Organisational Goals of Air New Zealand‘s Finance Department
Questions:
1. What organisational goals your selected organisation in Assessment 1 is trying to achieve in ONE of the departments in the next 12 months?
2. Assume that you are working in ONE of the positions in the department mentioned in Question 1, above. Review the job description and person specification of this position?
Human Resource Management (HRM) helps in describing the formal systems that are devised for managing people in an organization. HRM aims at maximising productivity within an organization and optimizes the effectiveness in relation to the employees. The primary purpose of HRM is to align workforce with that of the business (Basfirinci & Mitra, 2015). Personal Development Plan helps in creation of an action plan that is based on values and goal-setting for the personal improvement of an individual. This report focuses on the organizational goals of Air New Zealand and the strategies that Human Resources can make use of in order to lead the element of change. This report also expounds on the job description of the position of finance manager and the personal development plan that can help in improving four skills which is relevant to the professional position. It also elucidates on the learning methods that can be used in relation to each skill.
The organizational goal in relation to Finance Department is to analyze the financial performance of the organization by taking recourse to cost classification along with financial planning (Chen & Liu, 2017). The goal of Finance Department of Air New Zealand will be to ensure a high EBT margin that can help in assessing the profits made by the company. Earning a positive EBT margin that is around 25 % in a year will be the organizational goal of the Finance Department of Air New Zealand. The HR Department can use the alternate revenue generating stream and sell ancillary products in order to bring in profit for the Finance Department of Air New Zealand. The operating expense ratio of Air New Zealand will be around 0.80 that can be achieved by taking recourse to total revenue integrity route (Seo, Moon & Lee, 2015).
The dynamic business in relation to Airlines Company necessitates that the Human Resources take suitable action that can help Air New Zealand in gaining a competitive edge over that of the rivals. Cost management is an arena that the HR will focus on so that the fares of the airlines are low. Cutting down on the training time of the pilots can be profitable for that of Air New Zealand. The human Resources management can devise suitable strategies like that of having pocket-less seats in the Air New Zealand that can reduce the expenses incurred (Yang et al., 2017). It can help in the process of cost management that can help the Finance Department to earn profits. The HR Department of Air New Zealand should be able to bring in innovations that can help the company in rising above their competitors. The HR should be able to recruit the right personnel that can properly use the technologies and invest in suitable alternatives that can maximise the limited investment resource of an organization.
HR Strategies for Finance Department
The platform of social media can be used by the HR Department in engaging with the customers. It can help in bringing about structural changes within the Finance Department. Automation of the different business processes can help in enhancing the convenience in relation to Air New Zealand. The HR Department of Air New Zealand can tap into the alternate revenue generating stream by the selling of ancillary products throughout the value chain (Garefalakis et al., 2016). Total revenue integrity route can be beneficial for the Finance Department of Air New Zealand. Ancillary services are inclusive of paying of the checked baggage and connectivity of the wi-fi.
The business environment is subject to constant change and Human resources should be able to communicate the vision of the organization. There should be the alignment of personal along with corporate goals. The HR should focus on Key Performance Indicator ( KPI) that can help in motivating people by rewarding the right kind of behaviour. Performance Measurement should be the main driver of that of the reward system of the organization. The Human Resources Department of Air New Zealand should be able to adjust monetary valuation in relation to various planning scenarios that can help in determining the likely income (Zhang et al., 2015). Revenue leakage is a concern of the finance department of Air New Zealand. The total revenue integrity program of Air New Zealand will be able to improve the services related to ticketing process and customer relationship management. Sustainability is a key concern relating to the airlines sector. The cost of compliance should be borne by Air New Zealand (Barry, 2017). A compliance program by the HR department can help in the optimization of the business of Air New Zealand. Simplified Interline Settlement can help in the process of speeding the process of interline billing. A partner can help in the process of standardization of interline billing.
The senior level managerial position will oversee the financial operations of Air New Zealand and take care of the financial reporting (Seo, Moon & Lee, 2015). It shall supervise on the budget section of that of Air New Zealand. The finance manager will be responsible for overseeing the strategic development plan of Air New Zealand. It will look after the financial metrics and that of the arena of cash flow analysis (Gitman, Juchau & Flanagan, 2015).
- Team-building skills
- Leadership
- Researching and delving in the area of problem-solving
- Financial Understanding
- Commercial ability
- Proper usage of Information Technology
- Competitor awareness and management of time
The professional development training course that is held in Auckland will be able to teach me regarding how nervousness can be overcome and how one can boost his confidence (Parmenter, 2015). It can enable one to read the audience and the effective use of ice-breakers. Public speaking is of crucial importance in today’s world and I am weak in this aspect. I want to take part in the public speaking training course so that I learn the art of effective interaction. This is one of my greatest fears and taking part in this course will be able to teach me about valuable skills related to professional presentation.
