Work Based Learning

Insurance company is considered to be a avery efficient company with wide scope of earning profits by selling services of monetary support to its customers. According to Nikolova et al. (2014, p.1), the scope of business in respect to a insurance company is wider. In respect to the Aviva insurance company in UK, it is found that with providing insurance, it also engaged itself in the saving and investment activity (Aviva, 2018). Other than that the company is also engaged in providing the pension schemes to its senior citizen customers efficiently. The mission of the company is to provide insurance or monetary backup for customers having health issues and person who have become senior citizen.

The work in the company for the candidates of work based learning involves the making insurances by convincing people. The different rates of services that the company offers to the people determines the profitability the company earns. Bempechat et al. (2014, p.232) said that for a insurance cum saving-investment company, it is important to have the knowledge of the customers demand that can help the company in meeting the demand of the consumers. In respect to the case study, a student should also have the knowledge to convince people by showing the unique features of the offers that the company renders to its customers.

In the working based learning method, it is important to understand the placement of a candidate in a new company. As the working based learning prefers own field of work, it is important to have knowledge over the work that a company offers to an individual. If it is found that the placement is appropriate, then it benefits a candidate in understanding own job more efficiently, which in turn increases the skill of performance. In respect to the case study, as the company is a insurance company, it is important to understand the role of the candidate for work based learning. It is assumed that the candidate h got the post of insurance selling where the candidate can learn about the insurance, savings and investment schemes of the Aviva company, and work for the company efficiently.

In the initial stage of work based learning, as said by Basi et al. (2015, p.1003), it important to have a full version induction process and training process. This process helps a candidate from work based learning motive to understand the nature of work that needs to be done in the company by that candidate. The initial stage follows the library facilities that a company should provide to its work based learning employees to get the theoretical knowledge of the performance of the company. Moreover, According to Wall (2017, p.304), this is a time of technology. Thus, for a work based learning candidate, it is important to have proper training over computing activities in the company that can increase the efficiency and learning skill of the candidate. It is also important to have cooperative guidance in a company that can help the candidates to increase their knowledge under an experienced guidance. In respect to the case study, it important to mention that candidate should get enough cooperative knowledge that can help in meeting the desired experience level in Aviva insurance company.

2) Organisation matrix structure

According to Wenger-Trayner et al. (2014, p.73), every company possess an organisational structure that helps the company in meeting its predetermined goals more effectively. Generally, functional, matrix and divisional structure are mostly found in the UK based company in order to provide work based learning to the candidates. The division structure is considered by Claeys et al. (2015, p.70), as an effective method that helps in creating profitability to the company. It is also found that the divisional organisational structure facilitates a company in performing the required activities more efficiently in a technically authentic way. The functional structure in a company divides the departments according to the functions. The issue that prevail in the functional structure is that it creates internal conflict among employees of the company. Therefore, for work based learning company, it is not absolutely acceptable. It is important for a company who is providing work based learning facility to candidates to have disciplines internal activities. In respect to the Aviva Company, it is found that the company possess divisional organisational structure in the company. This division has helped the company in increase its business internationally (Aviva, 2018). In respect to a candidate, it is important to have methodical internal activities in a company that can bring success to the company efficiently. It is also important to mention that the divisional training to a candidate for work based learning can help in increasing the experience level. Though it is a matter of psychology, still it is worthy to mention that the performance of the Aviva Company can motivate the candidate in the case study in increasing the knowledge by knowing all the divisional activities in the company. This can open different paths of careers with experience to the candidate. Therefore, for the work based learning process, the Aviva Company can efficiently facilitate candidates in making them habituated with the pace of performance of the company.

3) Analyse environment of the workplace

According to Algers et al. (2016, p.2), it is important for a company in analyzing the external environment of its operation and identify the strength points of the company. In respect to the insurance companies in UK, the act of Brexit can influence the profitability of the company. In respect to Aviva Company, political freedom due to Brexit increased the area of operation of the company that further increased company’s profitability. For insurance companies in UK, economic factors of emergence of new market and providing insurance and reinsurance facilities further increases the area of operation. In respect to Aviva insurance also, the increment in the profit for the insurance and investment facilities can help the company in expanding further.

Among the social factors, Aviva provides the facilities of low insurance premium in the underdeveloped countries and facilities of pension reform freedoms that further help the company in growing economically. Aviva also gets the facility of better performance as it is technologically advanced in reaching to its customers efficiently. Thus, it can be said that the company is technologically strong. According to Insurance Companies Act 1982 (c.50), it is important for an insurance company to meet the all the requirements that is promised in the time of agreement. In respect to Aviva Insurance, the company also follows the act and thus has increased the trust of the customers of the company. It is also found that the environmental operations minimized due to insurance and thus this helps Aviva company in gaining prosper internationally.

