The dream job is being the finance manager in a non-governmental organization.
Job Description and Specifications
The main duties for this position are:
- To work in collaboration with the executive director of the organization to provide guidance in matters pertaining to financial management and financial performance as they are vital in the attainment of the strategic vision of the organization.
- To develop, operate and maintain financial systems of the organization and ensure they comply with relevant regulations and standards.
- Preparation, presentation and monitoring of the annual budget for the organization.
- Management of the internal and external audit procedures of the organization.
- Supporting and offering training to departmental staff like accountants and their assistants to ensure they understand the financial systems of the organization.
- Prepare and present performance estimates of the company in areas like income and expenditure for deliberations by the board of directors and senior leadership of the organization.
- Collecting, analyzing and interpreting financial information based on the periodical financial statements of the organization to facilitate optimal decision-making by organizational leadership.
- Participating in the recruitment panels for employees working in the finance department like accountants, accounts assistants, data clerks amongst others.
- Developing operational strategies in liaison with other employees to mitigate the exposure of the organization to financial risks.
- Ensuring strict compliance of the organization with relevant laws in areas like taxation, remittances and any other financial obligations.
Compensation and Benefits Package
The salary for the position is $120,000 annually. One of the benefits for the position is comprehensive health insurance coverage that is offered to the holder and includes all his children and spouse. Also, the holder of this position automatically qualifies to join the organization’s provident fund scheme where the organization contributes 15% of the employee’s basic pay and the employee contributes 5% of his basic pay towards the scheme monthly. The holder will also be given a company vehicle that will be fueled and maintained by the organization. The employee also qualifies for periodical performance-related bonuses that will be recommended by the board of directors.
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Rationale for the Compensation and Benefits Package
The compensation and benefits package is designed with the sole aim of attracting and rewarding top talents from the market for the position. The compensation and benefits rival the best in the industry as the median pay for the position is $125,080 per annum ( Bureau of Labor Statistics, 2018) . The starting salary of $120,000 per year and the additional benefits makes the position attractive to quality talents from the job market. The ability to attract quality talents is crucial as such individuals demonstrate better understanding of their roles and high levels of productivity. The attractive package also makes the holder of the position feel valued and recognized by the organization that contributes in increasing the levels of motivation and commitment to the organization ( Overton & Steele, 2014) .
Also, the responsibilities for the position are sensitive and vital in guaranteeing the success of the business as most of the decisions will be based on the financial projections and forecasts made by the finance manager. The provision of attractive remuneration and benefits aligns with the commitment of the organization of enhancing ethics and professionalism in employees. It dissuades employees like the financial manager from engaging in acts of impropriety, fraud and deceit for personal gains as they lead to pilferage and loss of organizational resources. Also, such behaviours ruin the reputation and image of the company that harms its ability to attract stakeholders like donors and shareholders.
The attractive remuneration further demonstrates the need for the organization to motivate and reward the holder of the position for the efforts to ensure he is enthusiastic, committed and passionate in his responsibilities. The holder of the position will be required to demonstrate creativity and innovativeness in areas like system development. The responsibilities require teamwork and collaboration with internal and external stakeholders to guarantee competence. It, therefore, becomes necessary for the organization to offer an attractive package to the successful holder of the position to ensure he remains dedicated to the demands of the position.
The company focuses on enhancing higher levels of employee retention, especially in top managerial positions like finance manager due to the immense resources required in recruiting and orienting new employees in such positions. The attractive package rivals the best in the market and is aimed at enhancing the levels of employee loyalty in the organization. It results to lower employee turnover rates and the organization benefits from continuity of its programs and strategies as the senior managerial employees like the finance manager prefer staying with the organization. The manager also motivates the subordinates and acts as a role model in recommending others to remain in the organization.
