Recruitment of the Financial Planner - Assignment Example

Running Header: Recruitment of the Financial Planner Student’s Name: Instructor’s Name: Course Code: Date of Submission: Section 1 Job and organization description The assessment will take a critical evaluation of the job of a financial planner to an organization. Its notable the objective of any given company is to make proper use of the available resources in order to realize good returns to the business investment (Sheehan and Sparrow 2012). Following the escalation of cost of doing business as a result of global economic and environmental trends, the issue of proper planning of financial resources has a subject of debate. This is perhaps many organizations have realized that there is need to have good financial strategies if at all the company is interested in breaking-even by meeting its bottom-line (Epipak 2012). As a result the need to have the services of financial expert-financial planner has become very critical. This job will be examined in relation to the Commonwealth Bank of Australia (CBA). (CBA) is a multinational financial institution that operates across several countries including: New Zealand, Fiji, Asia and USA as well as United Kingdom and it’s commonly referred to as a Commonwealth Bank. The bank is specialized in providing several financial services such as retailing, business banking, institutional banking and funds management services (Epipak 2012). The other services provided by the bank include: insurance services, superannuation and investment as well as broking services. The bank currently is the second largest financial institution that is listed in the Australian Securities Exchange. The CBA was founded in 1911 by the Australian government. The strategic importance of the job The world of doing business is increasingly becoming very competitive and every organization is on the run to design and implement different strategies that will give it an upper hand in terms of competition. In the case of financial investments, the company particularly needs to be very cautious on how it goes about its financial investments (Epipak 2012). The process of financial analysis requires proper expertise and rich experience in matters related to investment. This job requires a person who is fully qualified and understands the general trend of activities in the financial sector. The work of the financial planner is therefore very critical to any organization and more especially a financial institution. First and foremost, the financial planner has the capability to make use of available financial data and calculations to foretell the likelihood of the company realizing the stated objectives (Epipak 2012). This is more especially important when a company decides to invest in a very volatile environment. Second, the financial planner has the capacity to monitor the probability of success of a certain investment portfolio. Third, the financial planners also play a very major role in making recommendations on how to go about different financial investment plans. Fourth, the financial planners play the role of the middlemen between the company and the investors. This is a very important aspect since the attractiveness of the company by investors greatly depends on how the company handles them. Finally, the financial planner is expected to analyze the stock movements and advice the company accordingly on the stocks worth investment (Sheehan and Sparrow 2012). Section 2 Job analysis plan Job analysis is a very important aspect of any organization that is planning to recruit. Job analysis as a process involves collection of relevant information on the duties and responsibilities, skills and competencies required for a particular job (Sheehan and Sparrow 2012). The aspect that need to be taken into consideration is the environment under which the employee is to work in. the overall objective of objective of doing job analysis is to come with a suitable criteria that would be used to recruit the most suitable employee to serve in a particular position. As CBA seeks to employ the Financial Planner who will be expected to advice on the financial investment activities, doing a detailed job analysis will allow the Bank to recruit the most competitive person for this position who will give the company an edge over the rivals in the industry. However, the most aspect of doing a good job analysis is to come up with a detailed plan that will show how the company will collect all the required information to inform their choice on particular candidate (Richter et al 2011). The procedure provided below is an outline of a plan that could be used by CBA to do the job analysis on the position of a Financial Planner: The first step in the job analysis plan is to decide on the objectives of the company and the ways in which the information that will be collected will be used to achieve the stated objectives. At this stage, the methods for collecting data are also decided on. Data can also be collected using questionnaires whereby different informants will have the chance to comment on what they wish to see in the job analysis. The second stage of job analysis plan is to consider reviewing the available background information in relation to the job. The review may make use of the organizational charts and the job descriptions as well as the process charts. This step is very critical to the organization as it helps in elaborating how different divisions of work in the organization are established. Further, review of available information will help show how the job under consideration will influence other jobs in the organization such as operations, marketing and corporate management. This process is also important in creating a base point for revising the job description. Actual analysis comes third in the job analysis plan (Richter et al 2011). This involves analyzing the data collected on the job activities and the appropriate working conditions for the employee. Further, the plan will seek to go through the required personal traits, capabilities and individual behaviors that are required for this job. The objective being to recruit the person with the most suitable attributes for this job. The