Posted by Anonymous on Saturday, September 29, 2007 at 3:49pm.
I don't know if anyone could be could someone proof read my paper?
The position of financial manager is to coordinate financial activities of workers in a branch, or department of the bank, such as brokerage, risk management, or credit department. Other responsibilities are, overseeing cash flow, evaluating, and processing loan applications; oversee training programs, network within communities to find and attract new business, and prepare management analysis through operational and risk reports. Approving, rejecting, and coordinating lines of credit and commercial real estate, are also required responsibilities.
There are tools and technology that a financial manager must be knowledgeable in, such as personal, desktop, and notebook computers, Microsoft outlook, human resources software, internet browser software, spreadsheet software, word processing software, and office suite software. Other skills and ability are, excellent mathematics, time management, instructing, and reading comprehension. Stress tolerance, paying attention to detail, working independently, analytical thinking, and budgets are also required.
A bachelor’s or a master’s degree (master’s is the preferred choice) in business administration, accounting, economics, or finance is the required education. There is also a minimum of two to four years of work-related skills, experience, and knowledge required.
When choosing a candidate to fill the position of financial manager, the first choice of the selection process is to use the organizations database and examine the employee performance appraisals, to see who is best qualified. Another choice of use for the selection process would be to search the internet web sites, as this provides a larger number of potential candidates.
During the hiring process of new employees, it is the responsibility of human resource to give a packet of materials for orientation to each new employee pertaining to the rules, regulations of the organizations policy, privacy, sexual harassment, and immigration. The rules and regulations of the packet of materials for orientation are very important, and mandatory.
Included in the packet will be the benefits and incentive plan package that is mandatory. The benefits package will include material on health insurance, dental, 401K plan, paid leave, and other benefits, as the employees have the opportunity to select which plan will work best for them, since employees may not want all of the benefits that the organization offers. Another packet included is the employee incentive plan, which discusses once a year bonuses for this position.
During the training process, it is best to use on-the-job training, spaced out into five two-hour periods, as hands-on experience gives time to build a good relationship with the employees, and managers. Training should also include a needs assessment to see exactly where to emphasize training of a new employee, and to prevent wasting of funds.
All of the materials presented thus far are all steps that support organization strategic planning. When choosing the kind of people needed to make an organization successful, it is the responsibility of the human resource manager. People make a difference in how an organization performs, and it is up to the human resource manager to plan strategically and find the right candidate that will work best for the organization.
Strategic planning by human resources requires careful decision making of long-term goals and strategies, while maintaining the mission, vision, and values of the organization.
Human Resource Management Plan and Job Aids
Employers everywhere focus people on numbers and try to motivate them to perform (The path of least resistance, 1999). Almost every organization, government agency, or firm has one or more financial manager that oversees the preparation of financial reports, cash management strategies, direct investment activities, and perform tasks unique to their organization (U.S. Department of Labor, 2007).
Once an employee accepts a job, it is up to the employee to uphold, and maintain the mission that the employees hired for in the first place. It is the job of human resources through job analysis, to find and hire the most qualified candidate available.
The job analysis for the position of financial manager will better help to explain the position, requirements, responsibilities, and to understand the task that are required of the job, and can better help the employee’s performance.
The job analysis can help the employee to know the necessary technology and tools that are going to be required of the job, and the requirement of teamwork. The position of financial manager requires a significant amount of teamwork.
There are multiple approaches to recruiting for financial manager. Two ways are through external advertising, or internal promotions. The selection process for recruiting for the position of financial manager can be through external advertising, such as the web sites on the internet.
The other selection process used to recruit for the position of financial manager is through internal promotion. Internal promotion is the recruiting method of choice for the position of financial manager, because it rewards and shows employees how well they have perform in the past. Promoting can also inspire other employees to continue to put forth more peak levels of performance, while maintaining goals that they know will later pay off. Selection of a possible candidate who is proactive in his or her career is a great choice.
Internal promoting can boost morale, especially in members of the protected class, who experience the most difficulty rising to higher levels in an organization. Internal promoting or transferring saves additional costs for training and orientation. Recruiting also requires questions asked of the candidate in the next part of the hiring process. In a nondirective interview, the following questions asked are:
• Tell me about your last job.
• Why did you leave your last job?
• What do you know about our organization and what interest you most?
• What experience do you have that you think can help with this job?
• Tell me about your last performance review
• Were there any improvements you made at your last job?
• What strengths and weaknesses do you have?
• Do you find any job responsibilities rewarding?
• Are there any job responsibilities that you have a hard time handling?
• Have you ever had a situation that prevented you from coming to work on time?
• What would your response be if you caught an employee stealing?
• How well do you handle and work under pressure.
• How would you handle a serious conflict in your team?
• What would you do if a cashier gave you too much change?
• What tools would you use to complete a task?
• What would your previous employer say about tasks you have completed in the past?
• What things prevent you from completing a task?
• What computer skills do you have
• What knowledge of software do you have?
• Where there any decisions you made at work that your supervisor did or did not approve
• Are all of your references and recommendations verifiable and up-to-date?
Compensation and Incentives
Compensation for position of financial manager includes a generous median annual base salary of $85,000.
Short-term incentives, along with annual bonuses given at the end of every year, which are not part of the base pay. Bonuses based on yearly profit, are the most appropriate way to compensate for this position, as it is exceptionally motivating, and shows recognition.
