0899Please read the Case “For Personal Financial advisors, A Small Staffing Plan with a Big Impact” at the end of Chapter 5 (page 224), “Human Resource Planning and Recruitment” available in your textbook Human Resource Management: Gaining A Competitive Advantage-Noe, Hollenbeck, Gerhart, Wright,11e., and answer the following questions:Assignment Question(s):(Marks 5)Is a company ever too small to need to engage in human resource planning? Why or why not? Discuss whether you think Robert Reed planned his hiring strategy at an appropriate time in the firm’s growth.(Marks: 1.5)Using Table 5.3, review the options for avoiding a labor shortage, and discuss how well the options besides new hires could have worked as ways for Reed to reach his goals for growth. As you do so, consider qualities of a financial-planning business that might be relevant (for example, direct client contact and the need for confidentiality).(Marks: 2.5)Suppose that when Reed was seeking to hire a certified financial planner, he asked you for advice on where to recruit this person. Which sources would you suggest, and why? ( Mark:1)For Personal Financial Advisors, a Small Staffing Plan with a
Big Impact
Robert J. Reed has been a financial planner since 1978 and received his certified financial planner designation in 1981. In 1999, he
häred Lucy Banquer, a former legal secretary, to work as his assistant and the only employee at his firm, Personal Financial
Advisors LLC in Covington Louisiana. At that point, human resource planning wasn’t on Reed’s radar at all.
But around 2005. Reed began to act on a desire to have a more complete plan for his firm’s growth. He determined that he wanted
the business to grow from about $400.000 in annual revenues to become a million dollar firm by 2012. That was a realistic goal.
but not one he could achieve with only the support of Banquer. Although Banquer does an excellent job of fielding client phone
calls and answering questions, Reed needed to bring in more financial expertise to serve more clients.
Typically, a financial-planning firm like Reed’s expands by hiring an entry-level advisor to handle routine tasks while learning on
the job until he or she can take on clients independently. But Reed didn’t simply take the usual path; he considered what role he
wanted for himself in his firm as it grew. Reed realized that the part he excelled at and loved most was managing the investments,
not the presentations to clients, and that he wanted the firm to grow in a way that would free more time for him to spend with his
family, not expand his hours to supervise others. As Reed defined the scope of his own desired job, he clarified what he wanted
from his next employee: a certified financial planner who had experience plus an interest in all the planning and advising tasks
except investment management.
With that strategy in mind. Reed began the search for another planner to work with him. After about eight months of recruiting.
Reed met Lauren Gadkowski, who was running her own advisory firm in Boston but preparing to relocate to Baton Rouge to be
with her future husband. Lee Lindsay. Reed wanted his new financial planner to operate independently, so he agreed to the idea of
her office being in Baton Rouge, about a 45-minute drive from his, and he let her determine how often she would need to visit the
Covington office.
Reed stuck to his plan: Lauren Lindsay quickly began working with Reed’s larger clients and introduced herself as their main
contact with the firm. After sitting in on a few meetings to satisfy himself that he had made a good hiring decision, Reed shifted his
efforts to managing the investments. About 10% of the clients indicated they would prefer to maintain their working relationship
with Reed. Lindsay took over the remaining 90% as well as the new clients she has brought into the firm since joining it
Reed’s decision to focus on investment management has paid off for Personal Financial Advisors, giving the firm better-than-
average performance on its investments even as revenues have climbed. And with Lindsay on board to handle client contact, Reed
became able to follow the more traditional path to further growth by hiring an associate financial planner. David Hutchinson, in
2008. In contrast to Lindsay. Hutchinson is still preparing to become a certified financial planner, but he has an educational
background in financial planning and experience as an investment broker.
QUESTIONS
1. Is a company ever too small to need to engage in human resource planning? Why or why not? Discuss whether you think
Robert Reed planned his hiring strategy at an appropriate time in the firm’s growth.
2. Using Table 5.3 . review the options for avoiding a labor shortage, and discuss how well the options besides new hires could
have worked as ways for Reed to reach his goals for growth. As you do so, consider qualities of a financial-planning business
that might be relevant (for example, direct client contact and the need for confidentiality).
3. Suppose that when Reed was seeking to hire a certified financial planner, he asked you for advice on where to recruit this
person. Which sources would you suggest, and why?
SOURCES: Angie Herbers, “Letting Go,” Investment Advisor, June 2009, pp. 96-97; Personal Financial Advisors, “Why Choose Us?”, corporate
website, http://www.mypfa.com.
Purchase answer to see full
attachment
Why Choose Us
- 100% non-plagiarized Papers
- 24/7 /365 Service Available
- Affordable Prices
- Any Paper, Urgency, and Subject
- Will complete your papers in 6 hours
- On-time Delivery
- Money-back and Privacy guarantees
- Unlimited Amendments upon request
- Satisfaction guarantee
How it Works
- Click on the “Place Order” tab at the top menu or “Order Now” icon at the bottom and a new page will appear with an order form to be filled.
- Fill in your paper’s requirements in the "PAPER DETAILS" section.
- Fill in your paper’s academic level, deadline, and the required number of pages from the drop-down menus.
- Click “CREATE ACCOUNT & SIGN IN” to enter your registration details and get an account with us for record-keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
- From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.