Economy Final
Economy Final
[Document title]
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BTEC LEARNER ASSESSMENT SUBMISSION AND DECLARATION
When submitting evidence for assessment, each learner must sign a declaration
confirming that the work is their own.
Please list the evidence submitted for each task. Indicate the page numbers where the
evidence can be found or describe the nature of the evidence (e.g. video, illustration).
Learner declaration
I certify that the work submitted for this assignment is my own. I have clearly
referenced any sources used in the work. I understand that false declaration is a
form of malpractice.
Learner signature: Date: 17.01.2025
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Contents
Introduction................................................................................................4
P1................................................................................................................4
P2................................................................................................................6
P3................................................................................................................7
P4..............................................................................................................10
P5..............................................................................................................11
P6..............................................................................................................12
P7..............................................................................................................12
M1............................................................................................................13
M2............................................................................................................14
M3............................................................................................................14
D1.............................................................................................................16
D2.............................................................................................................16
Reference list............................................................................................18
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Introduction
P1.
The way that people connect, communicate, and invent has been completely changed
by digital technology. The development of digital technology, from its modest origins
to its significant impact on contemporary society, has opened the door for amazing
breakthroughs and made information technology (IT) education crucial for surviving
in the modern world.
The creation of early computers like the ENIAC in the middle of the 20th century
marked the beginning of the digital technology adventure. These devices were big,
expensive, and had few features. Computing was transformed throughout time by
advances in semiconductor and microelectronics technology, which produced
machines that were quicker, smaller, and more reasonably priced. A major turning
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point was reached when personal computers were introduced in the 1970s and 1980s,
and the internet began to grow in the 1990s, enabling widespread access to digital
technology.
These days, the Internet of Things (IoT), blockchain, cloud computing, and artificial
intelligence (AI) are prime examples of how far digital technology has come.
Simultaneously, IT education has become more important. Success in a digitally
driven economy now requires a grasp of the concepts and uses of digital technology,
which is pervasive in sectors including healthcare, education, finance, and
entertainment. People that have an IT education are better able to handle data, create
software, protect systems, and come up with creative solutions to challenging issues.
Furthermore, digital literacy is becoming a basic ability rather than a specialist one.
By encouraging flexibility and problem-solving skills, IT education equips students to
handle a constantly changing technological environment. For instance, students who
are proficient in data analysis and programming languages are more equipped to
contribute to the development of big data and artificial intelligence. Additionally, the
increasing need to safeguard private data from online attacks is addressed by
cybersecurity training.
Beyond technical proficiency, IT education is important. It fosters the development of
creativity, teamwork, and ethical consciousness—skills necessary to handle the
effects of digital revolution on society. IT education guarantees that people can
engage in the digital age in a meaningful way as technology transforms
communication, employment, and education.
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P2.
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Employees are now able to remain up to date on industry trends and continually
improve their abilities thanks to the availability of webinars, online courses, and
digital certificates. In addition to enhancing individual performance, this emphasis on
professional development also helps the business as a whole.
P3
Key professional development activities are identified, along with the advantages
they offer stakeholders.
Skill Development
Enhancing current talents and learning new ones in areas that can benefit the company
are made possible via employee development. Beyond only learning the skills
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required for the job, this learning provides leadership chances, increases employee
confidence, and makes the workforce more productive and well-rounded.
Career Planning
Employee Retention
With the aid of professional development programs, employees may better manage
their careers and see the company's dedication to their success. Instead of searching
for opportunities elsewhere, employees are more inclined to stay and take advantage
of them, which improves retention and creates a supportive, upbeat atmosphere.
Companies who invested in staff development experienced a 58% increase in
employee retention, per a study published in HR Digest. In addition to saving a
business money and time on hiring and training costs, increased retention improves
worker morale.