In analyzing porter's five forces, it becomes clear with the external behavior of competitive company for a company. According to Pimmer and Pachler (2014, p.193), entrance of new customers decreases the profitability of a company. In respect to Aviva company, it is clear that it might decrease its customers’ hold once new insurance company enters UK market. However, this can be resisted of the company provides new and more friendly insurance schemes to its customers. Next comes the bargaining power of the suppliers that, in respect to an insurance company, are the shareholders support of whom a company works. In respect to the Aviva company, it is important to meet the demand of the suppliers that can help the company in keeping the profitability sustained.

Bargaining power of the customers, as said by Talbot et al. (2017, p.119), is the process that possess the choice of customers to buy product mainly based on the quality and product of the product. In respect to an insurance company, it is important to provide scheme to its customers in such a rate that it creates value to its customers. In respect to Aviva Company also, it is important to provide enough scheme at reasonable rate in order to keep the business sustainable. Aviva should have to be concerned regarding threats of existing competitors with their offers to survive in the high competition market in UK. It is also a matter of concern as per five forces that there must be less substitute products as compares to the products of Aviva. The availability of the substitute products decreases the value of product that is sold by Aviva.

According to Overton and Lemanski (2016, p.120), resource audit is also considered to be an important internal analysis that studies all the internal aspects of a company. The revision of the suppliers and internal performance activities regarding the financial and management department gets examined by the resource Audit. It is found that Aviva company is in the position in which it can efficiently performs its resource audit. The resource audit can be found to be found successful for this company also.

4) Use management related theories

According to Claeys et al. (2015, p.70), Classical theory is an efficient management theory that believes that the economy is self regulating. It is actually the process that by itself changes with times. The economic self regulation is in simple words, is the method of self changing of nature of economy in respect to times. It is important to mention here that changes might create profit or loss to a company. Generally, the economic changes sometimes create huge profit to a profit seeking concern. Again, the economical change can negatively affect the profitability of a company, In respect to the Aviva Insurance, as it is providing facilities of work based learning to the candidates, it is important to have precautions that can positively affect the growth of the company. It should also have a certain amount of funds that can be utilized in times of negative impact of economic regulation.

As stated by Algers et al. (2016, p.2), behavioural theory discusses that the behaviour of a human being or a company determines the psychology of a learner. In respect to the case study, as Aviva is providing the work based learning facilities to candidates, it is important to have well behaviour by the company staffs to the learning candidates so that their psychology forms according to the work they are performing. The acceptance of behavioural theory in the work based learning can efficiently create the intelligence so that it can help in meeting the demands of the learning candidates.

Pimmer and Pachler (2014, p.193) said that human relation is another important factor that efficiently affect the psychology of a human. In the work based learning program, the theory of human relation works efficiently. It states that the psychology of a human determine the behaviour. In the time of training the candidates who are performing working based learning determines the psychology of work that they should perform. Efficient induction process and training session can build up their psychology and help in creating further paths of career for the candidates. Therefore, in respect to Aviva Insurance Company, it is important to maintain the human relation that can affect the development of the psychology of the candidates of Work-based learning.

Task 3

Based on workplace evaluation, what is your career path in this organisation?

I learned about the external and internal condition of the company. Aviva Insurance Company is found to have positive internal and external environment that can help me in understanding the internal and external activities of the company. It is important to mention that the performance of the company is identical to the field that I want to work in. The company is also providing training session to me that can help me in understand their pace of work. It is also important for me to get practical examples in the time of working which can help in increasing my psychology and working skills. I have selected to be an employee of this company working for selling the product of the company to existing and new customers. The sales part, I think, can help me in developing convincing skills in me. It can also increase my knowledge over the behaviour of different customers of the company.

Conclusion

In the study, it is found that the efficiency and the experience that a student gains, is based on the initial knowledge of study. Iit is important for a student to possess minimum disciplines in life which can help in learning by working in a practical company. For working in a company, it is a most wanted demand of the company to have the sense of punctuality in any activity. Being a fresher, a student should only have the choice to select respective field of work. The study found it important for an individual to have some external support for having work based learning more efficiently. In respect to the Aviva insurance company in UK, it is found that with providing insurance, it also engaged itself in the saving and investment activity. It is assumed that the candidate h got the post of insurance selling where the candidate can learn about the insurance, savings and investment schemes of the Aviva company, and work for the company efficiently. It is also important to have cooperative guidance in a company that can help the candidates to increase their knowledge under an experienced guidance. In respect to the case study, it important to mention that candidate should get enough. The functional structure in a company divides the departments according to the functions. The issue that prevail in the functional structure is that it creates internal conflict among employees of the company. In respect to the Aviva Company, the study found that the company possess divisional organisational structure in the company.

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