Today I am studying:
3.1.A Skill in creating business cases for talent development initiatives using economic, financial, and organizational data.
The key takeaway from the TDBoK is a communication strategy that effectively creates buy-in.A business case may be part of a communication strategy.
Effective Communication entails:
- 6 C’s of communication: Clear, correct, complete, concise, coherent, courteous
- The skills in designing and implementing communication strategy to drive talent management decisions
- Determine the critical information and data
- Determine the audience
- Identify methods available
- Identify a timeline
- Create a communication plan
- Engage stakeholder review
Creating a business case requires five steps:
- Examine the organizations strategic priorities
- Identify possible solutions (quantify the benefits and forecast the results)
- Analyze and compare all solutions
- Select the best solution and determine the details requires to make the recommendations
- Describe the implementation plan
How to present business case (similar to report)
- Exec summary
- Current situation
- Initiative description
- Environment analysis
- Business and operational impact
- Preliminary risk assessment
- Cost/benefit analysis
- Implementation timeline
Business case requires insights:
- Business insight, according to the Talent Development Body of Knowledge, is the understanding of key factors impacting a business, including how it accomplishes its mission, how it makes and spends money, how it influences its industry or market, how strategic decisions are made, factors affecting growth, and its internal processes and workflows (source: https://www.td.org/insights/business-insight-is-a-vital-capability-for-td-professionals)
- Analysis might include PEST or SWOT analysis
Useful Articles
Big Skill: Cost Benefit Analysis (source: https://www.td.org/insights/big-skill-cost-benefit-analysis)
Relevant questions to be considered are,
- How much will it cost?
- How much of the possible benefit will be realized?
- What is the range of possible costs, and what makes the costs increase or decrease?
- At what cost will it no longer be worth it?
- How will we know, once we are into it, when to back off or when to “stay the course”?
- What other things could we do with the resources that might be better?
Consider cost/benefit across multiple categories:
http://learningcircuits.blogspot.com/2005/12/simword-of-day-primary.html
Business Insight Is a Vital Capability for TD Professionals
https://www.td.org/insights/business-insight-is-a-vital-capability-for-td-professionals
Example of business case from D&I (article: https://www.td.org/insights/diversity-inclusion-making-the-business-case)
https://d19d5sz0wkl0lu.cloudfront.net/dims4/default/555841f/2147483647/resize/800x%3E/quality/90/?url=https%3A%2F%2Fatd-brightspot.s3.amazonaws.com%2Fblog2.JPG
