequent supplier may be in the bottom left quadrant, whereas a bank which lends Carryme money would be in the top right quadrant.

Once the treasury team have identified and prioritised their stakeholders, they must build their understanding of each stakeholder. The more you understand about each stakeholder, the more effectively you can engage with them and influence them (Clayton, 2015). This will also help when managing stakeholder conflicts which may arise from differences in opinions and goals.

Methods to build on stakeholder knowledge include developing an understanding of their key internal (cost, time, skill restraints) and external (PESTLE model) business drivers which will affect their decisions. Another useful exercise involves assessing each stakeholders’ primary and secondary expectations of the treasury team. A primary expectation is that which they would expect from their relationship with you and a secondary expectation being that which, although not expected, they would be delighted to receive (DipTM Unit 3 p132). It is also important to consider the type and form of communication preferred by each stakeholder.

In summary, identifying and managing stakeholders and their requirements is key to the credibility and success of the treasury department. For this reason, the implementation of a stakeholder management framework as described above is a key priority.

3. Lack of motivation

Lack of motivation is a key issue within the treasury department driven by the GT not understanding the motivational needs of the team and a lack of empowerment.

McClelland’s (cited in DipTM Unit 3 p117) work identifies a mix of motivational needs including the need for achievement; the need for authority and power; and the need for affiliation. If you are motivated by achievement you will seek regular feedback to ensure you are meeting your goals, in contrast if you are motivated by authority and power you will seek work that provides you with responsibility and empowerment. It is recommended that the GT conduct a view of the treasury team assessing their individual motivational needs which will help to understand individual drivers.

Victor Vroom’s expectancy (cited in DipTM Unit 3 p118) theory states that if people are empowered to do more there will be greater motivation as an outcome. However, it is important that any increased effort from empowerment and improved performance should have some enhanced reward. Latham and Locke support this theory through their work on the psychological contract which is based on the belief that if an individual goes the extra mile that they will be rewarded. If they are not rewarded then the contract will be broken and will act as a major disincentive to perform (cited in DipTM Unit 3 p138).

Empowering individuals can involve delegating additional responsibilities and encouraging them to make decisions. It is recommended that the GT delegates some of their responsibilities to the treasury staff to empower and motivate them. Note that the treasury employee must have the correct skills and fully understand their responsibility in order for delegation to be successful. Additionally, not all treasury staff will relish empowerment and it may create work place stress.

Goal setting and coaching are also key techniques which the GT should adopt to increase motivation.

In summary, the GT must proactively enhance the motivation of the treasury team using empowerment and delegation methods. Prolonged low team morale will detrimentally impact the performance of the team, and ultimately the organisation. Consequently, addressing this issue is a key priority.

4. Performance Management

The results survey highlighted that treasury staff feel there is a lack of feedback from the GT. This would imply that they are achievement motivated (McClelland, cited in DipTM Unit 3 p117) and therefore performance management is key to ensuring they remain motivated and perform well.

Objectives set for an individual must be aligned with Carryme’s organisation strategy and must be SMART providing an objective measure of performance. Companies where employees review their goals quarterly are 45 percent more likely to have above-average financial performance (Puckett, 2015) and therefore reviews should be conducted at least quarterly.

Reviews will provide an opportunity for the GT to coach and provide feedback on where staff can improve their performance. Coaching is viewed as a way to support, develop and empower individuals and can be summarised by the GROW model diagram below:

(DipTM Unit 3 p138)

The Chartered Management Institute define performance management as an integrated approach to helping an organisation achieve its aims and objectives by monitoring and improving the performance of individuals, departments and the organisation as a whole. Consequently, without a formal performance management system in place, individuals are unlikely to meet their objectives and in turn the performance of the organisation will suffer. For this reason, implementing a formal performance management system is a priority.

5. KPIs

It was noted that the treasury team were unhappy with the amount that they were consulted when the GT set the treasury KPIs.

KPIs can be used to measure the effectiveness of the treasury policy but may also be used to measure treasury’s performance in delivering the policy. Therefore the treasury team must ensure they understand the current KPIs, how they are measured, targets achieved, and how they are linked to Carryme’s organisational strategy. It is recommended that the treasury team spend time discussing the current KPIs to ensure there is full understanding. Additionally, the future process of setting treasury KPIs should be amended to ensure that the team are able to directly contribute.

The treasury team are highly unlikely to meet their targets without a thorough understanding of the KPIs they are being measured against. If they don’t meet their KPIs this will damage the reputation of the treasury team and could have detrimental consequences on the organisation. For this reason, addressing this issue is a priority.

6. Personal Development

The GT believes that any development should be through observing colleagues rather than through formal training or courses. Providing training and development opportunities to those who wish or need to better their existing skills sets will ensure that they have the necessary skills and support to conduct their role. Additionally, it will enhance the capabilities of the team ultimately maximising the value that the treasury can add to the organisation. Training need not always include expensive courses and conferences but could include knowledge sharing sessions or short secondments.

Training and development can be expensive from a time and cost perspective however; there are multiple benefits which outweigh the costs including improved employee performance and morale; improved productivity and enhanced company profile and reputation (20|20 Business Insight). The GT should discuss training and development with each member of the treasury team in their performance reviews to ensure they feel supported in their current role and future development goals.