Performance Appraisal Program
| Performance area |
Assessment |
|
| Administration: Evaluates the ability of the financial manager to plan, organize and eliminate unnecessary activities. |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
| Competence in work-related activities : Assesses the skill levels of the employee and ability to demonstrate job knowhow of the main job tasks. |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
| Communication: Evaluates the ability of the employee to listen to colleagues and ability to express ideas orally and in writing. Also assesses the ability to avail required reports to different stakeholders like the board of directors, senior management and subordinates. |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
| Team work: Assess the ability of the employee to engage and collaborate with others and respecting the rights of different individuals |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
| Ability to solve problems and make decisions: Determines the effectiveness of the employee in addressing problems and making decisions that are timely and practical. |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
| Management of expenses : Evaluates the ability of the finance manager to adhere to internal controls and efficient operations at low costs, lack of wastage and adherence to budget caps. |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
| Management of subordinates : Determines the effectiveness of the manager in recommending qualified individuals for employment, determining performance of subordinates, availing constructive feedback to other departments like human resources and identifying underperforming personnel for further training or deployment. |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
| Leadership: Evaluates the efficiency of the manager in delegating tasks and supervision of subordinates. Also assesses the ability of the manager to set clear and measurable goals for the department and subordinates. |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
| Dependability: Determines the ability of the employee to meet set deadlines in areas like preparation and submission of financial reports. Assesses records of job attendance and punctuality. |
Outstanding Exceeds expectations Meets expectations Below expectations |
|
Other areas of assessments
The strengths of the employee and notable achievements : Lists the noted capabilities and competencies of the employee that stood out during the evaluation period.
Areas of underperformance that require improvement: Notes areas where the employee requires improving.
Rationale for the Performance Appraisal Program
The performance appraisal program facilitates the identity of the performance levels of the financial manager. The identity of the levels of performance is vital as the performance of the finance manager impacts on the performance of the various teams he guides in the finance department and other sections within the organization. The performance appraisal program makes the finance manager proactive in being innovative and creative to boost performance that improves the levels of productivity of the subordinates and other members of the various teams under the leadership of the finance manager ( Debrincat, 2015) .
The performance appraisal program is also vital in revealing the status and role of the finance manager in the organization. The identity of the various performance areas like leadership, teamwork and communication amongst others enhances clarity to the manager. It also enhances the level of focus by the manager as he can identify with the different performance areas to meet expectations.
The program is also essential in enhancing the level of self-development by the manager as he can identify areas where he has weaknesses. The identity of such areas facilitates the adoption of a personal development plan and training initiatives to improve the weak areas. The timely identification of these areas through the program is vital in ensuring the organization exploits the skills and capabilities of the manager optimally.
The program is also crucial as it provides a structured manner of clarifying the expectations of the organization from the holder of the position. It becomes easier for the finance manager o develop short and long-term goals that guarantee improvements in the identified weak areas and exploitation of the strengths ( Ahuja, Padhy & Srivastava, 2018) . Also, the finance manager can easily align such goals to those of the organization as they are directly linked to the expectations outlined in the program for each of the performance areas.
The program also acts as a source of motivation in the improvement of the effectiveness of the finance manager. The program entails continuous and collaborative processes of evaluating the performance levels of the manager. The identification of the strengths and weaknesses of the manager together with the evidence is vital in stimulating action. The engagements between the finance manager and the appraisal process generate credible feedback that is devoid of unfairness or prejudice. The objective nature of the process is, therefore, crucial in stimulating action as the manager can identify the needed skills to improve performance.
The program is also essential in making the finance manager develop a deeper understanding of the roles and responsibilities of the position in the organization. Through the program, the manager can develop insights into the daily tasks and the expectations of the organization. It makes the manager proactive in developing self-awareness into the expected behaviours, conduct and engagements that are valuable for the position in the organization. It becomes easier for the manager to guide the subordinates in acquiring the needed competencies and skills to guarantee productivity of the manager and the entire department. It demonstrates that the program is an effective tool in eliminating ambiguity and duplication of roles that can undermine the levels of productivity in the organization.
References
Ahuja, K., Padhy, P. & Srivastava, G. (2018). Performance appraisal satisfaction & organizational commitment. Indian Journal of Industrial Relations , 53 (4): 675-692.
Bureau of Labor Statistics. (2018). Financial managers . Retrieved on 31 st August 2018 from https://www.bls.gov/ooh/management/financial-managers.htm
Debrincat, G. (2015). The effectiveness of performance appraisal systems: Employee relations and human resource management . New York. Pearson.
Overton, B. & Steele, M. (2014). Designing management incentive plans . New York. Cengage Learning.
