Creation a new Role (Position)
Student Name
Institutional Affiliation
Creation a new Role (Position)
Introduction
HRM entails the process of strategically allocating valuable resources, the employees to various departments of the organization where they will offer maximum benefit to the company. Of paramount importance is that HRM requires a sturdy unit that comprises smart, capable team managers working together with the HR to ensure the common goals are achieved. The paper aims at creating a new position for a finance manager. The article describes the compensation strategy to help retain talented and sought after employees.
As an HR manager of our organization called ZOMM ltd, which is related to the production and selling of toys for children, I would like to hire a finance manager. Tentatively, financial managers track down money flow in and outside the organization. The revenues act as the chief source of funding. Hence, financial managers should work closely with other department personnel to establish how the available kitty or funds will be used.
Four Components in the Job Description and Specifications for the Job
Firstly, the financial manager will be involved in tracking every day operational information such as disbursements and cash collections to ensure that the firm meets its obligation to manufacture and sell children’s toys. Being a toy manufacturing plant, the financial manager should receive requisitions from suppliers and consequently write cheques. The manager will ensure there is liquid cash available to make payments for small activities within the organization (BCcampus, n.d). The table below summarizes the things the financial manager should have in mind at all times.
Source: (BCcampus, n.d)
Figure1: Summary of the work of the expected work by the financial manager
Secondly, the financial manager, depending on how milestones the company is making in terms of revenues and over a longer time horizon, will advise whether there is a need to open a new manufacturing facility. Through the experience that he or she will have gathered in time, he will be required to suggest the most appropriate method to raise funds and fund the toy manufacturing project in ZOMM ltd. Such a step will only be realized if the financial manager will step up to maximize its value.
Lastly, the financial manager will be expected to use the statements and business data prepared and presented by accountants to make financial decisions (BCcampus, n.d). Some of the data that the financial manager will be working on is summarized in figure 1. some of the things the manager will be expected to take care of cash flows, inflows, and outflows.
Compensation and Benefits Package
To ensure the retention of employees, I will make a competitive compensation package for the financial manager. Through the employee’s loyalty, annual rewards and bonuses will be accorded. The aim of this will be to attract top-notch workers as well as encourage current employees to work harder towards gaining opportunities with more significant compensation.
The financial manager will receive a fixed compensation, commonly known as gross salary. Besides, the manager will also benefit from the cost to the company (“CTC”). Other benefits include employee provident fund contribution, fixed allowances: house, leave travel, conveyance, medical reimbursement, meal, and special compensation (BCcampus, n.d). Besides, the financial manager will enjoy a free car and a severance payment. The special allowance will be a balancing component.
Reference
BCcampus, (n.d). The role of finance and the financial manager. Retrieved from https://opentextbc.ca/businessopenstax/chapter/the-role-of-finance-and-the-financial-manager/