Planning Succession
Even though succession planning focuses on the company's leadership needs, career
planning and succession planning are closely intertwined. Professional development
programs can help employers identify potential leaders and help them prepare for
leadership roles. This helps companies promote themselves internally in order to keep
more institutional knowledge. It also makes it possible for the business to more
intentionally choose its leaders and creates the foundation for smoother leadership
transitions. Giving workers additional chances to progress in their professions is one
of the main benefits of professional development. Employees with greater talents have
more opportunities to advance, land a new job, and make more money. According to
Survey Monkey, around one-third of respondents think that work training contributes
to their increased income. They can find new professional interests and have a better
understanding of the path they wish to take in their professions by learning new skills.
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Networking
Employees gain confidence when they are able to perform their duties more
efficiently. Increased work satisfaction and better staff retention result from this. A
variety of inexpensive professional development training choices are available, such
as cross-training, work shadowing, and mentorships.
Concept: Make use of the experience that is already there in your office. For
example, a mentor can assist mentees develop their technical and soft skills by acting
as a teacher and guide. Mentees may become more valued and adaptable workers by
gaining real-world experience, institutional insights, and practical mentoring. (Half,
2017)
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3. You make your company more appealing
You may build a strong reputation as an employer who appreciates its staff and looks
to hire only the best by providing opportunities for training and development. They
will also gain from the excellent level of efficient service your customers and clients
receive. Additionally, keep in mind that your employees reflect your brand. Attending
conferences and seminars allows them to represent and reflect all of the great parts of
your firm.
Concept: After events, provide brownbag lunches to encourage knowledge sharing,
or ask team members to hold a meeting to talk about what they learned at an industry
conference. In addition to helping the employee develop his or her teaching and
presentation skills, these gatherings may strengthen the group's sense of camaraderie
and increase the group's knowledge base. (Half, 2017)
Your employees want to feel valued and that they are contributing. However, people
also want to believe that they are growing more knowledgeable and well-rounded.
Your team members will seek out possibilities for professional progression elsewhere
if they don't feel challenged or if they believe that their careers are stagnating. Your
staff will remain interested in their job and be exposed to new experiences through
lifelong learning. Professional development training encourages loyalty in addition to
fostering and sustaining excitement.
Ensure that employees comprehend your attention for their evolving interests and
professional aspirations. Express your desire to help them build a long-term career
with your organization and follow up often. Retention may be increased by giving
high-potential team members challenging "stretch assignments" together with ongoing
opportunities for skill development and career advancement.
P4.
There are several advantages to training programs, including increased learning and
development possibilities, an organized approach to skill development, and the ability
to improve one's knowledge and abilities. Training programs may significantly help
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improve communication and presentation skills. By providing practical instruction in
essential presenting skills, they help people communicate effectively in work-related
settings. They also provide public speaking training to help people overcome their
phobia of public speaking and speak confidently in public settings. It might be
challenging to realize one's full potential in work. A well-structured career
development plan, on the other hand, may be a highly useful tool for both professional
and personal growth. By evaluating their skills and weaknesses, setting realistic goals,
and devising strategies to achieve them, people may attain their maximum potential
and accomplish their work objectives. Gaining confidence is crucial for career
progression. By helping people overcome obstacles at work, communicate clearly,
and convincingly convey their opinions, it promotes professional success. To advance
in your work and be promoted, you must boost your self-esteem and get over
impostor syndrome. A career development plan may help entrepreneurs focus on and
work toward their professional goals by providing them with a defined path for skill
development. Plans for career development may help business owners close skill gaps
and provide chances for learning and advancement, which will enhance their
performance and the prospects of their companies. (Swift, 2024)
P5.
By paying close attention to the worries and opinions of coworkers, people may
identify the underlying causes of problems and help find better solutions. Team
members also feel more respected and validated when active listening is practiced. In
addition, clearly and constructively communicating thoughts and criticism helps avoid
misunderstandings and guarantees that everyone in the team is working toward the
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same goals. Since it helps to discover common ground and defuse tensions, clear
communication is especially crucial during confrontations.Coordination and frequent
communication among team members facilitate the smooth progress of projects. This
communication enables the team to identify issues early on and take proactive
measures to address them. (Boogaard, 2024)
P6.
