[SOLVED] CS BANK3600 BANKING IN PRACTICE FINC3600 FINANCE IN PRACTICE

Working in Teams
Week 1 Case Study Insights 2
BANK3600 BANKING IN PRACTICE FINC3600 FINANCE IN PRACTICE
PAUL MARTIN

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Building and managing an effective team
Why is it important to develop effective teamworking strategies and structures
Some guidelines around structuring meetings to deliver effective teamwork
Developing the agenda
Chairing meetings
Taking notes of meetings and recording actions
Reviewing progress Progressing your assignment
Some references you might find useful:
https://www.atlassian.com/blog/teamwork/how-to-run-effective-meetings
https://hr.berkeley.edu/hr-network/central-guide-managing-hr/managing-hr/interaction/team- building/steps

What is a team and what is its purpose?
A group of people with a full set of complementary skills required to complete a task, job, or project. Team members (1) operate with a high degree of interdependence, (2) share authority and responsibility for self-management, (3) are accountable for the collective performance, and (4) work toward a common goal and shared rewards(s). A team becomes more than just a collection of people when a strong sense of mutual commitment creates synergy, thus generating performance greater than the sum of the performance of its individual members.
http://www.businessdictionary.com/definition/team.html

Why is effective teamworking important?
The Banking in Practice and Finance in Practice Units of Study have been developed to expose you to the sorts of issues, problems and practices that you will experience in the workplace.
You have each been or will be allocated to teams.
The members of the teams are allocated randomly; this is your first exposure to the
real world.
Each member of the team will have unique skills and talents, these need to be harnessed and focused to achieve the teams overall objectives.
The weekly workshops will, to a large degree, involve the team working through aspects of a project. This, however, cannot be the only work undertaken on the project.
Teams will be tasked with developing solutions to real world problems.
These problems are not only complex problems, but they do not necessarily have a
perfect solution, there is ambiguity. Welcome again to the real world.
The development of solutions therefore requires the application of the combined skills of the team. The better these skills are applied, the better the outcome will be.
You cannot simply allocate a set of tasks to one member of the team and add them together to get a result, you must work as a team.
Building an effective team and building processes to monitor and manage the teams activities are therefore critical.

What are the elements in an effective team workshop/meeting?
One of the important aspects of teams working together is the structure of team meetings.
An effective team workshop/meeting involves the following core elements:
Developing the agenda for the workshop/meeting
Appointing a Chair for the meeting/s
Taking notes of meetings and recording actions
Reviewing progress

Developing the agenda for the workshop/meeting
The first and most important step is to develop the agenda for each meeting or workshop.
This will ensure that the objectives and aims of the workshop/meeting are well understood.
At the end of each weekly class/session you will be given guidance on the tasks that will be undertaken in the following week.
The team needs to think through these tasks and identify what aspects of the task the team will need to consider and this forms the basis of agenda for the following week.
The Chair (more on this in the next slide) takes an important role in this process, but ALL members of the team must contribute.
The agenda will be a live document and as you research the various tasks in your project, the aspects of the project that need to be considered will evolve, therefore so too will the agenda.
The agenda should also include a review of progress and ensure that actions agreed upon previously have been completed. It may also be that these actions require further consideration.

Appointing a Chair for meetings
The primary role of the Chair is to manage team meetings The Chair must ensure that:
The items in the agenda are complete and can be adequately dealt with.
There is free and open discussion and that all members of the team are given the opportunity to provide input. At the same time discussion needs to keep on track.
There is a clear resolution amongst the members of the team of the matters that have been agreed/decided upon during the meeting.
Any specific tasks or actions allocated to individual or groups of team members are well understood.
Actions from previous meetings are reviewed and progress assessed.
The Chair also plays an important role in developing the agenda for meetings and workshops.
In this respect the Chair must be fully conversant with the material that needs to be examined in order to deliver the tasks required for that component of the overall project.
The Chair is the team leader or captain; at least for that specific task or set of tasks.
The Chair may also act as the first approver of meeting notes or minutes.

Taking notes of meetings and actions
The aims of preparing notes (or more formally minutes) of meetings are to:
Ensure that all members of the team are in no doubt about what has been
agreed, what actions are to be completed and the state of progress.
If there is debate around certain items the minutes should ideally summarise this debate, remember the projects you will examine involve ambiguity.
Ensure that responsibility for tasks and actions are clearly identified
Ensure that the progress is able to be monitored, and in particular identify
where progress is lagging so that steps can be taken to address this.
A member of the team should be allocated the task of taking notes for each meeting. Preferably this should not be the Chair.
The meeting notes should be promptly circulated to the Chair and to all members of the team.
The meeting notes should clearly set out the actions required and who is responsible for carrying out these actions and when these need to be completed.

Reviewing progress and progressing your assignment
The Projects in the UoS involve a series of deliverables. These deliverables often lead into future stages of the project and future deliverables.
It is therefore important to take time during the project to review progress.
This review could take place during the workshop, if time permits, or perhaps
via additional meetings or via circulation.
This review should be documented, which may involve including it in meeting notes.
Whatever approach is chosen it is important to ensure that there is a central point for collecting feedback and integrating it into the project deliverables as appropriate.
This may require the members of the team to sign of on the final version of the deliverable.

Conclusion
A well organised and structured team with sound processes can collectively achieve more than the sum of the individual performance of the team members.
A team that does not exhibit these characteristics may descend into chaos. https://www.youtube.com/watch?v=vE7jfQt2ic4

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