Merit pay increases from 7-10% for employee performance, is an incentive and motivator that financial managers will receive, annually. Other components of compensation packages include perquisites such as retirement plans, and health insurance mentioned in the benefits package that follows.
The benefit packages available to new employees for the position of financial manager are as follows:
• Life insurance
• Low premiums
• A Pension and 401K Plan
• Paid sick leave
• Paid vacation
• Long-term care
• Paid holidays
• Paid maternity leave
Employees can chose the benefits best suited for their particular needs, through a flexible benefit plan. Flexibility of choice prevents unnecessary benefits from being wasted. The organization gains a competitive advantage in the recruiting and retention of employees, while limiting benefit costs. Employees can purchase benefits up to a certain amount that prevents unnecessary funds used. Low premiums are favorable of top-performing employees, as it more affordable, and so is 401K plan and pension that provides for retirement.
Employees will receive 2 weeks paid vacation for the 1st year of service, 3 weeks for 2nd to 5th year of active service, and will continue to increase as much as up to 5 weeks of vacation. Long-term care is of choice that will cover care of an employee after retirement. It also covers retired employees who develop mental diseases such as, Alzheimer’s, and other illnesses as well. This is the most cost efficient benefit package available to employees.
New Employee Orientation
All new employees must complete the process of orientation upon hiring. The orientation presentation should read as follows:
Sexual harassment is inappropriate behavior, or a verbal or physical advance requesting sexual favors. Sexual harassment is prohibited and against the law. Any employee that is guilty of making such advancements can be demoted, suspended, and possibly terminated. Our organization cannot discriminate against legal immigrants, but human resources must protect the organization against hiring illegal immigrants by having an employee fill out form I-9, to present to the department of immigration for verification (Bohlander & Snell, 2007). Our organization must comply with the law by verifying and maintaining records on the legal rights of applicants to work in the United States (Bohlander & Snell, 2007).
There are challenges that can occur if orientation of unaddressed information goes unexplained. Human resources have to make sure that employees understand all of the information addressed completely, because it leads to misunderstanding, and later problems. Discrimination of legal immigrants imposes a stiff fine for an organization of up to $1,000 per individual. Unexplained rules and regulations cannot only lead to problems for the employee, but can lead to lawsuits for the organization, which is one of the reasons for orientation.
These issues are the responsibility of human resources to discuss, because we are responsible for maintaining balance in the organization, strategic planning, using logic, and maintaining the best interest of the organization. Human resources has the responsibility of maintaining long-term goals, as well as decision making, while maintaining the mission, vision, and values of the organization. Human resources are also responsible for maintaining rules, regulations, and policies.
In the training process, needs assessment of the employees will be completed to see were and how much training and knowledge an individual requires. Performance of a task analysis to review the job description, specification, and identify the activities performed is best. This position requires on-the-job training, spaced out into five two-hour periods. Training will be a combination of instructor-led, seminars and conferences.
To broaden skills financial managers can attain professional certification, though certification is not necessary, however, special training in global trade, federal, state laws and regulations requires continued education. The first skill to develop is in week one is extensive computer skills, and knowledge of software. The second week requires training, and processing of loan applications. Week three requires training in how quickly make sense of, and organize information in a logical way of speed closure. In week four, an employee should be developing time management wisely. Week 5, is an important week, as employees train and develop analytical data skills. Week 6 involves training of global trade, which requires special training, as it deals with laws and regulation. Week 7 is the week of training, which training should be complete, and an employee should be ready to work independently.
By providing for the movement of people into, within, and out of the organization human resources planning can help the organization strategically plan, how to choose the right candidate for the position of financial manager (Bohlander & Snell, 2007). Human resources managers, trained at staffing the best workers, developing skillful employees, and finding ways to improve the employee’s performance if necessary.
Human resource managers are trained and knowledgeable in understanding
human behavior, designing benefits, and would be better able to choose the best skilled and motivated workforce, to achieve the goals of the organization. People make a difference in organization performance, and HR managers will bring the different kind of people together to make an organization successful. When choosing the kind of people needed to make an organization successful, an HRM will look at the selection such as, diversity, competence, and people with disabilities, women, culture, race, and motivators.
Human resources planning help to maintain balance in the organization. Human resources management have to examine external environmental changes, as it can have a serious impact and influence on the way the organization is ran, as well as the people it can effect in a positive, or negative way. HR managers are the thinkers, who maintain the mission, vision, and values of the organization, while achieving long-term survival goals.
- Human Resource Paper - manny, Saturday, September 29, 2007 at 4:07pm
It doesn't seem like you have posted any essay.
- Human Resource Paper - PsyDAG, Sunday, September 30, 2007 at 1:45pm
You need to post the paper you have written for us to give you any feedback.
I hope this helps a little. Thanks for asking.
- Human Resource Paper - Sandra, Thursday, October 4, 2007 at 1:10pm
Has anyone proofed your paper?
Answer this Question
English: Please help - Serving the financial division of the government is the ...
SOCIAL STDIES HELP! 8th - Which is not necessary in order for a bill to become ...
Human Capital - As a manager, explain the importance of understanding the ...
Proof reading - Hello, my research paper is due Friday, and I am done with it. I...
Business - How can a financial manager at a non-profit make better use of Web ...
financial management HSA - I have to write a paper for my financial management ...
Health - For this Assignment, imagine that you are a policy analyst for your ...
business - Assignment Choose a company that has experienced negative press ...
principles of business - Assignment Choose a company that has experienced ...
Accounting - what are the outside factors upon which the conclusions drawn from ...