Monzo 

- Banking and Finance

Overview

“Monzo wants to make banking smarter. Founded in 2015, it offers pre-paid cards connected to
an app that tracks spending and lets its customers analyse their financial activity. Recently,
Monzo has developed even further as, in April 2017, the company was granted a full banking
licence. The future of this company looks bright so would be a fantastic opportunity for anyone
interested in Banking and Finance, whilst still being able to maintain a social life, as Monzo
values their employees satisfaction too”.

Continuing professional development (CPD):

Continuing Professional Development also known as CPD, above any basic training, this means
the practice of recording as well as maintaining the capabilities, information, including personal
knowledge which employees  acquired while they perform in a company. It is indeed a
documentation about what you've accomplished, how much you've understood, & how you've
put into practice. This concept has been most commonly attributed to something like a tangible
file / folio that records your career progression. Several companies have used it to refer to a skills
acquisition programme. The continuous professional development (CPD) procedure facilitates
the employees of the organization/company in establishing their own progress. Its objective is to
facilitate employees in documentation, analyzing, as well as focusing over what they've
experienced. That's not a verification report that shows the coaching employees of an
organization/company have accomplished. This is a lot more than it is now [ CITATION Luc191
\t \l 1033 ].

Importance of CPD:

Friedman, Phillips, & Timlett, (2002) Continuous professional development might have

appeared as pivotal around a multitude of fields, therefore it appears here that an objective has
been achieved in which continuous professional development is not only intended of employees,
while also being a major necessity for enrollment & participation within the appropriate
experienced organization. Evetts (2011) says that this idea of CPD has embedded inside the
concept of expertise, which, despite being the topic of considerable dispute, expresses between
the difficulties as well as possibilities underlying expertise during today's times of uncertainty.
Regardless of fact whether the mere notion of competence seems debatable, we may nevertheless
investigate somewhere at basic aspects among consultants just like expressed by only the
practitioners which accept as well as regulate employees.

Continuing professional development make sure that skills of one employee maintain with

that of others within your domain. Continuing professional development make sure that
employees keep up to date on the experience as well as capabilities the consultant have to
provide a competent support to clients, employees, as well as the general public. Continuing
professional development allows consultant to continue to contribute to your organization in a
significant manner. You improve your productivity at work. It will help you to grow in your
profession as well as move to different roles in which you would command, organize, inspire,
train, as well as supervise employees. Continuing professional of development keeps Monzo’s
employees engaged and involved in what they're doing. Insight seems to be a
wonderful instructor; however it does imply that we continue to repeat our previous actions. At
Monzo Continuing professional development that is focused leads to innovative opportunities,
information, as well as greater capability. Continuing professional development may help you
gain a better grasp about whatever this meant to become an expert, as well as a better
understanding including the consequences & effects of your activity. Continuing professional
development aids in the advancement of the conceptual framework as well as skills [ CITATION
Viv12 \l 1033 ].

Critical evaluation of what HPW is:

Researchers have lately coined the term "High performance working" to describe a combination
of advanced HR activities aimed at improving simultaneously quality of work life of
employees as well as comfort of employees. This claims also that historical as well as social
environment wherein trainees watch their supervisors' actions has an impact on how employees
assign / infer purpose towards supervisors' actions [ CITATION Nea16 \l 1033 ]. The underlying
conceit of HPW seems to be companies can gain greater freedom, enhanced productivity, as well
as better efficiency whereas keeping the rest expense price - effective via incentivizing
workers to perform better as well as more effectively use their knowledge & capabilities by

bringing judgment officials nearer to anyone who has the necessary details. This has also been
suggested HPW as "win-win" schemes which assist both businesses as well as workers via
greater compensation plus increased efficiency (Kinnie et al., 2005). HPW is made up of novel
directions of arranging work, enhancement of worker, as well as incorporating people in
influenced the decision. "Internal recruitment", "pay related to skills", as well as "self-
directed" teamwork are just a few of the techniques which have been with us for years. Another,
including "360-degree" feedback & development of employees, seem to be newer concepts.
What would be different seems to be the manner those approaches were merged to ensure a safe
working environment that not only allows employees to develop their identities and moreover
increases their organization's overall performance [ CITATION Dav02 \l 1033 ] . Organizers for such
restructuring effort (especially administration & business groups) often use universalist discourse
that highlight the increased employer's capacity to resolve discrepancies inside the corporatist
business agreement. The above discourse has been built on the notion of 'mutual gain,' which
states that 'high-performance management' methodologies seen in surroundings with supportive
employment relationships seem to be more essential to raise sales as well as profit through
methods that enhance worker's career contentment as well as institutional devotion (Appelbaum
et al., 2000). Part of the reason for the growing emphasis throughout HPW is due to business
reactions towards recent product as well as business changes. Examples: the concentration of
worldwide retail contention; client request for a wide variety of excellent facilities; as well as
ongoing advancements throughout details as well as connections automation which assist extra
adjustable making as well as ministrations processes (Ashton & Sung, 2002; White et al., 2004).
Such circumstances, it has been said, require greater flexibility, competent, as well as devoted
employment, that, inreturn, necessitates increasingly subtle & sophisticated governance practices
if workers' mass of meta cognition is to be properly exploited for the advantage of commercial
company. This High performance working idea can be understood as encapsulating those
different managerial strategies which give appropriate monitoring. Instead of using
managerial command and production system methods to make workers strive, High Performance
Working's promise has been shown to reside inside its concentration upon
employee participation, training programmes, as well as better productivity. Worker dedication
plus increased motivation are anticipated to occur as a result of all these circumstances, having
possibly good effects regarding organizational effectiveness (Ramsay et al., 2000).

