Group 3: Final Paper
HRMD 640 – Job Analysis & Compensation
April 23, 2011
Instructor: Arthur Graziano
Throughout the course of this semester, compensation systems and methods have been evaluated to determine how the compensation processes are utilized to attract and retain employees. Compensation is not only a monetary benefit, but also includes indirect benefits such as insurance, paid time off, disability leave, etc. Both direct and indirect benefits make up a compensation package. Within this paper, similar positions from the private, public, and military sectors have been evaluated with like roles and responsibilities to compare the compensation packages. The following positions have been chosen: Chief Financial Officer for private sector; State Comptroller for the public sector; and Director of Army Budget Office for the military sector. Several factors of the compensation system have been included such as the job analysis, job description, comparable work salary survey, market pay line, pay range, a comparison of each position, an analysis of the differences in compensation, and a career suggestion for a young professional. All of these factors make up the compensation system providing data and analysis to define a compensation package for each position.
Below are the job analysis, job description, comparable worth salary survey, and job evaluation points for the private sector position, Chief Financial Officer.
Chief Financial Officer
Chief Executive Officer (CEO) and the Company President
Under the direct supervision of the Chief Executive Officer and Company President and according to established firm policies and procedures, the Chief Financial Officer (CFO) is responsible for coordinating the financial budget and maximizing investments. The CFO evaluates the company’s performance on how they are meeting their objectives and determines where cost can be reduced and policies can be changed. Negotiations and contract approvals with other businesses falls under a CFO’s responsibilities as well as preparing the company’s budget for all purposes. Increased productivity is expected by implementing policies and objectives that create new business and produces large returns on investments.
This position entails creating policies and directives with which private sector organizations can govern their organization. This position entails planning and coordinating financial activities that require constant interaction with high levels of leadership and effectively managing a team. Effective communication skills, ability to manage staff and delegate, and organizational skills are mandatory for this position.
The CFO will determine and formulate policies and provide the overall direction of the company within the guidelines set up by a board of directors. They will also plan, direct, or coordinate operational activities at the highest level of management with the help of subordinate executives and staff managers. ESSENTIAL DUTIES AND RESPONSIBILITIES:
Direct and coordinate an organization's financial and budget activities to fund operations, maximize investments, and increase efficiency. 2.
Confer with board members, organization officials, and staff members to discuss issues, coordinate activities, and resolve problems. 3.
Direct, plan, and implement policies, objectives, and activities of organizations or businesses to ensure continuing operations, to maximize returns on investments, and to increase productivity. 4.
Prepare budgets for approval, including those for funding and implementation of programs. 5.
Review reports submitted by staff members to recommend approval or to suggest changes. 6.
Appoint department heads or managers and assign or delegate...
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