Application of Job Analysis in Recruiting a Financial Manager - Essay Example

? Job Analysis and Number Submitted Introduction Job analysis is very fundamental in any organization. Job analysis refers to a systematic study of the organization’s jobs with a view of establishing specific job responsibilities and the observable tasks and activities. Job analysis forms the basis for assessment and selection decisions, which help in identifying the best person for the job. Moreover, the understanding of job analysis fosters the examination of activities related to a certain job, the qualifications for doing the job successfully, and the relationship between the activities and the qualifications (U.S. Office of Personnel Management, 2013). Indeed, job analysis also forms the basis for legal defensibility of assessment and selection procedures (U.S. Office of Personnel Management, 2013). With adequate knowledge of job analysis, the management can establish the training needs for specific jobs, job positions, and grade levels, which consequently inform on compensations, promotions, and performance appraisals. As such, job analysis supports most human resource functions and specifically informs the hiring process, reporting relationships, and work environment as seen in this research paper. Having got a promotion to my current position as the Human Resource Manager, there is an urgent need to recruit somebody to take my earlier Financial Manager position. Subject to having a mandate of finding my replacement, I will do a job analysis to ensure successful and effective recruitment for that position. Thesis statement This paper details my understanding and application of job analysis in recruiting a Financial Manager. To achieve this, I produced a job description, developed a recruiting plan and selection strategy, developed a performance evaluation philosophy and method, defined the remuneration for this position, and addressed training and development issues using organizational behavior theories. Job Analysis for a Financial Manager Position The position of a Financial Manager is a senior position in any organization and therefore, it requires a detailed and effective job analysis. Financial managers must be good in money matters as they oversee the finances of corporations, agencies, and major companies. They must be perfect and timely as well as compliant with the set financial laws and regulations. Notably, the job market for financial managers is very competitive and equally growing. However, financial managers with knowledge on international finance and financial instruments and securities have a competitive advantage. Ideally, every company or government agency will require one or more financial managers to oversee its financial operations. In this context, job analysis for a financial manager will help our company and me to recruit the best person for the job in the financial market. There is one vacant position for a Financial Manager in our company. Job Description Having been a Financial Manager, I ascertain that a financial manager in our company bears the responsibility for all financial control and reporting aspects and links the finance department with the upper management. A Financial Manager also analyses accounting data to maximize the company’s working capital, reduce operational costs and improve the overall performance of the company. The Financial Manager ensures that the company’s financial reports comply with the Generally Accepted Accounting Principles (GAAP) and other industry regulations. He equally provides financial advice and support to the management to enable them to make sound financial decisions. A financial manager will produce cash-flow statements, direct investment activities, design profit projections, design long-term financial strategies and plans to ensure the going concern of the company. Ideally, the responsibilities and tasks of the financial manager will include: Preparing and interpreting financial reports, monthly and annual financial accounts. Preparing, managing, and interpreting budgets and financial statements. Monitoring cash flows statements and making financial forecasts. Predicting future business trends. Researching on competitors, industry, pricing, and performance factors. Liaising with the management and auditors to ensure the conduct of annual monitoring. Controlling income, cash flow and expenditure. Developing business models and risk assessments. Ensuring compliance with all transactional, financial, government, taxation and industry requirements. Carrying out strategic analysis and helping in strategic planning. Formulating long-term business strategies. Handling debtors. Supervising staff. Conducting reviews and evaluations for cost-reduction. Implementing financial plans. Analyzing profit and financial margins. Arranging and researching for new sources of finance and debts. Responding to regulation and legislation changes as well as industry developments. A Recruiting Plan and Selection Strategy An effective and efficient recruiting and selection strategy will ensure that I successfully recruit the best and qualified person for the position. This relates to the scientific leadership theory, which advocates for organizations to select workers on the basis of qualifications regarding new job requirements (Smith, 2013). The hiring process will be a challenge since it will involve obtaining a pool of potential and qualified candidates for the job and selecting only one of the most appropriate people. This relates to the Decision-Making Approach theory, which mandates managers to ensure all activities meet the organization’s goals (Smith, 2013). The recruitment and selection strategy will ensure that the company obtains the required knowledge, skills and experience. Through this strategy, I will ensure that a potential candidate accepts the offer and ultimately increases the effectiveness of the company. The recruiting plan and selection strategy includes: 1. Identifying the vacancy and evaluating the need to ensure that I recruit the best person for the job and to enhance teamwork with other employees. 2. Developing a job description that will form the foundation of the recruiting process where I will derive the reference checks, interview questions and interview evaluations. This stage will define the duties and responsibilities, purpose of the job, desired qualifications, experience and personal qualities for successful candidates. 3. Developing a recruitment plan that will define the recruitment period, recruitment goals and mode of advertising the job. 4. Selecting a selection committee to ensure unbiased interview and final consideration of successful candidates. 5. Advertising the vacancy and implementing the recruitment plan to ensure that I get a diverse pool of applicants. 6. Ensuring that the selection team reviews all the applicants and develops a short list of successful candidates. 7. Conducting the interviews, which includes preparing for the interview, familiarizing with the interview questions, panel interviewing, and use of testing and selection methods. 8. Ensuring the selection committee discusses the interviewees and uses the rating sheet to come up with the chosen candidate. 