P7
Self-assessment
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Targets
• A 30% pay increase for me.
Obtain a promotion to project manager.
Approaches
Look for a mentor in management.
• Agree to take on more responsibility at my present position.
• Finish a project management course.
• Finish a minimum of two leadership classes.
Acquire knowledge about certain coaching methodologies.
Resources:
The Project Management Institute
• Videos that demonstrate various project management techniques
• Project manager association in the area
Calendar
• In one month, request to take charge of a modest project as team leader.
• Find a mentor in two months.
• Take project management classes within three months.
• Within a year: request a promotion to project manager.
M1.
According to the findings of a Gartner poll, 68% of financial institutions either now
use AI or want to do so. Large volumes of data are analyzed and interpreted by AI
technologies, which also assist in monitoring different indicators and automate,
expedite, and speed up repetitive, routine processes while reducing mistakes. This
enables the group to concentrate on completing innovative work and resolving
pressing issues. Beyond simple transcription, workplace platforms leverage AI's
capacity to provide businesses with actionable data that may significantly increase
productivity.Through call analysis, message summaries, meeting recaps, and a host of
other insights and communication improvements, Zoom's AI Companion increases
efficiency and teamwork. As the digital workplace evolves, communication solutions
tend to place a greater emphasis on collaboration, and vice versa. These many digital
platforms for communication and collaboration operate together.
Teams can communicate without interruption thanks to video conferencing solutions,
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which are also continually user-friendly. Concurrently, integrated collaboration
features facilitate data sharing, event planning, and coordination across several
platforms, such as chat and documents.
This tendency is followed by many platforms; Miro, for example, was once designed
as a communication platform but is now used for both collaboration and
communication. (Giles, 2024)
M2.
The individuals you select to hire have a big influence on the culture of your business.
Good hires typically result in individuals who share the values and work ethic you
like to see in your workplace. Good employees will set a good example for their
colleagues by fostering a culture of quality, dedication, and cooperation. A group of
driven and committed workers will foster a productive workplace where everyone is
valued and respected. Increased job satisfaction and morale, as well as decreased
turnover rates, might result from this good environment. Additionally, a good
corporate culture will draw in additional top talent, resulting in a positive feedback
cycle of ongoing development. The reputation and brand image of your business are
strongly impacted by the caliber of your employees. Your employees are the
reflection of your company; their interactions with clients, partners, and the general
public will shape how others view your brand. Professional, knowledgeable, and
capable employees may enhance your brand's reputation and foster stakeholder
confidence. favorable perceptions among stakeholders will result in favorable
evaluations, word-of-mouth referrals, and an increase in the number of individuals
interested in collaborating with you. However, subpar employee performance may
harm your company's brand and undermine client confidence. Therefore, employing
great employees should be your first concern if you want people to think positively of
your company. (Tredgold, 2024)
M3
Every one of the transferable talents is vital. Employers, however, value certain
essential transferable skills—like interpersonal skills—more than others. These
abilities will enable you to transform from a capable worker into a valued employee in
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any position. These transferable traits are important because, if you already possess
them, your business will not have to spend time educating you in them. You may use
this list of transferable abilities to get a job right away and contribute significantly in
any field. Since it guarantees that all parties involved comprehend the problems and
suggested solutions, effective communication is essential to problem-solving. Strong
communication skills enable cooperative problem-solving and include the ability to
articulate issues clearly, listen intently, and provide constructive criticism. Teams may
investigate different viewpoints and create all-encompassing solutions by encouraging
open communication. (Pelta, 2020)
M4.
As an example Amazon serves, how workers may be empowered and help the
business succeed with a well-executed professional development and feedback
strategy. The organization places a strong emphasis on internal mobility, upskilling,
and cultivating a continuous improvement culture when it comes to worker
development. For employees pursuing degrees or certificates in high-demand fields,
Amazon pre-pays tuition, even if it has nothing to do with their current roles. This
program fosters personal growth and expands career options both within and beyond
the company. Non-technical employees can learn the skills required to progress into
software engineering roles through the Amazon Technical Academy. It prepares
participants to assume significant roles in the technology sector by providing them
with mentorship opportunities and a comprehensive curriculum.
