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This document is Strategic and Operational Plan. It is part of the supporting assessment resources for Assessment Task 2 of BSBHRM602. Strategic & Operational Plan 2018 - 2020 King Edward VII College Executive Summary Established in 2010, King Edward VII College is a Registered Training Organisation (RTO) that provides training to students in business and management. Our principal purpose is to provide high quality training services to satisfy students’ needs. Our training is nationally recognised and accredited to meet vocational and educational standards. Courses are designed by highly qualified staff with extensive industry and training experience to achieve teaching and learning excellence, flexibility and personal satisfaction. We draw on our established relationships with industry and other stakeholders to ensure that our courses are appropriate to the demands of our clients and consistently meet their expectations. Quality is maintained in compliance with the national VET Quality Framework and through our continuous improvement system. A key objective is to develop the required knowledge and skills for clients to be job ready and competently undertake their chosen role in a wide range of business areas. Mission King Edward VII College provides high quality industry training that engenders participation and achievement. Strategic Objectives 1. To be a leader in vocational education and training 2. To establish and maintain high quality infrastructure supporting clients and staff 3. To be well led, high performing, profitable and accountable 4. To develop our people and resources Values The core values underpinning our activities are: · Sustain excellence in training and assessment · Promote innovation across all of our business operations · Be a collaborative and caring community · Embrace difference and diversity · Demonstrate integrity and equality of opportunity in all activities · Operate with openness and accountability Target market for services King Edward VII College has two broad segments to its target market, consisting of people wishing to gain entry to the industry, as well as people already working in business and management who want to formalise or develop their skills. Building effective leadership and management skills of managers has been identified as particularly important. This has informed King Edward VII choice of delivery. We also intend to capitalise on market needs for delivery of blended (classroom and online), as well as on-line courses. There are many training providers in our sector and King Edward VII seeks to offer a point of difference through our competitive pricing structure, innovative teaching methods and state of the art facilities. Situation Analysis Strengths Weaknesses · Price, value and quality · Clear understanding of student requirements · Delivery mode suitable for client requirements · High quality learning and assessment materials · Committed to quality ethical practice · Ability to adapt to changing market conditions · Effective and practical policies and procedures · Competitive pricing · Friendly organisational culture · Level of available finance for investment · Focus on business and management courses only · Substantial investment in Sydney and Brisbane meaning large financial outlay · Ageing workforce for senior management positions · High staff turnover of trainers · Difficulty in finding skilled trainers and assessors · Lack of leadership and management skills of existing workforce · Lack of diversity in workforce · Human resources policies still in their infancy, for example, recruitment process not making full use of technology advances e.g. social media, no formal performance management system in place, no employer branding/employer of choice initiatives. Opportunities Threats · Potential for offshore delivery · Target market experiencing growth · To target other States and Territories · Current portfolio of courses popular in target markets · Potential to apply for Government funding · Changes in Industry legislation affecting students · Possible adverse effects of government policy changes · High level of competition from other training providers in relation to target market plus competition for staff · Instances of other RTO’s bad practice creating poor perception of training providers to clients · Predicted uncertainties in the world economy impacting level of demand for training · Low price courses offered by competitors · Failing to satisfy clients’ demands · Unskilled trainers · Ageing workforce Operational Priorities The following table identifies the operational priorities we plan to achieve in pursuit of our strategic objectives. Date Priorities Key performance indicators June 18 Improve web site information to attract more students 10% increase in students by June 2018 Improve market share by 5% July 18 Conduct annual internal audit Audit conducted and continuous improvement identified September 18 Develop and implement workforce plan Workforce plan developed and staff informed of key strategies. Oct 18 Develop and implement a cultural sensitivity and awareness program for staff All staff trained in cultural awareness November 18 Implement staff performance management review system Staff advised of new system and performance reviews conducted across the organisation. Dec 18 Identify suitable location for Sydney campus Location identified and lease taken out 2019 Jan 19 Provide information sessions showcasing the College (Melbourne and Sydney) Fit out Sydney campus ready for student admissions in February. Interview staff for commencement in February. Identify at least 50 potential sign ups Sydney campus ready for operation March 19 Develop an on-line learning platform for all courses All courses offered on-line by end 2016. Increase student numbers by 12% April 19 Identify suitable location for Brisbane campus Location identified and lease taken out May 19 Fit out Brisbane campus ready for student admission in June. Interview staff for commencement in June. Brisbane campus ready for operation July 19 Conduct annual internal audit Audit conducted and continuous improvement identified November 19 Staff performance reviews All staff performance reviews conducted 2020 Feb 20 Undertake scoping study for possible offshore campus Scoping study completed by June 17 and decision made