Topic: Job Analysis & Retantion Strategies

Chief financial Officer at PIA

Syeda Ayesha Urooj Naqvi (MBA-21S-006)
Human Resource Management
 Chief financial Officer ( Pakistan international airline)

About PIA
Pakistan International Airlines was founded on 29 October 1946 as Orient Airways. 
Initially it was based in Calcutta, British India.  When Pakistan became a newly independent
country in 1947, it moved its operations to Karachi.  Orient Airways was later nationalized to
form the Pakistan International Airlines Corporation (PIAC).The Pakistan International
Airlines Corporation (PIAC) came into being in the year 1955 and it was the first airline of
Pakistan. Since its infancy, it has enjoyed the active patronage of successive governments. Its
initial leadership was dynamic and committed. Therefore, the airline was structured on a
great infrastructure and planning. This can be gauged from the illustrious record of the airline
in the 1950s, 60s and the 70s. At one stage during those decades, PIA was considered the
most vibrant airline in the Asian region. The advancement of this air service also added
significance towards the development of its various departments and the auxiliary or the
supporting management. PIA has brought many achievements in the aviation field. It was the
first Asian airline to fly a four-engine aircraft.  It was the second Asian airline to acquire the
Boeing 707.  PIA’s first international route was Karachi to London via Cairo and Rome.
Pakistan International Airlines Corporation (PIA) is the flag carrier of Pakistan, whose
government owns 85 percent of its shares. PIA’s route network stretches to Asia, the Middle
East, Africa, Europe, and North America. It connects 35 cities within Pakistan. Six million
people flew the airline in 2000, when passenger traffic accounted for 85 percent of revenues.
Engineering and charter services accounted for nine percent. PIA also conducts some contract
work for aerospace manufacturers.

Hr Policy of PIA
HRP is basically a process by which an organization ensures that it has the right number and
kinds of people, at the right place, at the right time, capable of effectively and efficiently
completing those tasks that will help the organization achieve its overall objectives. Human
Resource Department (HRD) of PIA makes policies and procedures for the employees of PIA
from induction level to retirement. PIA has a separate department called industrial
engineering section which is responsible for the human resource planning. It is under the
responsibilities of this department to decide how many and with what skills manpower is
required. After undergoing various methodologies and formulas keeping in view the HRB
(Human resource budget), it is decided that which location, which brand, which department
will require what amount of human resource.

 Trained & groom their staff to place right person at right place.
 Upgrade the worker’s knowledge, skills, abilities, and capabilities to increase the
efficiency.
  Employee development programs make positive contribution to organizational
performance because a more highly skilled workforce can accomplish more
organizational goals.
 Workforce with higher morale, career satisfaction, creativity and motivation increase
overall productivity of PIA.

What are the responsibilities of Chief financial officer/CFO?

The Chief Financial Officer’s role is twofold:
Oversee the organization's financial activities, including being responsible for the finance and
accounting professionals who perform operational functions, and serve in a strategic advisory
role for the CEO and C-suite peers. CFO is responsible for a company's past and present
financial situation and is an integral part of a company's management and financial future. A
CFO has multiple duties, from financial reportage to deciding where and when to invest
company funds. Oversees the capital structure of the company, determining the best mix
of debt, equity, and internal financing. Addressing the issues surrounding capital structure is
one of the most important duties of a CFO. The CFO helps select skilled staff for the finance
team and works with departments to allocate budget for human capital management. He put
complex data — current, past and predicted financial results — in perspective and help the
CEO make sound financial decisions: Should we introduce this new product or service? Can
we afford to onshore our supply chain? What are the tax implications of our employees
working from anywhere?
On a macro level, CFOs are responsible for