Employees can benefit from thorough training to enhance their knowledge of Amazon
Web Services (AWS). This accreditation enhances their professional standing and
advances cloud-based solutions, which is one of Amazon's business goals.
Through programs like Career Choice and the Technical Academy, employees may
progress within the organization, which fosters loyalty and reduces turnover. Many
frontline workers have transitioned into administrative and technical roles.
Improvement of Skills and Job Readiness: Employees gain skills and certifications
that make them more marketable on Amazon and in the labor market at large.
Opportunities for advancement and open channels of communication create a positive
and upbeat work environment. The cost of reskilling an existing employee is
estimated to be 23% cheaper than hiring a new employee. It can help you retain your
employees by investing in their professional growth with training that can propel their
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careers. And it empowers your staff to leverage the foundational skills and knowledge
they already have as they transition to cloud roles.(Global Knowledge, 2023)
D1.
The quickly evolving digital workplace has a significant influence on career success
and professional development. Important components of this evolution include the
application of artificial intelligence (AI), the requirement for ongoing innovation, and
the respect of moral values. Artificial intelligence is transforming workplaces through
process automation and data-driven decision-making. However, its inclusion raises
ethical concerns about transparency and algorithmic bias. These issues must be
resolved by companies if AI is to be used ethically. Continuous innovation is essential
to a business's success. Ethical frameworks should direct the development and use of
new technologies in order to promote diversity and adhere to social standards. The
rapid adoption of AI and digital technologies necessitates a greater focus on ethics to
prevent misuse and ensure equitable outcomes. Establishing moral guidelines and
promoting transparency are essential to fostering trust and developing a responsible
digital workplace. Navigating the quickly changing digital workplace requires
flexibility, moral rectitude, and a commitment to lifelong learning. Adopting digital
literacy, proactively tackling the challenges of remote work, and ensuring ethical
innovation may help individuals and organizations thrive in the evolving
environment.
D2.
Constructive feedback, which reveals performance and areas for improvement, is the
cornerstone of professional development. Employers may identify their areas of
strength and growth by implementing structured feedback systems. A dynamic
learning environment that promotes self-awareness and makes it easier to acquire
certain abilities is supported by real-time input, 360-degree feedback, and frequent
performance evaluations. Moreover, feedback loops encourage open communication
between employees and management, which fosters trust and collaboration. People
may advance their careers by taking constructive criticism, improving their abilities,
and aligning their efforts with business goals. Integration AI to Professional
Development Artificial intelligence has revolutionized professional development by
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offering personalized learning experiences and efficient skill evaluations. AI-powered
solutions ensure that employees receive relevant and timely learning opportunities by
analyzing individual performance data and offering tailored training programs. For
instance, exams driven by artificial intelligence (AI) might identify skill gaps and
suggest specific courses or resources to close them, facilitating a more efficient
learning process. Additionally, artificial intelligence (AI) has the potential to mimic
real-world scenarios, providing workers with a safe environment in which to hone
their skills. Businesses may create a more competent and adaptable workforce by
using AI into professional development programs to create adaptive learning
pathways that take into account a variety of learning styles and speeds. Traditional
teaching techniques are being supplemented by creative approaches that leverage
technology and interactive strategies. Through immersive learning experiences
offered by virtual reality (VR) and augmented reality (AR), workers may take part in
realistic simulations connected to their employment. Gamification increases
motivation and engagement in the classroom by introducing elements of games.
Because microlearning delivers knowledge in short, focused segments, it satisfies the
modern worker's preference for on-demand learning. These methods not only help
people remember things better, but they also make learning more fun and
approachable. By using such innovative training methods, employers can ensure that
their employees remain competitive and ready to take on new challenges.
Conclusion
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learning is improved when cutting-edge technologies like AI, VR, and AR are
included into professional development. This helps employees stay competitive in a
quickly changing digital ecosystem and adjust to changing business demands.
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