Benefits of High Performance Working (HPW):

Monzo gets a large number of benefits from High performance working system in it. It helps the
employees to stay committed to their work and job and it also allow employees to involve, create
different ideas, techniques and methods for the betterment of organization.

 Employee commitment:
As decision makers portray their company, the degree whereby managers respect their
employees' achievements as well as concern towards the well-being can be used as a
measure of the organization's success (Askenazy & Caroli 2002). Just like noted
previously, attitudinal loyalty should have greater impact by job related variables. The
line owner's transformational leader is an extensive job happening element (Balnaves and
Caputi, 2001). Workers would exhibit comparable commitment towards a company as a
result of the company's dedication (Dewhurst, 2006). Consultants propose that because
relational couching conduct entails creating a caring as well as helpful job atmosphere for
workers, it can be viewed as little more than a symbol for work engagement as well
as have a beneficial effect upon worker's work engagement (Kaplan & Ferguson, 1999).

 Employee involvement:
At start, worker empowerment seems to be a term included within workplace sense to
mention towards an employee's connection mostly towards the employer and the workers
(Asparouhov, 2005). According to (Oladapo and Onyeaso, 2013) there are three sorts of
engagement suggested: ethical, analytical, as well as alienation. Employees become
ethically engaged in his perspective whenever employees accept as well as relate to
company objectives. Overall  linked persons sense an economic contract including the
company, but alienatively participated employees feel actually bad or unfair as well as
connections towards the companies, necessitating the need for substitutes and perhaps a
behavior based on moral which compels employees towards participation. (Wallner &
 Menrad 2012) discusses that participative Leadership refers to interactive practises
which make enough use of an employee's as well as designer's capabilities in order to
inspire worker satisfaction towards the business survival. Furthermore,
worker's participation is defined as a set of approaches aimed at providing a worker with
an integration of experience, power, as well as motivation (Cotton, 1993).

 Employee Creativity:
Worker productivity seems to be an important part of worker's critical reasoning.
Organizational innovation is also a key aspect in implementing change as well as is
frequently regarded as critical in employee engagement. Although since 1900s, this
concept of innovation like a part of corporate maintainance as well as power was already
emphasized (Patel et al., 2013). Innovation seems to be assessed in group settings, in
which it is seen to have a clear link to conflict resolution, interaction, as well as
work difficulty (Lawler & Mohrman, 1989).

 Employee Voice:
Workers who are committed to & understand regarding to their company's policy in a
variety of ways, including through their speech (Tony Dundon et al., 2009). Worker's talk
as well as speech can sometimes be a natural consequence to management interactions
and views, voiced by workers in the workplace, & can put a strain upon workplace
system as well as plan (Klaas et al., 2012). A pleasant proclamation presentation was
produced by a development speech, which relates toward manager, supervisor or
employee, which goes outside assigned contributions as well as participative
management conditions.  The continuity of speech during conversation as well as the
institutional structure because these link towards how speech affects the company as well
as its personnel (Zhang & Wang, 2013).

All these benefits altogether can help the Monzo to achieve its goals in a successful way
because if there is commitment, involvement, creativity and a speech among employees
of Monzo then it will be easy for the consultant to bring about several changes in the
organization. If employees cooperate with consultant, stay committed to their assigned
 goals, show their involvement in each and every task given by the consultant, display
some unique and creative ideas and have decent and educative voice/speech then
organization will surely be successful in a short period of time. It will be easy for both
manager and consultant to cooperate with eachother and finalize things and make final
decisions only if employees have all these things in common and all these are possible
only if there is a good and proper High performance working system.

Performance management:

“Performance management” services are described as administration-planned procedures that are

enforced onto workers in order to connect accomplishment with allowances. Employee
efficiency is determined in opposition to specified objectives and outcomes some of which are
related with group as well as corporate objectives once appropriate rules are followed. The
importance of performance measurement within the provision of enhanced benefits seems to be
frequently overlooked. The core assumption of process improvement, which is that it has the
potential to focus the concentration among organization employees on what seems like a shared
goal as well as motivate employees to achieve that goal, has surely affected the focus on
administration improvement for the outcomes production (Balogun, 2003).