job analysis plan will also entail the process of verifying job analysis information with the supervisor in order to determine its validity in recruiting the most suitable employee. Finally, the job analysis plan will look into development of a detailed job description and specification. These two elements are tangible outcomes of job analysis. This is because they describe the activities, duties and responsibilities of the job under question and the working conditions and other related issues such as safety. Job specification outlines the qualities, skills and traits the employer will be looking for in a potential employee (Richter et al 2011). Rationale for the job analysis method chosen Two methods will applied for the job analysis namely primary secondary and primary sources of information. These two methods are more preferable in this case since they will allow the company to fully access all relevant information about the work of the financial planner and his major role in the company (Deresky 2005). In deciding to hire the financial planner, it will be very appropriate for CBA to make use of both of these methods. For instance in using the secondary method, the company will be privileged to access already available information about the position. Information can be obtained from other companies which have hired the services of the financial planner. Based on the information collected from secondary sources the company will be able to learn on how the position has influenced the overall financial performance of the company. Further, reviewing different documents such as organizations charts and company prospects, forms inevitable part of job analysis as they show ways in which the job in question can be synchronized to fit in the company (Deresky 2005). This method has been chosen because it offers the opportunity for ABC to determine the relative importance of the position to the company. The review of the available information can also be used to determine if there is any positive impact that can be attached to the position in terms of the overall performance of the bank in the stock exchange. Further, secondary review will also provide an opportunity for the company to comprehensively design the job description and specification for the job. On the other hand, the primary method used in the job analysis is assumed to access into the current views of the company stakeholders about the company. The primary sources can make use of different tools such as observations, interviews and questionnaires to find out on what can be done to improve the performance of the position and at the same promote the overall performance of the business especially in its investment portfolios (Kathy and John 2001). The observation method involves looking at activities the position entails and which can be done independently or in combination with others. An observation method is important in understanding the various activities that can be repeatedly done. This is particularly important in setting the standards of employee performance. In addition, the use of interviews involves talking to the other company employees to find out what they expect the position to do the company. This is particularly important in realigning the company objectives with those of the company. At the same time, its easy is easy to come up with reasonable targets for the holder of the position. Finally, use of questionnaire is also preferable method in job analysis. Questionnaires are particularly important in studying specific elements that the company may be interested in. unlike the interviews where the respondents are free to give as much opinion as they can; questionnaires have limits where the respondents are given the opportunity to respond to the listed questions according to the instructions of the interview. This method is relevant in this case as it will help sort out important issues such as employees’ attitudes towards the position and its significance in attaining the predetermined objectives (Kramar et al 2011). The link between job analysis and design and sustainability of an organization’s human resources As seen earlier, job analysis as a process entails collection of relevant information on duties and responsibilities of a particular position in a company and in this case the examination position being the financial analyst at CBA. Further under job analysis, appropriate skills and competences required of an individual that are appropriate for the business. On the other hand, job design as a process is aimed at establishing ways in which any employee dissatisfaction and alienation that may come as a result of doing one job repeatedly can be eliminated (Kathy and John 2001). Sustainability of an organization on the other hand, explains the company’s ability to sustain its productivity and if possible enhance its performance by making use of the available human resource (Sheehan and Sparrow 2012). Given the case of CBA, the purpose of doing job analysis is to try and correlate it to the company objectives. Job analysis will help the bank ensure fair and just recruitment and selection process for the position of the financial planner. This is likely to benefit the company as a motivational factor for the employee who will be expected to carry the interests of the majority of the business investors. Commitment is an important aspect that can be enhanced through job analysis. While doing job analysis the employee’s needs are also taken into consideration under job design. In particular, the objective of job design is to satisfy the employees’ needs and consequently achieve high level of productivity (Kathy and John 2001). The process of design involves, providing non-financial rewards such as promotions and sponsor for further training in order to achieve high level of satisfaction. This is to recognize personal achievements. While employing this strategy, the company is likely to win the employee trust and loyalty and the end result being the overall increased performance through commitment and reduced levels of employee turnover. In brief, job analysis and design is used both for the benefit of the employer and the employee. Generally, the two organizational concepts