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Study Unit 5 The Finance Function and Human Resources 2024

BSCI PowerPoint

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Chrizel Jordaan
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10 views

Study Unit 5 The Finance Function and Human Resources 2024

BSCI PowerPoint

Uploaded by

Chrizel Jordaan
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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The Finance

Function and
Human Resources

BSCI121: study unit 05


Chapter:11
Study Unit Learning
Outcomes

Describe:

• Finance function’s relationship to human


resources

• Main role of human resources

• Areas of interface with finance

• Key performance indicators


Introduction:

Human Resources’ main activities include but


are not limited to:

 Staff acquisition
 Staff development
 Performance management
Human resource activities

• Selection ensures that the organisation obtains people


with the qualities and skills it requires
• Appraisal enables targets to be set that contribute to
the achievement of the overall strategic objective of the
organisation
• Training and development ensures that employee
skills up to date and relevant
• The reward system should motivate and retain valued
staff.
• Performance depends on each four components and
how they are coordinated
HR Planning

HR plans concern the acquisition,


utilization , improvement and return
of an enterprise’s human resources
Recruitment
The recruitment process
Perform job analysis: The process of collecting, analysing and
setting out information about the content of jobs in order to
provide a job description and data.
Job design stage is the development and outlining of
competencies within a competency framework.
Develop a job description: Set out the purpose of the job and
where it fits in the organisation’s structure.
Advertising job vacancies: The organisation should advertise
the job vacancy
Initial screening: The final process in the recruitment phase is
the initial screening of candidates
Selection
Consist of procedures to choose the successful candidate from
among those made available by recruitment efforts.

• Application forms: are used to obtain relevant


information about the applicant and to know more
about the employee
• Job interviews: There are different kinds of interview,
these are used to ensure the best candidate is chosen
for the job
• Testing of candidates: These are used to supplement
interviews or select applicants for interviews.
(Psychological and personality tests, Cognitive tests,
Proficiency tests, Psychometric tests, Medical tests)
• Group selection methods: consist of a series of
tests, interviews and group situations over a day or two
• Assessment centers: involves observing the
candidate’s behaviour and judging
• References: This is done by contacting candidates'
previous employers
HR: Development and training

Human resource development strategy


The overall • Ensuring the organisation meet current
purpose of and future performance activities • Organisations often have a training and development
human performance objectives strategy based on the overall strategy for the business
resource • Continuous improvement of the
development performance of individuals and teams
includes • Maximizing people's potential for growth
>Planned approach and training

• This is adopted to ensure that the training offered


meets the real need of the organisation

>Personal development plans

• This ensures that the person’s performance is improved,


and they obtain skills they will use in the future
Methods of development and
training

• Formal training
• On-the-job training

Benefits of development and training are( ORGANISATION)


• Minimize the learning cost of obtaining the skills the organisation Benefits to Individual
needs • Enhances portfolio of skills
• Psychological benefits
• Lower cost and increased productivity • Social benefits
• Fewer accidents and better health and safety • The job

• Less need for detailed supervision


• Flexibility
• Change management
• Corporate culture
• Motivation
9
Career Career management Succession planning
management • (it affects both the individual • They can plan a logical
and organization ) progression for
and succession individuals through the
• Ensures that the
planning organisation has a reserve
hierarchy over time
of managers in waiting • The objective is to
• Ensures that the correct ensure suitable
training is provided to replacements
enable the correct abilities
for the job
HR: Appraisal and performance
management

• Performance management
• The process of getting the best out of
employees

• Performance management is concerned


with 2 area being :
• Creating a work environment and setting that
is conducive to allowing employees to work
• Analyzing employee performance levels and
feeding back into training and development

11
Rewards and Incentives
Incentive schemes make part of the individual’s rewards
Total reward schemes conditional on results
This recognises that individuals are all different and may not be • Such schemes need properly organised and
motivated by money. administered appraisals
• Managers and specialists will require a form of
management by objectives, where targets are agreed
This has led to the development of flexible benefit packages.
for the future

Examples of non-cash benefits:


Types of incentives
• Training,
• Performance-related pay: pay is directly related to
• Gym membership,
output produced or targets met
• Flexible working hours,
• Share schemes,
• Bonuses: supplement salary and can act as an
• Working at home,
incentive. They can be administered individually or be
• Health insurance, based on group performance
• Pension schemes,
• Career progression,
• Profit sharing: Employees receive a percentage of
• Childcare voucher,
profits in cash or shares
• Shopping vouchers
Business partnering and key
performance indicators

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