 CFOs are concerned with ensuring that customer payments are made in full and on
time and controlling expenses so that enough cash is on hand to meet financial
obligations.
 CFO’s strategic focus is on ensuring a strong return on investment (ROI) for their
organizations. ROI is a measure of the likelihood of receiving a return on dollars
invested and the precise amount of that return. As a ratio, it looks at the gain or loss of
an investment as a percentage of the cost.
 CFOs don't only report what is — a significant part of their value to an organization is
their ability to accurately predict likely future outcomes. That includes financial
forecasting and modeling based not only on the company's past performance but on
internal and external factors that may affect revenue and expenses. The CFO is tasked
with making sense of the various departmental level forecasts to create profit
projections for the CEO and shareholders

Job Analysis
Pakistan International airline is implement its focused revivals strategies to steer the company
on path of growth & success.The airline need a highly experience dynamic & Passionate
,Professional to become part of our team. In this regard application are invited from the
eligible candidate for the position of CFO.

Job Description
Key Competencies
Strategic thinker with strong financial & business acumen.
Knowledge of regulatory environment will be added advantage.
Proven experience and ability to oversee and direct a large corporate finance department
which includes but may not be limited to financial control, treasury, planning & budgeting,
revenue account / accounting and risk management.
Strong analytical and negotiation skills.
Strong communication skills (written and verbal).
Ability to make decisions in complex environment.
Strong team player with the ability to build and maintain collaborative working relationships.
People Manager who has strong leadership skills with ability to lead, motivate and coach
team members.
Professional individual with strong business ethics & personal integrity.
Establish effective budgeting policies and procedures and direct the annual preparation of
operating and capital budgets.
Establish policies and procedures to produce a clear and accurate reports for top management,
as a means of real time monitoring of various financial indicators.
Establish effective capital budgeting and project evaluation techniques, to be used in annual
budgeting and continuous project analyses.
Assist top management in reviewing all financing and financial matters.
Assist Corporate Planning by supplying accounting data, yield standards, load factor
standards, budget assumptions, etc. as required.
Determine long range capital requirements and negotiate loans and finances with banks.
Direct through the efforts of subordinates, the accurate maintenance of PIACL's books of
account, ensuring that professional standards are being met, adequate financial controls are in
place, reports are accurate and meaningful and procedures are efficient.
Ensure that PIACL is optimizing its corporate tax liabilities while adhering to tax statutes in
all countries where returns most be filed.
Ensure that PIACL's insurance coverage is adequate for potential liability risk or loss of
property.
Monitor, as required, processing and systems development work undertaken by IT
Department on behalf of the Finance Department.
Ensure that payroll processing is accurate and timely.
Budget for and, once approved, control Finance Department expenditures against the budget
during the course of the year.
Propose changes in the Department organization structure as appropriate.
Coordinate with other Departments, particularly Commercial and Supply Chain Management
where financial matters are important
Ensure that all the PIA/ Regulatory applicable rules and standards are observed in the
Department in order to ensure compliance of all the Financial and Quality audits of
regulatory bodies.

Job Specification

Education
 A member of a recognized body of professional accountants.
 CA or Cost & Management Accountant.
Experience
Minimum 15 years post-qualification experience in Finance, of which preferably, 05 years' at
a senior position in a large Commercial/Public Sector Organization. Preference will be given
to Aviation Industry experience. The applicants should have worked in Big-4 audit firms
including article ship.
Work experience both at domestic and international level in commercial / corporate finance.
Well versed with local/international tax laws covering corporate and Government taxation.
Experience in generating Financial Reports, handling affairs related to Banks, treasury
management and audit compliance & control
Age