Different approaches to performance management:

For the aim of measuring employee performance, organization (Monzo) can adopt a variety of
techniques as well as methodologies/approaches. A few important approaches are as under:

 Comparative approach:
The “comparative approach” entails comparing a worker's capabilities to that of other
members of the team. Employees have been rated from best to worst in terms of
performance. The statistical process control approach, paired contrast, as well as visual
scoring system are some of the strategies used in a “comparative approach”. As
illustration, a team of professional workers accounts for ”10%”, a team of medium
 scoring workers accounts for “40%”, as well as an additional team of workers that are
performing well accounts for “40%”. Eventually, the last “10%” consists of a team of
underachievers (Noe 2008).

 Attribute approach:
In this approach, the employees in the organization are assigned bonuses on the basis
of these four characteristics that are Issue resolving capabilities, collaborative
working, discernment, inventiveness and newness. Moral relativism is a fundamental
shortcoming of this method to process improvement. Expressed in different words, it
could be strongly influenced by the manager's personality. Additional downside to
this approach seems to be is only good at identifying the top and bottom achievers.
The benefit of this approach, although, seems to be flexibility, and since most
companies employ this (Landy and Conte 2007).

 Behavioral approach:
It is among the earliest methods of assessing performance. A set of linear levels  for
various domains of the task constitute the Behavioral method. The “BARS or BOS”
techniques could be used to achieve this. 5 or 10 linear levels make up the
“Behaviorally Anchored Rating Scale (BARS)” approach. Those levels generally built
upon characteristics (attributed to as "anchors") that have been agreed upon by all
personnel. Workers are therefore evaluated as per their productivity on all of the
parameters. Whereas the behavior strategy allows for dependability as well as
reliability, it has a significant disadvantage in that it requires consultants  to recall
massive volumes of information. Employers have a tendency to recall just certain
conduct which are strongly related towards achievement test, resulting in a skewed
assessment (Bohlander and Snell 2010).

 Result approach:
It is a clear as well as easy notion in which companies grade individuals based on
their achievement outcomes. The Balanced Scorecard method seems to be the first
form of outcome methodology. Economic, client, underlying as well as procedures,
 and knowledge and development are the four aspects covered by this technique. This
is implemented in Monzo and has positive output increase. A fundamental benefit
using an outcome approach to achievement evaluation seems to be it provides a rather
complete perspective of how strategy is translated through processes. This includes
the work's surrounding world, including clients, as well as development & progress.
This should not solely depend on financial work achievement  measures. The neglect
upon that people management component, as well as the absence from some major
players inside the variables, are drawbacks (Gomes & Romao 2014).

 Quality approach:

The strategy aims to boost client experience via decreasing faults as well as delivering
continual assistance improvement. That method considers combined individual &
network problems. Companies often receive daily input from supervisors, colleagues,
as well as customers upon that worker's social and work characteristics in order to
rectify concerns to management. Evaluation between the employee as well as the
institution, issue resolving via collaboration, utilization of diverse perspectives for
monitoring employees, plus engagement between the local as well as global elements
are some of the benefits of this method. Proponents within this technique, on the other
hand, think that it is incompatible with an company's overall mindset (Taylor et al.
2007).

Examples of employee engagement, commitment:

Employee participation would be a notion in hr department (HR) which represents a

employee's degree of passion as well as commitment to the job. Workers that are involved
worry about the task as well as organization's achievement, plus people believe that their
contributions matter. Therefore at Monza the voice of employees matter at all stages, from
basic to policy making. An involved worker seems to somehow encouraged by a salary,
but might be they will perceive personal health to be tied to their work, making them crucial
towards the organization's growth [ CITATION Tim20 \l 1033 ]. For example: a very famous
and expensive company Tesla faced a hurdle and number of injuries in their car assembly
plant. Now they use clear communication and develop more connections with their
employees to overcome and not face this problem again. Even the consultants, managers also
engage employees to give them report of every incident that took place in a day so that they
correct it.

Commitment:

Work commitment or work motivation has been described like a worker's level of excitement
for the responsibilities allocated to him or her at job. This seems to be worker's sense of
accountability for the aims, purpose, as well as objectives of the company with which they
are affiliated [ CITATION Swe18 \l 1033 ]. For example: an employee should always be
punctual, he or she should come on time. The employee should listen carefully to the
consultant or manager and always shoe respect to the manager. The employee show always
shoe confidence while talking and should also show advancements and new ideas for the
betterment of the organization.

Conclusion:

As a consultant of Monzo, it is very important for me or any other consultant to first of all
build a strong connection and relation with the employees and make sure that all the
employees and members of the organization feel free and secure with me as a consultant.
Basic training of employees is the most important step in the success of any organization.
Training should be formative and enriched with defined goals, objectives and tasks which are
to be assigned to the employees. I as a consultant boosted another level of self confidence in
the employees of Monzo so that they can show high performance in every task assigned to
them. High performance is an essential component in my opinion for the betterment of
Monzo or any other organization. Teamwork is also very important. Employee commitment
is the most essential as if employees are committed to their work then their organization will
surely rise and if there is lack of commitment among employees then it will be difficult for
them to make their organization a better one. Employees should show a good involvement in
every task and assignment assigned to them. Employee creativity is also very important as
for the success of any company or organization, creative ideas, newness, innovative ideas are
very essential because the more newness in organization the more will be chances of success.

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