7. US Office

Treasury staff in the US raised that they are excluded from monthly update meetings. It is recommended that the GT use video conferencing for any team meetings which would ensure that all members of the treasury team are party to the updates and feel part of the team. They should also take into consideration time differences between the UK and US when setting the meeting time.

Conclusion

Many of the issues described above are interrelated and through carrying out the top five priorities all of the issues described above should be improved. Through implementing a performance management system, employees will have an opportunity to discuss training and development. Additionally, through improving the GT’s behavioural competencies, in particular team work, they should hopefully address the US office issue.

B3 – Development Activities Recommended for Carryme Treasury Staff

1) Training and Learning Needs Analysis (TLNA)

TLNA should be conducted across the treasury team as a ‘health check’ on the skills, talent and capabilities of the team. TLNA involves the systematic gathering of data about employees’ capabilities and demand for skills. The data can be gathered using a number of methods including: interviews; questionnaires; pre-existing data or through performance reviews (CIPD). It can then be reviewed at both a team and individual level.

For employees, the TLNA results would provide a development profile that clearly states their strengths and development areas enabling the employee to target and invest in areas needing most improvement.

For Carryme, the results of the TLNA would highlight any knowledge gaps that may be required for existing roles which can subsequently be addressed. It would also highlight any areas that multiple employees in the treasury team want or need to develop. In this situation, appropriate learning opportunities should be provided which will help build human capital and may increase employee motivation and engagement.

2) Personal Development Plan (PDP)

Each employee in the treasury team should create a PDP including, but not limited to, the results from their TLNA. The Higher Education Academy defines a PDP as a structured process undertaken by an individual to reflect upon their own learning, performance, and achievement and to plan for their personal, educational and career management (2006).

A PDP enables an individual to establish what they want to achieve in the short, medium or long-term. It helps individuals establish transferable skills, monitor and evaluate achievements, highlight areas for development and ultimately ensure continuous employability (CMI, 2013).

PDPs enable managers to have well-structured reviews with their employees, aiding in their development and enhancing the skill-set of the treasury team and consequently the value added to the wider Carryme organisation.

3) Motivational Drivers Assessment

A motivational drivers assessment should be undertaken across the treasury team to enable the Group Treasurer (GT) to better understand their employees’ motivational needs.

For the individual, the results are an indicator of their own work styles and preferences which will help them to better understand the types of roles and responsibilities they will enjoy and succeed in.

The results will aid the GT in managing the team more effectively and better structuring roles. The GT must use the results to tailor how they set goals, provide feedback, motivate and reward for each individual. This will improve employee morale resulting in a more productive workforce.

4) 360 Degree Feedback

360 degree feedback is a method and a tool that provides each employee the opportunity to receive performance feedback from their manager, colleagues, reporting staff members, and customers (Heathfield, 2016).

It may be worthwhile for the whole treasury team to seek 360 degree feedback, however, this development point is focused on the GT who has many strained relationships across the organisation.

For the individual receiving the feedback, the benefits include greater self-awareness; feedback from a variety of sources; it uncovers any blind spots requiring development and identifies key strengths.

It is important that employees are self-aware and feedback enables continuous learning and development which in turn will enhance the skill-set and performance of the Carryme workforce.

5) Cross-Team Spotlight Sessions

The GT’s relationship with the Finance Team is particularly strained. In part, this could be due to a lack of understanding of the treasury team’s role within the Carryme organisation.

It may be beneficial to conduct a couple of spotlight sessions on the treasury team’s role and responsibilities, in particular, discussing risk management as the Finance Team often state that the GT is too prudent.

At an individual level, this would broaden their understanding of how the Carryme organisation fits and works together which in turn will result in greater collaboration and teamwork across the organisation resulting in a more effective and efficient workforce.

6) Mentoring Scheme

Mentoring schemes involve “junior members of staff with ambitions seeking out more senior or experienced colleagues through which a relationship is generated enabling the mentor to pass on their experience, knowledge and understanding to the junior” (Pettinger, 2012, P375).

The mentor can act as an additional sounding board for feedback and can help identify tasks and activities the employee should carry out to achieve their goals. Benefits for the mentor include an opportunity to reflect on own practice and enhanced job satisfaction (Durham University).

A mentoring programme enables the sharing of knowledge and experience between employees which enhances the overall performance of the organisation and improves commitment to Carryme and staff retention.

7) Secondments

A secondment provides an individual with the opportunity to broaden their experience and knowledge whilst expanding their network. The team hosting the secondment also benefits from fresh ideas and input. Carryme would benefit from enhanced employee skills and improved team-working which in turn boosts the morale and motivation of the wider workforce (Martin, 2006).

8) Qualifications and Conferences

Qualifications and conferences are often the most expensive form of training and development however, they should be offered for those who have a specific skill-set that they want or need to develop. As an example, the GT would benefit from a structured course or conference to improve their leadership skill deficiencies.

The benefits for the individual include improved knowledge, confidence and performance in their role. Benefits for the Carryme organisation include improved staff productivity, ability to contribute to the organisation’s goals and staff retention.

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