Recruitment plan to Recruit Financial Analyst
1.0 Context of Hire Financial Analyst
The recruitment for the position of Financial Analyst is for the business of manufacturing goods as Company Named HAMIM Group. So, the business unit is manufacturing unit. To recruit the financial analyst, I am the HR consultant, manager from HR division. My role is to prepare the job description and according to this advertise the vacancy announcement to the newspaper and online portals, then I will perform the recruitment and selection task for which I am responsible ultimately. The frequency for this role is approximately 12 to 15. It is a permanent post where they will Perform a probation period of six months. The remuneration for this role will be negotiable approximately USD800 to USD1000 per month, 48 days in a week.
2.0 Job Description
Job Responsibilities:
- Analysis of financial data.
- Analyzing macroeconomic and microeconomic conditions.
- Preparations of financial statements and record day to day transaction.
- Assessing capital expenditure and asset depreciation.
- Analyzing financial performance patterns and financial risk, and making proposals.
- Giving proposals to the progress of financial trends.
- Planning with different individuals from the finance team, for example, a risk analyst when required to audit financial information and performance.
- Using a financial model and do appropriate analysis.
- Making financial forecast.
- Analyzing and recording inventory.
Job Requirements:
- Bachelor degree in finance and accounting.
- Demonstrated involvement in the financial industry.
- Capability with spreadsheets, MIS and financial software application.
- Remarkable presentation, communication, and reporting abilities.
- Demonstrated learning of financial forecasting, corporate finance, and accounting information examination.
- Capable in MS Word, MS Excel, MS Outlook, and MS PowerPoint.
- Easy with utilizing a computer for different assignments.
- Demonstrated leadership skills and abilities.
- Broad knowledge about the financial system and financial institutions.
Key selection criteria to make section decision for the role of Financial Analyst
- Must have the degree in a relevant field.
- Outstanding skills in research and excellent analytical skill
- Efficiently written communication skill and oral communication skill
- Ability to perform as well as work under extensive pressure and ability to meet deadlines
- Proficiency in computer skills
- Good Presentation Skill
In addition to the above selection criteria, I have tried to set two more additional criteria if there have received too many applications from the applicants to avoid the discrimination and find the right candidate in the initial stage of the recruitment and they are:
- Decision-making skill
- Problem-solving skill
4.0 Recruitment Strategy and Advertising
As an HR consultant I will design the recruitment strategy by the following ways as it may help to attract the potential and effective candidate:
4.1 Recruitment strategies for hiring
- Headhunting is related to employee search. Scouting represents finding efficient talented or elusive applicants, particularly for official and senior-level occupations. By utilizing Headhunting, it could effectively approach both employment searchers (active applicants) and the individuals who are not effectively searching for another activity (passive applicants), once there is a decent match. Headhunting experts can be both associated with the entire recruitment procedure or they can be constrained to reaching and screening competitors as it were.
- Job advertisement with the company history, company introduction, profile and job duties with requirements.
- Go for campus recruiting process to attract the best candidate for financial analyst
- Organizing an initial online talent hunt program to get the shortlisted candidate
- Posting the job advertisement in the newspaper as well as social media pages as more candidate can know about it.
4.2 Recruiting strategies for finding an effective candidate
- Headhunting Company recruitment
- Social Media Advertising
- Job posting in Company Website
4.3 Recruitment plan and budget
Step 1: Estimate the total number of candidate will be hired
As an HR consultant, I have been suggested to design the recruitment plan and budget to hire 12 to 15 employees for the post of Financial Analyst.
Step 2: Estimate the basic recruitment costs
After that, I have estimated the recruitment cost where it includes the following costs:
- Job boards
By observing the previous expenses on this similar I have estimated the cost at surrounding.
- Recruiters’ salaries
As already I have been prescribed from the management that this position will have remuneration of AUD800 to AUD1000. So this amount will also be added to this recruitment cost and plan budget.
- Employer branding
There will be a cost incurred due to designing advertising in social media marketing, video creation for the company introduction.
Step 3: Estimate your fixed costs
- Partnerships with universities and institutions
- As there is the strategy to go for campus recruitment, it has some cost to do the event or to rent the floor of the campus and other service charges for the event who are directly involved with the process on that particular campus recruitment.
- Recruiting events
- Event fees will also be added in this cost and budget planning.
