HR Issues: CFO Incentive Plan, Hiring & Training Staff
1- Company holds an annual staff event, where all the company staff is invited to enjoy a day with senior management. During the event, awards are handing out to recognize achievements, sports competition among the staff take place, and lunch is served. We had a very low turnout last year, the event was stiff, and the senior management/board was in a separate room from the staff. The staff seemed disinterested in being there and the event felt like a chore rather than a fun/team building gathering. The few employees that filled out employee surveys at the event indicated that they were not satisfied with the overall corporate environment as well. It was also apparent that management has lost the credibility and trust of its employees.
- Question: How do you propose to motivate the staff to turn out to the event? What kind of ideas do you have for management to gain back credibility with the staff and win back their trust? What kind of communication channels would the management use to deliver its message? What kind of team building activities would you come up with for the event?
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2- CFO/IT head is a key role in the organization. His responsibilities include producing accurate and timely financial statements, corresponding and managing the relationship with banks, departmental cost benefit analysis, financial KPI's, integrated IT system, etc. He is not responsible of a profit center, but is oversees key support elements of the business. Along with the COO and Head of Marketing and Sales, he is considered a key member of the senior management team.
- Question: what incentive scheme would you propose for the CFO? Unlike his peers (COO & Marketing/Sales Head), he is not responsible for a profit center, how can we quantify his performance in clear KPI's and compensate him accordingly? How much of his compensation would you propose it will be fixed vs. variable? Keep in mind that we consider this position just as important as the two aforementioned positions as well so a comparable compensation should be attainable for the CFO.
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3- the company is undertaking a significant expansion plan in the next 2 years that will require almost doubling the number of staff from 700-1,400. The company is building branches in multiple cities across the Country , Construction has started on several locations and clear branch opening dates have been scheduled. The staff for each branch include Local & foreign. The first branch is expected to open 4 months from now. All training for new staff is expected to take place in house.
- Question: as Head of HR, what would be your hiring approach? How do you identify staff and what screening process would you use? How do you ensure that the new staff gets the appropriate training? How would you ensure that the new staff meets company standards after their training?