critical thinking in the financial services sector march 3, 2011 new york, ny presenters: judy...
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Critical Thinking in the Financial Services Sector
March 3, 2011New York, NY
Presenters: Judy Chartrand, Rupalli Thacker
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• What is Critical Thinking?• Why is Critical Thinking Important for Finance Professionals• Where does Critical Thinking Fit in the Financial Services
Industry• How to Develop Critical Thinking in your Organization
– RED Model– T&D Solutions– Critical Thinking University (CTU)
Welcome and IntroductionsAgenda
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Welcome and IntroductionsOur Moderator
Sean Stowers is the Director of Learning Services for Pearson Learning Solutions. He works with corporate and association clients to design and develop engaging solutions for their employees, candidates or members. Sean also served as a business development manager with Pearson’s FT Knowledge, a leading provider of training solutions to the financial services industry. He also spent four years at IBM in its Learning Services Division.
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Welcome and IntroductionsPresenter
Judy Chartrand is the Consultant Chief Scientist at Pearson TalentLens where she works extensively with corporate and consulting clients, helping them implement assessment solutions that foster employee development, team building, retention, high potential engagement, career management, and succession planning. She received an Early Career Award from the American Psychological Association for her work in the career development field.
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Welcome and IntroductionsPresenter
Rupalli Thacker is a Digital Products and Solutions Manager for Pearson Learning Solutions, working closely with corporate and association clients. Rupalli specializes in learning design, and new learning technologies. In her role as a products and solutions manager, Rupalli manages end-to-end learning solutions; and product design, and delivery. Her previous experience includes ten years in leadership skills development and four years in the elearning industry as a program manager.
Rupalli holds a MA in Learning Sciences from Northwestern University and an MBA from NMIMS, India.
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Everyone thinks, but few think critically
From the C-suite to the front-line
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Why is Critical Thinking so Critical?
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Economy’s Shift to Service Jobs Requires More/Faster Decisions
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And everyday we make decisions withimperfect & incomplete
information.
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Is he…
• Asking the right questions?• Making sound assumptions?• Making good decisions?
Meet Jerry
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Will they think about…
• Risks?• Uncertainty/complexity?• Consequences?• The Firms Clients? • The Bottom Line?
Meet Your New Employees
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431 Employers Say New Employees Aren’t Thinking Critically
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We Have a Critical Thinking Deficit
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Yet It’s the #1 Workplace Skill
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In a recent Grant Thornton Survey, 55% of respondents indicated that lack of soft skills -communication, critical thinking, problem solving abilities posed the most significant challenge in recruiting seasoned accounting professionals.
Critical Thinking in Financial Professions
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What are the Drivers for Increasing Critical Thinking in Financial Professions?
• Globalization and Geopolitical Events
• New Products and Business Models
• Shifting and Complex Regulatory Environment
• Increasing Savvy and Skepticism of clients
ff
“These drivers require a deeper, more analytical approach to training
new leadership”
Tony Osude, Dir. Professional Development, Assoc. of Chartered Certified Accountants (ACCA)
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• Strategic Thinking 64%• Leading Change 56%• Ability to Create Vision & Engage Others 54% • Ability to Inspire 47% • Understand total enterprise and 47% how different parts work together
Source: 2009/2010 Executive Development Trends Reporthttp://thinkwatson.com/downloads/2009-Development-Trends-Report.pdf
CriticalThinking
What Key Skills Do Emerging Leaders Lack?
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Critical Thinking 101
A Framework for Better Thinking
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Critical Thinking Means Many Things…
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Improving Critical Thinking, Improves Other Skills
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Raw Material for Other Competencies
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Critical Thinking: Base of Competency Pyramid
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• Strategic Thinking? • Innovation Management? • Dealing with Ambiguity?• Decision Quality? • …..
What are the Most Pressing Competency Development Needs in Financial Services ?
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RED Model as a Critical Thinking Framework
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Recognize Assumptions • Discerns facts from opinions.• Recognizes implicit assumptions
Evaluate Arguments • Evaluates information or arguments, focusing on relevant,
accurate information
Draw Conclusions • Arrives at conclusions that logically follow from the available
evidence
What is the RED Model?
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Takeaway: Kennedy changed
the way he was briefed sothat assumptions would bechallenged early on.
RED Model in Action
Recognize Assumptions CIA believed• Cubans would rise up to support the effort• CIA could overthrow the Cuban • government based on past success (e.g.,
Guatemala, 1954)
Evaluate Arguments Kennedy reviewed the plan with his closest advisors – all favored invasion. Contrary views were not represented in the inner circle. During the campaign, Kennedy had criticized Eisenhower for not being proactive with Cuba.
Draw Conclusions Kennedy ordered the invasion, which was an immediate and costly failure.
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Critical Thinking 201
How to Build a Thought-Based Organization
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Can You Really Train People toThink Better?
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Like golf, being good at thinking requires practice and feedback. Assessment helps you“see” your thinking soyou can improve it…
Yes, But Not Without Effort… and Practice
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Applications: Selection Through Succession
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Assess the critical thinking of successful performers to create a baseline (e.g., 50th percentile and above)
Compare it against the scores of your job candidates
Selection/Promotion: Create Success Profiles
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Evaluate Impact on PerformanceFinancial Services Company
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Source: 2009/2010 Executive Development Trends Reporthttp://thinkwatson.com/downloads/2009-Development-Trends-Report.pdf
T&D Priorities
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A Leader’s Path in Your Company
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Training Example Content Activities Support Actions
Group Training Program (6 sessions over 3-4 months)
Objective: Define critical thinking and how it impacts business
Identify current critical thinking capabilities
Increase critical thinking skills
Assessment Content:Watson Glaser II & Development Report
Webcast Content: Applied Critical Thinking: A 3-Phase Approach to Developing Problem Solving and Effective Thinkers (www.thinkwatson.com)
Reading Content:Critical Thinking Means
Business (thinkwatson.com/
learn-resources.php
Now You’re Thinking! Successful Managers’ Handbook (Thought Leadership section)
Video
Critical Thinking Channel(www.youtube.com/talentlens)
Goal Setting(WGII Development Plan)
Blogs: Critical-thinkers.comCritical Thinking in the Real World
Diverse Groups: team assignments
Coach/Manager: to support personal goals
Case Studies: within organization(problem solving, decision making)
Leaders as Teachers: (e.g., different functional heads lead analysis of case/situation/problem
Addressing Level 1
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Development Report CTU
Developing Critical Thinking: Solutions
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Critical Thinking Boot Camp
Phase 1: Assessment and Alignment; 2-4 weeks prior to workshop take assessment and meet with manager to identify high priority business challenges
Phase 2: Action Learning workshop (2 days); receive assessment results; learn critical
thinking techniques, development an action plan
Phase 3: Acceleration and Accountability; 1 month progress monitoring report out; communicate success out to organization
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Critical Thinking Development Resources
• Internally developed course (e.g., previously mentioned materials)
• Critical Thinking University• Critical Thinking Boot Camp (2 days)• Custom Coaching by Executive Development Associates
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The End Game of Better Performance
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Critical Thinking Assessment & Training SolutionsSean Stowers: 917-215-5269 or [email protected] Frederick: 630-877-3766 or [email protected]
PresentationJudy Chartrand: 651-257-1833 or [email protected]
Learn more at…www.ThinkWatson.com
For More Information