are very critical in promoting coexistence between the human resource and the employer as demonstrated by Fleetwood and Hesketh (2008). Section 3 Position description for the financial planner Skills and competencies The work of the financial planner at the CBA will be to guide the bank in planning how to make use of its savings and the appropriate projects the company can invest in. the financial planner will also be expected to plan for internal workshops in order to educate the management and other employees on how to analyze and make use of their financial resources. The financial planner will also be expected to help the bank examine its short-term and long-term obligations. This is will be done by advising the company on the viable projects to invest in. however, for the financial planner to be effective in his work, its important for him to be familiar with legal restrictions that guide the retirement plans, provision of tax shelters and insurances as well as trusts. Further, the employee will be expected to be highly skilled with numbers and company budgets in addition to high level of understanding of both legal and financial statements. Finally, the financial planner is expected to demonstrate high level skills in expressing himself and ability to persuade and build a large clientele for the company. Educational and training requirements The person to this position is expected to have undergone extensive and relative training and has managed to attain an MBA. In addition, one must be a member of the Certified Financial Planner (CFP). The CFP Board of Standards is assigned with the responsibility of accrediting individuals who have satisfied that they have required training and experience and financial training. The objective of the body is to allow only competent persons to work as financial planners. This move is important and beneficial for big companies like CBA who have a lot of rations to be interpreted and analyzed for decision making. Additional training in areas in such as insurance, taxation and banking and stock and securities will be an added advantage to an individual. In real sense these areas will help one understand to understand and interpret various issues related to financial planning. Duties and responsibilities Developing and implementing financial plans for the bank by making good utilization knowledge on taxation and investment. Analyzing and interpreting customer’s financial status and advising on development plans based on the data available. Preparing and submitting the relevant documents that are necessary in implementing the selected plans by the customer. Maintaining constant contact with the clients in order to make any modifications on the already established as need arises. Sample advertisement for the job of the financial planner Job opportunity Commonwealth Bank of Australia requires the services of a qualified, young and energetic person to fill the position of the Financial Planner. Qualifications MBA (Finance) and a member of the Certified Financial Planners (CFA) Qualifications in such areas as banking, taxation, insurance, law and broking will be a distinct advantage Experience More than five years post qualification working experience in the same position or as an assistant financial planner. Age Between 30 and 40 years old and with excellent health conditions Salary The entry salary to this position is very attractive and goes concurrently with the experience and experience of an individual. Interested and candidates who meet the minimum requirements, are expected submit their handwritten applications alongside their curriculum vitae and two recent passport size photographs together with names and contacts of three referees by or before 31st May 2012. Placement of the advertisement Advertisement is a very important aspect of recruiting and selecting new employees. It’s through advertisement that potential employees will be able to discover the existing employment opportunities and the mode of application (Kathy and John 2001). Therefore understanding and choosing the most appropriate advertisement will be the advantage for the organization as it will be able to attract as many as possible employees. This way it will be possible for the company to have a variety of skills, competencies and experiences to choose from. Therefore it’s important for any organization to give job advertisement the weight it deserves. However, this has not been the case with many companies as they sought for cheaper advertisement modes without taking into consideration long-term effects to the company (Kramar et al 2011). In the contemporary business society, there are a variety of places where job advertisements can be put. This part of the assessment will take a critical view of the various places advertisement options that are available for the CBA. However, it’s important to note that determining factor for the place to put the advertisement is perhaps the coverage and the skills and competencies the employer is looking for. First and foremost, putting the advertisement in the internet is widely recognized as the most modern mode of advertising job opportunities. According, to the report by the Spring Magazine in 2009 on the survey that was done to determine which method is commonly used to advertise jobs, it was found that over 39% of all job advertisements world over are made through the internet. The reasons attributed to this trend include speed, accuracy, coverage and cost. Internet as a mode of advertisement could be used by CBA to search for the most suitable employee for the position of the financial planner. The reason for using this option is the ability to attract potential and highly qualified expertise from across the globe. Second, incase it is found that the internet and use of the company website to advertise does not reach the target audience, the advertisement can be placed on the public magazines. For many years, magazines have remained the most common mode of advertisement (Hodgkinson et al 2009). Even though many can read magazines it’s known that it’s very costly and many occasions once the advertisement has been made, it is not easy for the reader to make reference if he is not in possession