as to whether to proceed July 20 Conduct annual internal audit Audit conducted and continuous improvement identified Nov 20 Staff performance reviews All staff performance reviews conducted Marketing Strategies Students make their RTO selection decisions based on the reputation of the organisation, quality of courses, pricing, employment options and personal recommendations, amongst other factors. Our strong vocational emphasis and continual industry consultation will ensure our courses are appropriate to develop the skills and knowledge currently demanded by employers and students. Our market decisions are based on extensive and continuous market research, targeting market segments and clients within industry. We collect our data from a variety of sources, including current and potential clients, VET and business sectors, competitors, media and government along with many others. Market share development We plan to increase our market share by: · Establishing two new campuses · Offering on-line blended learning · Providing face to face information sessions · Improving our web site · Continually improving the quality of service given to client’s pre-enrolment, during course delivery and through the provision of support services while remaining price competitive · Focusing on the provision of courses required by industry · maintaining effective communication channels with all stakeholders to ascertain industry requirements and then develop products and manage services accordingly · Continually improving communication channels with all our stakeholders, ensuring a flow of timely and accurate information to facilitate effective planning and decision making · Consistently satisfying individual client needs and demands at the same time as developing the knowledge and skills required by industry · Targeting identified growth markets with planned, market appropriate campaigns, employing a variety of promotional strategies and advertising media · Offering attractive fee structures · Continually improving the skills, knowledge and effectiveness of King Edward VII College management and staff through our commitment to training and development · Regularly reviewing the effectiveness of all our operations and making improvements when and where necessary Risk Management The following section identifies the associated risks in pursuit of our strategic objectives and how we will deal with them. Strategic Objectives 1. To be a leader in vocational education and training 2. To establish and maintain high quality infrastructure supporting clients and staff 3. To be well led, high performing, profitable and accountable 4. To develop our people and resources Risk Australian government changing policy in relation to industry · Accepting policy change will be a constant factor to manage · An understanding of this should be instilled in all staff · Develop ability to foresee and react quickly to change · Maintain effective communication channels with stakeholders · Diversification of source markets · Develop product range Related to Strategic Objectives: All Responsibility: CEO & Administration Manager Risk Significant drop in cash flow · Identify operating costs as per future plans and past performance · Identify available finance · Efficient invoicing and debt recovery · Accurate income projections · Close monitoring of expenditure · Arrange overdraft facilities · Scenario planning Related to Strategic Objectives: All Responsibility: CEO & Administration Manager Risk Failure to recruit planned number of clients · High quality delivery of all services · Swift reaction to feedback · Skilled, motivated staff · Attractive fee structures · Effective market research · Allocate finance for each market · Monitor performance · Take early corrective action if not meeting targets or expectations · Maintaining effective relationships with clients · Maintaining effective communication channels with all stakeholders Related to Strategic Objectives: 1, 2, 3 Responsibility: CEO Risk The world recession and the domino effect · Diversification of source markets · Target markets with strong growth forecasted · Monitor the economic trends · Regularly review performance in line with anticipated market conditions · Develop culture of accepting continual change · React quickly to change · Scenario planning · Maintaining effective communication channels with all stakeholders Related to Strategic Objectives: 1, 3 Responsibility: CEO Risk Over committing resources · Balance activities with the amount of finance available for investment · Financial planning · Monitoring of cash flow · Review invoicing and debt recovery system · Swift response to identified issues · Accessing financial advice Related to Strategic Objectives: 1, 3 Responsibility: CEO & Administration Manager Risk Adverse changes in market conditions · Effective communication channels · Continuous market research · Monitor new markets and overall recruitments trends for all market segments · Scenario planning · Develop working knowledge of potential markets · Networking · Maintaining effective communication channels with all stakeholders Related to Strategic Objectives: 1, 2, 3 Responsibility: CEO Risk Changes to relevant legislation · Emphasis on professional, ethical practices with all stakeholders · Staff training · Leading by example · Policy implementation and monitoring · Effective communication channels with all stakeholders · Ability to manage change · Managing available finance for re-investment Related to Strategic Objectives: All Responsibility: CEO Risk Shortage of, and difficulty in recruiting, appropriate qualified, skilled trainers and assessors and other key staff · Development of workforce plan · Offer attractive salary packages, including full-time contracts to trainers and assessors · Development of further HR policies and procedures · Provide opportunities for career progression · Develop stimulating and enjoyable working environments · Commitment to training and development · Commitment to professional development · Succession planning to deal with ageing workforce Related to Strategic Objectives: 1 & 4 Responsibility: CEO Risk Failure to meet and manage client’s expectations · Accurate and timely communication with potential and current clients · Management of recruitment activities · Continuous improvement system · Regularly review learning and teaching approaches