Tool Distributors, Inc.
Career Development Plan Summary
Tool Distributors, Inc.
As you all know, Tool Distributors, Inc. has recently experienced considerable growth and members of executive management have asked for the restructuring of the financial department. The finance department has been asked not only to assume additional responsibilities but also initiate the hiring of additional team members. This report will introduce five new positions to the team, the implementation of a new training program, evaluation process, incentive/benefit package, compensation, and career development strategies to supplement these new positions. New Team Development
Until this point in time, the finance department has sustained five team members. Two members have been assigned to maintain accounts receivable, two other members to accounts payable, and a first level manager who maintains the general ledger functions of the accounting department. The increase of growth now requires the addition of another team of five to be added to the finance team. This team will be structured similarly with two accounts receivable and accounts payable members. These members will each have an assigned caseload and will be required to rotate caseloads with other members for four weeks throughout the year to provide cross-training, stimulate creativity and to minimize fraud. The fifth member will be assigned the role of a first level manager overseeing all levels of accounting functions.
All members must be qualified accounting administrators able to perform accounts receivable and accounts payable functions and understand accrual accounting and GAAP procedures. A bachelor’s degree in accounting is preferable. The members must also be able to initiate efficiency procedures and be able to function well within a team environment. The first level manager in addition to accounting skills must have previous supervisory experience, be able to motivate team members, be able to multi-task, and be able to engage with both team members and upper management to ensure the cohesiveness and effectiveness of the overall accounting department. Training Program
The new employees will begin their first week in an orientation designed to introduce them to the company as a whole and to the organizational culture. The primary objective of the orientation will be to acquaint the employees with the current products and processes followed to deliver the goods to retailers and to acquaint the new recruits with the organizational culture. The second objective will be to familiarize the new employees with the accounting systems and procedures. Additionally, the company will establish a 40 hour continuing education policy in which employees will be reimbursed for attending a course of their choice with accounting significance within a year in order to keep abreast of the latest rulings and procedures in their accounting role. Transcripts and/or certificates should be kept on file to ensure completion. These courses must relate to the accounting field or be business related (i.e. management courses) to qualify for company reimbursement. The courses may be taken at a community college, university, or online and may be taken during work hours for an equivalent of 40 hours. Furthermore, team members will be required to meet frequently to discuss matters that may arise during the course of their jobs to ensure all members are made aware of arising issues and to further cross train other members. Lastly, manager training will be conducted in-house by the current CFO. The training will initially be designed and prepared by a consultant then be improved upon by incorporating ideas initiated by management and consultation when needed. Manager training will consist of meeting and leadership skills, recording data pertinent to management examination, and problem analysis. Employee & Team Evaluations
All members will be required to undergo...