Step 4: Estimate your recruiting technology costs
As I have the strategy to go for online assessment, there must need some technical support, it may also need the budget plan for it. It may include Application tracking technology, online assessment tools, etc.
Step 5: Calculate cost-per-hire
Finally, it is required to calculate the cost of hire to do the budget plan.
5.0 Draft Recruitment Advertisement
Job title: Financial Analyst
Salary: USD800 to USD1000 per month
Working Hour: 8 hours a day
Weekly Hours: 48 hours
Location: New York, USA
Company Introduction: HAMIM group is the leading company in the manifesting of different goods from consumer goods, plastic goods, producing cotton and so on.
Role and responsibilities:
Your Prime role will be to analyze the company financial data, make a financial statement and provide decision so some important variables to the management.
Key requirements:
Applicant must have to be a bachelor holder from Business Background and must have computer proficiency.
6.0 A Decision Making Selection Matrix 150 – Hire Financial Analyst
| Criteria | Excellent | Good | Average | Below Average |
| Business Knowledge Skill | √ | |||
| Analytical Skill | √ | |||
| Computer Skill | √ |
So, therefore the assessment method that will be followed as follows:
- Initial Screening
Initially, the candidate will be shortlisted from the online screening by considering the standard marks of CGPA and other related skills criteria.
- Seat for MCQ test
After shortlisting, the candidate will be called for MCQ test for examining their knowledge in business, fiancé accounting or economics affairs.
- Seat for analytical test and computer test
Then those who will be qualified within the standard marks, they will be seated for analytical test and computer test.
Then, get the final list who will be considered for the further selection procedure.
7.0 Decision Making Strategy and Criteria
In this selection process, I will use the Combination model.
It is the mix of the multiple regression Model and the Multiple Cutoff Model. All selection tools and techniques are regulated to all candidates and those candidates who don’t accomplish least cutoff scores are expelled from the candidate pool. The multiple regression condition is then connected to the scores of the rest of the candidates.
In response to the art of selection process regarding the decision-making criteria, the first person will be offered the role who will have to meet up the section matrix criteria to the Excellent criteria who will carry 90% marks. In any case, if there is no one found in the Excellent category, prefer Good criteria who carry 80% marks. On the other hand, if no one is matched the selection matrix criteria, then I will go for Average Criteria who will carry 70% marks. Finally, if it is found no one is passed the selection matrix, then it will be reported to the management for their further instruction within a very short time response.
8.0 Psychometric Assessment (Hire Financial Analyst)
The method that I will choose for the Psychometric Assessment will be Price/Cost method assessment as the post is Financial Analyst and he or she has to analyze this price/cost of the company.
Price/Cost method assessment
This assessment will include the last 10 years pricing strategy, then they will be asked to find out the pricing problem occurred in which year, and what will be their recommendation to solve that problem in pricing. In addition to this, they will be provided for the last 10 years’ data regarding the company cost and budget. They will be asked to find the variability that occurred in which year those are over expensed than the budgeted amount, those are under expensed that budgeted amount. The, they have to provide the reason for these differences in cost compare to budget. It will judge their problem solving and analytical ability.
9.0 Interview plan
The interview will be conducted by the Head of HR team along with company director.
In that interview, there will be asked some question from the following questionnaire
- Introduce Yourself
- What are the criteria for financial modeling?
- How accounting and fiancé are interrelated in business practice?
- What will be your action if you see that there is a problem in company pricing and costing strategy?
- What you will recommend solving the pricing issues?
A sample response from the above Question Sample
- Introduce Yourself
It will carry 10 marks, the candidate must tell about his education, experience, and special skill and abilities. Family gossip will deduct marks.
- What are the criteria for financial modeling?
It will carry 15 marks. Candidate should not mention the criteria rather he will provide an example with each criterion, otherwise marks will be deducted.
10.0 References
Bika, N., 2016. Recruiting budget. [Online]
Bteam, 2018. Financial Analyst Job Description. [Online]
Echelon, 2018. Recruiting Strategies. [Online]
Huncrec, 2019. Recruitment Strategies to Attract Candidate. [Online]
Lumen, n.d. Hire Financial Analyst. [Online]
Nikoletta, 2016. Calculate recruitment costs. [Online]
UWA, 2018. Selection criteria. [Online]
Written by
Email: [email protected]