 Not more than 55 years as on last date of advertisement

Term & Condition

 Selected Candidate will be given employment on contract basis for a period of two
(02) year. Which may be extended & will be offered market-based salary & fringe
Benefits.
 No TA/DA will be admissible for interview.
Recruitment & Selection
Recruitment is the process of attracting prospective employees and stimulating them for
applying job in an organization. PIA Recruitment process involves both the internal (Job
posting, employee referrals) & external sources (Internet, newspaper) to attract talented,
knowledgeable, and motivated workers. Mostly recruitment is done externally because there
will be a huge labor pool and it will become easy for PIA to select potential and required
candidates. It is very important for recruitment process to be unbiased, free of discrimination
and to maintain equity and justice. In PIA selection should be made on merit basis e.g.,
person should meet job description and final test and interview of candidate should be
conducted with the panel of judges so that appropriate decisions could be for the selection of
candidates. Decisions should not be biased and partial in fact decisions should be based on
real results and merit. If these criteria will be followed no doubt PIA workforce will contain
efficient workers. PIA selection process involves short list candidates, job test, selection
board, medical test, offer letter and appointment letter
Orientation & Placement
Once the selection process has been completed new employees should be given an orientation
to become productive contributors. Orientation not only improves the rate at which the
employees will perform but also helps employees satisfy their personal desire to feel they are
part of organization’s social network. Placement means fixing or assigning an employee to a
job. Placement decisions should be taken by line managers. Workers who perform best
should get promotion in PIA. PIA gives merit-based promotions. Promotion could be of
different type e.g., transferring abroad, increase in salary and promotions to upper positions.
The decision of worker containing open ended questions was used as research tool. The data
gathered from this research is accurate, factual, and qualitative.

Retention Strategies
Retention strategies refer to policies companies follow in order to retain employees and
reduce turnover and attrition and ensure employee engagement.
The main goal is to meet the expectations of employees without losing sight of the
company’s goals to ensure maximum return on investment.

Employ Retention
Employee retention is one of the biggest challenges for today’s managers and organization. It
involves taking actions to motivate employees to stay in the organization for a longer period.
Employees keep on looking for better workplace and environment. While on the other side,
employers use new tactics to retain best talent due to rigorous competition. In order to save
turnover cost, the focal point of organizations has been shifted from turnover to retention. To
compel people to stay in any organization, various factors are identified through research that
includes environmental, motivational and succession planning. Employee development is a
joint effort which should be undertaken by workers and to upgrade the worker’s knowledge,
skills, abilities, and capabilities. Employee development programs make positive contribution
to organizational performance because a more highly skilled workforce can accomplish more
organizational goals. Workforce with higher morale, career satisfaction, creativity and
motivation increase overall productivity of PIA.

Training & Development

Training is very important for all the workers but necessary for those who must work on
machinery and equipment e.g., engineers usually training & development (T&D) determines
how committed is organization towards its workers. PIA should conduct proper training
programs for the new entrants. PIA should provide proper training to newly hired pilots cabin
crew and Engineers and other personnel of organization. Employee development is a joint
effort which should be undertaken by workers & upgrade the worker’s knowledge, skills,
abilities, and capabilities. Employee development programs make positive contribution to
organizational performance because a more highly skilled workforce can accomplish more
organizational goals. Workforce with higher morale, career satisfaction, creativity and
motivation increase overall productivity of PIA.
Compensation & Benefits for workers
Compensation as a concept according to refers to all forms of financial returns and tangible
benefits that employee receives as part of employment relationship. Compensation is also a
determinant which determines employee retention & commitment towards organization.
Effective compensation and Benefit programs lead to employee satisfaction. PIA HRD
compensates its employees and provides them benefits. PIA HRD should decide what type of
compensation, incentives & benefits should be provided to workers to satisfy and motivate
them. Several benefits are provided by PIA to its workers. Monetary rewards (pay for
performance, incentives, bonuses), nonmonetary rewards (appreciation, certificates, status,
recognition) and benefits (Medical, Tickets, Pension).
Performance Appraisal
The effort of employees can determine the success and survival of an organization and
appraisal is potentially one way in which those efforts can be aligned with the aims of
organization, employees can be motivated and their performance managed. Performance
appraisal is a source to evaluate the performance of the employees. Appraising workers on
their performance leads to motivated workforce. PIA should use 360 feedbacks to appraise
the performance of its workers. Performance appraisal is essential because it could be
motivating tool for workers in future. Performance appraisal is used to make placement
decisions so based on evaluation of performance. The organization makes promotion or
demotion decisions. Performance feedback guides career decisions about specific career
paths one should investigate.