of the magazine. The other challenge with magazines is that the advertisement will only reach the limited audience (Kathy and John 2001). This is because most of the magazines are regional and they cannot be accessed by the majority of the people outside that region. Take for instance; if CBA puts its advertisement in the local magazine, then it will mean that it’s more likely that the bank will be able to attract potential applicants from within the country only. Third, the bank may decide to use the recruitment agencies to make its advertisement. The advantage with this mode is that the agencies are made of professionals and have got a very wider coverage and can be able to reach any employee if requested by the customer (Sheehan and Sparrow 2012). Recruitment agencies have got a very wide coverage and have got presence in almost every country. Therefore depending on the caliber the bank is looking for will determine if this mode will be appropriate. Fourth, use of trade associations and membership bodies is also becoming increasingly common in the current world. This is perhaps because many employers have the capacity to identify the persons who are their members and who posses the required capability. For instance, CBA may decide to put its ad on the Australian Bankers Association as illustrated Goldsmith et al (2003). Within its membership, it is almost certain that there will be several professionals who can be willing and have all the required capabilities to work for the bank. Finally, targeting of professionals, young and energetic persons, may also prompt the bank to put this advertisement in higher institutions of learning like colleges and universities. In these institutions it’s possible to get young and talented persons who can make great financial planners. In addition, there are also those professors who may wish to change their careers from class to business sector and most of the skills and the required knowledge to fit in the position. In general, the factor that will determine where to place this advertisement is the skills, competencies, experience and knowledge the bank is looking for. In addition, the cost and the benefits attributed to the position will also determine the place where this advertisement will be placed. Finally, the time available will also influence the advertisement placement (Kramar et al 2011). The usefulness of job descriptions in modern workplaces In the world of business the issue of job description is gaining a lot of relevance across the glob. Perhaps this is because of its role in assisting in the process of recruiting the most competitive workforce who can influence positively the productivity of the organization (Goldsmith et al 2003). In the current world economy where industrial relations is real becoming a thorn issue, the employees are particular concerned with what is expected for before entering into any contract with any employer (Osborne, 2009). Further, it’s through the job description that that employees will be to know ways in which they are going to be evaluated and perhaps the skills they are expected to have. Doing a job analysis is a very important aspect for any organization as seen earlier in this assessment. This is because it helps in creating a job description according to Schneider et al (2000). For the company is very critical as it helps inform the employer on the value of the position being filled to the company and consequently making it easy for him to identify the traits that he is looking for in an employer. The work of job description basically is to outline the skills the employer wants, the required level of training and education required. Job description is a very important in spelling out the duties and responsibilities entailed in the position. Once the job description has been clearly created it can be used to provide a basis for interviewing new employees, orienting them and evaluating them on job performance. In summary, job description help the organization in better understanding the required experience and skill to move the business to the next level of performance. Finally, job description is important in hiring, evaluating and terminating non-performing employee. Job description can help both sides to share a common understanding (Osborne, 2009). References Epipak, M 2012, The importance of a financial planner, Viewed 26 April 2012 from http://www.epipak.org/the-importance-of-a-financial-planner/ Deresky, H 2005, International Management: Management Across Borders and Cultures, London, Pearson/Prentice Hall. Fleetwood, S. & Hesketh, AJ 2008, Theorising Under-theorisation in Research on the HRM – Performance Link, Personnel Review, Vol. 37, Vol. 2, pp. 237-319 Hodgkinson, G., Sadler-Smith, E., Burke, L., Claxton, G & Sparrow, PR 2009, Intuiton in organizations: Implications for strategic management,  Long Range Planning.  Vol. 42, No. 3, pp. 277-297. Kathy M. & John M. 2001, Designing and aligning an HR system, Human Resource Management, Vol. 11, No.2, pp. 57–72. Goldsmith, M, Greenburg, LC, Robertson ,A, Hu-Chan M 2003, Global Leadership: The Next Generation, New York, Pearson/Prentice Hall. Kramar, et al 2011, Human Resource Management – Strategy, People, Performance, 4th edn, Sydney, McGraw-Hill. (ISBN: 9780070287112). Osborne, P 2009, Storm Financial collapse plan outlined, The Age, Melbourne, Australia. Richter, AW, Dawson, J F & West, MA 2011, The effectiveness of organizational teams: A meta-analysis. International Journal of Human Resource Management, Vol. 22, No.14, pp. 2749-2769. Schneider, KT., Hitlan, R.T. and Radhakrishnan, P 2000, An examination of the nature and correlates of ethnic harassment experiences in multiple contexts, Journal of Applied Psychology, Vol. 85, No. 13, pp. 3-12 Sheehan, M and Sparrow, PR 2012, Global human resource management and economic change: a multiple level of analysis research agenda, International Journal of Human Resource Management, Vol. 23 No. 12, pp. 2393-2403. Kathy, M & John, M 2001, Globalising the international mobility function: the role of emerging markets, flexibility and strategic delivery models, International Journal of Human Resource Management, Vol. 23, No. 12, pp. 2404-2427. Read More