9. Finalizing the recruitment and selection process by making a job and salary offer to the selected finalist. Job Performance Evaluation Job evaluation refers to the measure of the worthiness of the job done by an employee relative to the job position at various times. While doing the job performance evaluation of the employed financial manger, I will consider the actual requirements and responsibilities of the position and the value of work done. Notably, the value of work done by the Financial Manager will depend on his experience, knowledge, skills and required training for this position. Additionally, I will do the evaluation of the employee’s strengths, weaknesses, ability to improve, and his previous achievements. A change in the job requirements and new responsibilities attached to the position will also warrant an evaluation. I will perform the evaluations more often to inform the financial manager on what I think about his work, gain information on certain decisions, and help the financial manager to rectify the deficiencies in his performance. I will therefore need to develop a performance evaluation philosophy and method. Performance Evaluation Philosophy and Method In my evaluation process, I will adopt the philosophy that all employees must work towards achieving the company’s goals and improving the effectiveness of their work. Additionally, I will apply the philosophy that all employees are subject to consistent performance evaluations that will take place every three months. Ultimately, I will rely on the philosophy that employees should seek to keep improving their achievements and turning the company’s challenges to opportunities. I will also use three evaluation methods to measure the performance of the financial manager. The methods include the self-evaluation method, which works together with a performance review (Anderson, 2013). In this method, I will request the financial manager to rate his performance by filling in an evaluation form with multiple-choice responses. This will create a proper understanding of the employee’s performance by comparing the self-evaluation ratings with my own appraisal. I will also use the Graphic Scale evaluation method where I will grade the employee’s performance in specific areas on a scale running from poor to excellent (Anderson, 2013). This will help in comparing the employees’ performance levels. Ultimately, I will rely on the Checklists evaluation method due to its effectiveness (Anderson, 2013). In this method, I will design relevant performance questions where the employee will answer either yes or no. Notably, more answers that are negative will suggest poor performance and recommend adequate training. All the three evaluation methods will apply concurrently and will take place every three months. Define the Remuneration for the Job and Give Reasons Usually, the federal government and other relevant industrial bodies define the remuneration amounts for academicians, security officers and professionals including the financial managers. This information is always available to the public (U.S News, 2013). In most cases, the management cannot negotiate a salary below the set salary levels. Nevertheless, having the capacity to negotiate a salary before the completion of the recruitment process serves all parties conveniently. However, the salary levels equally vary from one state to another and from the public sector to the private sector, with the private sector paying more than the public sector. Additionally, states and cities like London, New York and San Francisco also pay more (U.S News, 2013). Overall, Financial management jobs are very lucrative subject to the qualifications, responsibilities, and demand for the financial managers. After considering these factors and the fact that the reference company situates in New York City, I define the remuneration for the Job to be $175,100. Training and Development Training is a very fundamental aspect in financial management, and financial managers should receive constant training as the financial market keeps changing. We experience constant changes in the financial world and the financial managers must attend trainings to equip themselves with the new dynamics in the financial sector. As such, even after attaining the relevant financial achievements and securing employment, many financial managers engage in financial management training which boosts their growth and performance. Subject to the significance of their responsibilities, the management facilitates the training of the financial managers. Such training may relate to the principles of insurance, accounting standards and principles, risk management, direct investments among other relevant topics. Banks, universities and other organizations perform financial management trainings. Nevertheless, financial training involves a lot of commitment and resources, which are rarely affordable by many companies. There is also lack of financial analysts to offer financial training; thus, many financial managers may not receive such training. One of the company’s goals is to develop financially, which relies on financial training. Financial training supports professional development. At the same time, financial managers sometimes opt to continue with their education, which is very vital for them and for the company. This professional development supports the company’s growth. This is in line with the scientific leadership theory, which seeks to improve efficiency in the organization (Smith, 2013). More so, the theory promotes training of employees according to standard work methods. This paper details my understanding and application of job analysis in recruiting a Financial Manager. To achieve this, I produced a job description, developed a recruiting plan and selection strategy, developed a performance evaluation philosophy and method, defined the remuneration for this position, and addressed training and development issues using organizational behavior theories. In conclusion, I find that job analysis is a very fundamental part in the hiring process, because clear understanding of job analysis ensures that the managers can establish the observable tasks and activities as well as identify specific job responsibilities. Additionally, job analysis promotes assessment and selection decisions, which help in identifying the best person for the job. Aspects like the recruitment and section plan, job description, training and development, and performance evaluation rely on the manager’s knowledge on job analysis. References Anderson, A. (2013). Methods of Performance Evaluation. Retrieved from: http://smallbusiness.chron.com/methods-performance-evaluation-1869.html Smith, W. (2013). Behavioral Organizational Theories. Retrieved from: http://smallbusiness.chron.com/behavioral-organizational-theories-4963.html U.S News. (2013). Financial Manager: Salary. Retrieved from: http://money.usnews.com/careers/best-jobs/financial-manager/salary U.S. Office of Personnel Management. (2013). Assessment & Selection. Retrieved from: http://www.opm.gov/policy-data-oversight/assessment-and-selection/job-analysis/   Read More