Individual Development Plan

Identifying Goals and Strategies Financial Professional Development

Overview

Training Services Financial Competency Program

Organizational Effectiveness

For Manager and Employee

Part 1 of 3
Individual Development Plans (IDP)
Following the Competency Assessment, the manager and employee meet to create the IDP.

What is an IDP?
An IDP is a tool to help employees identify goals and strategies relating to professional development.
This IDP is intended to encourage employees to take ownership of their financial professional
development and provides a process for identifying and tracking progress. The IDP will cover one to
two financial competencies and will be reassessed in a timeframe determined by the manager and
employee.

What is the Manager’s Role in the IDP Process?

Step 1:
Manager and employee meet to discuss
Financial Competency Assessment
Step 5:
Manager and employee
review IDP goals and
progress

Financial Step 2:
Step 4: IDP Manager and employee select one
Manager and employee Process or two financial competencies in
collaborate to complete the which to develop an IDP
IDP Agreement

Step 3:
Manager provides an overview
of the IDP process and hands off
the IDP Employee Worksheets
to the employee for completion

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What is the Employee’s role in the IDP?
The employee will use one to two financial competencies, as determined in meeting with the
manager, to create the IDP. The employee has three responsibilities in this process:

1. Evaluate current strengths. Through personality inventories, self-assessments, or

individual reflection, work to determine individual strengths.

2. Look for opportunities. Think about your daily routine and determine ways that you can
enhance learning; pursue opportunities that can provide greater knowledge, skills, or abilities.

Examples of opportunities that focus on a breadth of experiences and a mix of formal training
and experiential learning include:

• Assignment to project teams

• Classroom training • Online coursework (e.g., writing
• Cross-training courses, computer proficiency)
• Exposure to supervisory • Shadowing
responsibility (e.g., Supervisory • Temporary assignments in other
Lab Courses, Oversee workload) areas within the department
• Involvement in outreach efforts • Joining a professional association
• Mentoring • Regents Scholarships

Passions Strengths

Development Departmental
Opportunities Goals

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 3. Determine Current and Long-Term Goals. Develop goals that are SMART - Specific,
Measurable, Achievable, Relevant and Timely. The SMART approach towards goals will
allow employees to target specific objectives related to the core competencies. You will
want to identify both current and long-term goals.

Current Goals
• Help to increase immediate developmental
opportunities
• Usually accomplished within the year
Specific
Measurable
Long-term Goals
• Help design a future-focused IDP with a
Achievable
potential for growth and development Relevant
• Usually are accomplished (18 to 24 months?)
Timely

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