Research Report -(Required in 2 Days)

April 5, 2012

Attention:

Parts of this sample paper originally belong to different articles. They are put together here in order to show how a research paper is to be structured

Executive Summary

In recent years, with more investment made in the business world, career opportunities in the financial sector become more appealing. Whether it is an investment counselor, a financial planner, or a teller, different positions indicate different specialty knowledge and daily communications; thus, different skills will be involved. Despite the variety of skills or expertise associated with different branches and specific roles, two big categories can be identified in the financial setting: hard skills and soft skills.

Hard skills refer to the technical skills that an employee uses to accomplish a specific job. They are teachable and have less flexibility in use. In addition to hard skills, a person needs to have the appropriate soft skills. These skills are not usually the ones learned in a classroom setting. Among a long list, soft skills include interpersonal skills such as exchanging ideas, listening, and having a level of self- awareness.

When employers hire a recent graduate, they set the interview with questions covering different skills involved in the position. The questions give opportunities to the candidate to share his or her technical and social experiences. These experiences show the interviewer the soft and hard skills that the candidate possesses as well as areas where his or her weaknesses are. The search for the specific skills is to add values to the company or organization. This value is represented in a variety of ways including, for instance, effective team meetings, increase in profit, and a larger loyal customer base. Employees having both soft and hard skills will be an appropriate choice for any company, as they will allow the company to compete within the business world. The soft skills that an employee possesses provide the company with competitive advantage.

Among others, the most important three soft skills that an employee should possess in the financial workplace are exchange of ideas, listening, and having a certain level of self- awareness. These skills assist a person to express his or her thoughts clearly, engage in conversation effectively, and work efficiently in a team setting. Thus, basic training is necessary at certain point for newly recruited employees in light of the specialty of the business setting.

The sources used to develop the research portion of this paper include the NAIT library database sources as well as personal experiences within a workplace setting.

Table of Contents

Executivellllll 2

Introduction 3

Literature Review 3

Skills in the Financial Workplace 5

Hard Skills 5

Soft Skills 6

Why Both Sets of Skills Pursued 4

Preference of Soft Skills in the Financial Workplace 7

Training of Soft Skills in the Fiancial Workplace 9

Conclusion 11

References 12

Appendice (optional) 13

In a workplace each individual works towards similar personal and company goals. This allows the vision of the company to be represented and advances employees further into their careers. In order to be effective in accomplishing goals or objectives, a graduate entry-level employee must possess both hard and soft skills. In an interview, the employer talks to candidates to ensure that they have the foundations of both sets of skills and relevant experiences. The most important skills that an employer seek during an interview are information exchange, listening, and having a certain level of self-awareness. In conjunction of personal experience and citations from different sources, this report is to identify the differences between hard and soft skills and why employers seek both of them especially the soft skills embodied in exchange of information, listening, and having a certain level of self-awareness

The variety of skills or expertise associated with different branches and specific roles in the financial setting can be generalized as hard skills and soft skills………

……………………………………………………………………………………….

Skills in the Financial Workplace - Hard and Soft Skills

In an academic setting, students are presented with the required fundamental skills that are used to perform functional duties within a workplace. It is suggested that “technical skills . . . are insufficient for subsequent success beyond an entry-level position, let alone professional fields”

(Laker & Powell, 2011, p. 113). This statement implies the importance of both the hard and soft skills; however, soft skills more matter for the success of a business or a senior position.

Hard & Soft Skills

Why Employers Seek Both Sets of Skills

After students successfully completed a post-secondary education, they will most likely find a job in a workplace related to their studies. Over the process of interview, the employer will look for candidates that match certain criteria. The criteria should be specified, either the hard or the soft skills, in the job posting. The hard skills, as previously addressed, are the technical skills that a successful candidate must have while the soft skills are those less likely to be learned in a class setting such as communication, leadership, cognitive ability, and self-awareness. Employers must seek to find the ideal candidates that have both hard and soft skills. As Morgeson, Reider and Campion (2005) argued that “Interview questions were written to assess the [soft skills] and characteristics needed for successful performance as identified in the job analysis” (p. 595). In a different rhetoric, the hard skills promise the work properly done while the soft skills help improve efficiency and productivity in the workplace, especially in the financial sector where interaction between the agents and customers is essential. Employers must prepare and ask appropriate questions so that candidates’ responses can express the skills required and a proper decision to hire not to hire could be made by the employers. Employers are willing to pay employees a significant amount of compensation if they possess the appropriate soft skills. The interview process must also show the employer that the candidate has the appropriate technical skills for the job or the willingness to learn the skills.

Importance of Soft Skills in the Workplace

There are a variety of soft skills that a person can have, but the following three are comparatively more important in the financial workplace: exchange of ideas, listening, and having a high level of self-awareness. Communication within a company allows an employee’s ideas to be heard; it also helps people work as a team. Without communication, the company would not be able to function or move forward. Employers must be able to communicate what their objectives are to their staff. If the employers could transmit their ideas effectively or explain the objectives clearly, they are unlikely to get positive and informed responses from the employees. In the same way, the employees must be able to communicate that they have understood the task or objectives, give feedback, present opinions, and discuss issues in order to help promote the business that they work for. The ability to accurately communication is an essential skill when people work in a team environment. For example, in an aquatic setting there needs to be constant interpersonal communication. If there is an emergency in a pool, the lifeguards must verbally communicate to get the victim to safety, talk to the working staff involved, deal with the public relations, and obtain any additional information regarding the victim’s pre-existing health conditions. After the paramedics respond to the aquatic emergency, the aquatic staff must explain the situation to them before releasing the victim. After after the paramedics leave, the person in charge of emergencies must write a formal report for the board of directors communicating what has happened. The immediate and clear communication in every stage is essential for saving a life, combatting panics, soothing emotions, as well as providing constructive feedback on more efficient methods responding to emergencies.