Job Description of the Finance Manager
Information Technology is crucial to the modern world. The finance manager should stay abreast of the times and learn new technologies so that he can develop himself in the professional sphere. Cloud computing and IT management are keys to achieving success in the present world (Cottrell, 2015). I think that my knowledge in relation to information technology is not adequate. There are many free information technology course that is available online and I can enrol in these courses so that I can develop my skills in relation to Information and Technology. Finance manager has to perform a lot of duties that is dependent on that of Information and Technology and taking part in the course will be able to teach me essential skills.
I think that I need to learn what the competitors are doing so that I can prosper in my professional domain. I shall attend a conference that can help me to broaden my sphere of knowledge in relation to industry analysis. The Airline industry will be discussed at length during the course of this conference and the responsibilities of the financial manager in relation to this industry will be discussed at length. It will help me to get in touch with the luminaries associated with the world of airlines and the key strategies that are employed by them so that they can profit and stay ahead of their competitors (Gould, 2017). The financial managers present in the conference would be able to enlighten me regarding how to analyze financial metrics in times of economic distress.
Management of time is crucial in the professional of financial manager. Financial manager is burdened with many responsibilities and managing time properly can prove to be an asset for the financial manager. I shall do a project on “Risk assessment” in relation to the finance sector with my friends and within a brief span of time everyone will have to come up with unique ideas that can help in assessing risk in relation to the Airlines sector. One can come up with only the most important ideas and this project can help one in staying mentally alert that can help an individual in the perfect management of time (Netter, Poulsen & Kieser, 2018). It is found that if a person is always mentally active then it can help him in utilising time in the perfect manner.
Conclusion:
Organizational goal pertaining to finance department of Air New Zealand pertains to analysing that of the financial performance in the organization. The resources being assigned values can help the department of Finance in the process of making considerable gains. The business should be made transparent which can prove to be effective for the HR in devising suitable strategies. Cost model on the basis of quantity structure can prove to be of benefit for bringing about the changes in the Finance Department. The primary responsibility of the finance manager revolves around overseeing financial operations and looking after the arena of financial reporting. The personal specifications of the position of financial manager are that of researching, financial understanding and that of commercial ability. The four key areas in which I need to develop my skill set is related to group presentation, managing time, industry awareness and using of the information technology. The training course revolving around group presentation can help me in overcoming nervousness and in gaining confidence. Information technology courses which are free and available in the internet can bolster my knowledge in relation to this domain that is of great importance in the position of Finance Manager. Attending a conference can help me in learning about the industry that can be profitable for the position of finance manager. A project done on “Risk Assessment” with my friends and covering the main ideas within a limited time frame can teach me the much necessary skills related to time management.
References:
Barry, W. S. (2017). Airline Management: Business Management in Transport 3 (Vol. 2). Routledge.
Basfirinci, C., & Mitra, A. (2015). A cross cultural investigation of airlines service quality through integration of Servqual and the Kano model. Journal of Air Transport Management, 42, 239-248.
Chen, C. M., & Liu, H. M. (2017). Exploring the Impact of Airlines Service Quality on Customer Loyalty: Evidence from Taiwan. International Journal of Business and Management, 12(5), 36.
Cottrell, S. (2015). Skills for success: Personal development and employability. Palgrave Macmillan.
Garefalakis, A., Mantalis, G., Lemonakis, C., & Vassakis, K. (2016). Determinants of Profitability in Aviation Industry of Europe and America. International Journal of Supply Chain Management, 5(2), 131-137.
Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance. Pearson Higher Education AU.
Gould, J. (2017). career Development: A plan for action. Nature, 548(7668), 489-490.
Netter, J. M., Poulsen, A. B., & Kieser, W. P. (2018). What does it take? Comparison of research standards for promotion in finance. Journal of Corporate Finance.
Parmenter, D. (2015). Key performance indicators: developing, implementing, and using winning KPIs. John Wiley & Sons.
Seo, K., Moon, J., & Lee, S. (2015). Synergy of corporate social responsibility and service quality for airlines: The moderating role of carrier type. Journal of Air Transport Management, 47, 126-134.
Yang, F. J., Shih, K. H., Nha, D. T., & Wang, Y. H. (2017). Low-fare Airlines Service Quality, Customer Satisfaction and Customer Loyalty. Journal of Accounting, Finance & Management Strategy, 12(2), 97-122.
Zhang, L., Zhang, L., Zhou, P., & Zhou, D. (2015). A non-additive multiple criteria analysis method for evaluation of airline service quality. Journal of Air Transport Management, 47, 154-161.
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