Continuing professional development in a financial services organisation: THE LEARNING CYCLE

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One of the underpinning issues of CPD is the concept of ‘Learning to Learn’. Recent years have seen an increased emphasis on the activities of the learner and on giving them the tools to learn not only what is needed in the present, but what can be transferred to future situations; allowing them to learn from experience, particularly through reflection. Kolb puts the process of learning into a cycle: concrete experience; reflective observation; abstract conceptualisation; and active experimentation. He argues that learning must go through the complete cycle to be effective, although in practice this ideal is difficult to achieve in the workplace.

An understanding of how individuals learn can allow the development of weaker styles in a bid to achieve a balanced approach. Mumford argues that learning opportunities are not always recognised and a principle reason for this lies in the failure to use systemic processes in the cycle. If transference of learning to the workplace is the key to effective CPD, failure to follow the cycle may affect both the quality and relevance of learning and consequently have a reduced impact on potential performance.

It is important for those providing CPD activities to be aware of the different styles of learners so that a wide range of learning methods can be utilised. Understanding
the learning cycle is only one of the factors that will have an impact on effective learning. Reay lists the key factors of learning psychology as follows:

— motivation or sense of purpose
— relevance
— learning by doing
— freedom to make mistakes
— feedback
— freedom for learners to learn in their own time at their own pace.

Relevance is also important in this form of development. Harrison states:

Activities must involve situations or use the skills and knowledge that are relevant to their real life environment and roles, that carry the learning process forward and that build on experience and confidence.

She develops this argument by saying that to ensure the transfer of learning is effective the activity must be appropriate to the needs of the learner and their work situation. In addition, learners must be encouraged and enabled to put their learning into practice in the workplace. The presence of a suitable recognition and reward strategy will go some way to support this.

Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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