The importance of listening is no less important than communicating ideas because it hels build a sense of unity and belonging among team members. For example, as a lifeguard, it is important to listen in order to make immediate and correct decision so that detailed and focused information could be sent to other corresponding resorts while precautions must be taken to ensure the job is done appropriately. This listening ability also includes being alert to the updates of professional codes. According to Radonsky and Rego, “active listening is a state of mind that involves paying full and careful attention to the other person, avoiding premature judgment, reflecting understanding, clarifying information, summarizing, and sharing” (Radonsky & Rego, 2009, p. 23). For example, active listening for a lifeguard can be recognized as he or she begins to ask questions regarding the new guidelines of CPR made in 2010 (Travers, et al., 2010).

The third important soft skill in the workplace is self-awareness, which “enables employees to better react and interact to situations and other people” (Applegate, Timur, & Locklear, 2009, p. 43); in addition, self-awareness also indicates that the person knows how others perceive him or her and uses that information as a reference point to make corresponding action plans (p. 45). Having self-awareness is important because it helps employees clearly see where their strengths and weaknesses are; consequently, honest communication based on self-awareness will help team members and manager see the strength and potentials of each employee; thus, efficiency and productivity in the workplace will be improved. Failure to have a proper self-awareness will also lead to detrimental effect to others; for example, if marketers assume their function superior than product manufacturers in revenue generation, the value chain could never be established.

Overall, soft skills are more in demand in marketing or service areas where dealing with people or communications is more decisive for the success or failure of a business. Ultimately these skills will lead to growth and success of the company.

Training of Soft Skills in the Fiancial Workplace

Studies have been done on the importance of soft skills in the workplace. According to Klaus (as cited in Robles, 2012), 75% of long-term job success depends on people skills, while only 25% is dependent on technical knowledge (p. 454) ………………………………..

Conclusion

In a workplace setting there are many different types of people that work together to achieve objectives set by their employers. In order for a graduate to become an effective employee in a workplace they need to possess the appropriate hard and soft skills. When an interview process takes place the employer looks for a candidate that is going to add value to the company. It is the employer’s job to work with each employee to enhance the appropriate soft skills in order to make an effective work environment. The important soft skills as mentioned previously are; to communicate, to listen, and to have a level of self-awareness in relation to others. The effective use of these skills with certain technical capabilities will create an employee that is suitable for any workplace.

Applegate, K., Timur, A., & Locklear, K. (2009). Linking self-perception and emotional intelligence. Journal of American Academy of Business, 13(1), 43-52. Retrieved from http://libdbauth.nait.ab.ca/login?url=http://search.proquest.com.libdbauth.nait.ab.ca/docvi ew/ 197295196?accountid=12654

Hoffman, T. (2007, December 4). Nine business and soft skills techies need. Network World Canada, 23(25), 1. Retrieved from

http://libdbauth.nait.ab.ca/login?url=http://search.proquest.com.libdbauth.nait.ab.ca/docvi ew/ 198847325?accountid=12654

Laker, D. R., & Powell, J. L. (2011). The differences between hard and soft skills and their relative impact on training transfer. Human Resource Development Quarterly,

22(1), 111-122. doi:10.1002/hrdq.20063. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/hrdq.20063

Landale, A. (2007). Must have EQ: How we can develop our emotional intelligence (EQ) to make us better managers. Manager: British Journal of Administrative Management, February/ March 2007, 24-25.

Morgeson, F. P., Reider, M. H., & Campion, M. A. (2005). Selecting individuals in team settings: the importance of social skills, personality characteristics, and teamwork

knowledge. Personnel Psychology, 58(3), 583-611. Retrieved from http://search.proquest.com/docview/220133511?accountid=12654

Radonsky, T., & Rego, L. (2009, July 1). Issues & observations- realizing the power of candid conversations. Leadership in Action, 29(3), 22-24. Retrieved from

http://libdbauth.nait.ab.ca/login?url=http://search.ebscohost.com/login.aspx?direct=true& db= bth&AN=43832435&site=ehost-live&scope=site

Robles, M. M. (2012). Executive perceptions of the top 10 soft skills needed in today’s workplace. Business Communication Quarterly, 75(4), 453-465. DOI: 10.1177/1080569912460400

Sethi, D., & Seth, M. (2009). Interpersonal communication: Lifeblood of an organization. IUP Journal of Soft Skills, 3(3/4), 32-40. Retrieved from

http://libdbauth.nait.ab.ca/login?url=http://search.ebscohost.com/login.aspx?direct=true& db= bth&AN=47506250&site=ehost-live&scope=site

Travers, H. A., et al. (2010) CPR overview: 2010 American heart association guidelines for cardiopulmonary resuscitation and emergency cardiovascular care. Journal of the

American Heart Association, Part 4. doi:10.1161/CIRCULATIONAHA.110.970913

Appendix

Source:

Hard skills vs soft skills. (n.d.). Retrieved from https://the-mis.org/wp-content/uploads/2017/12/2.jpg?w=720

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