- Positions and the Estimated and Disaggregated Salaries and ProjectedWage Scale
Bliss Balloon Company will have four job positions starting with subordinate staff, which is the lowest. Duties of subordinate staff will be cleaning, decorating balloons and delivery of products. Subordinate staff will be compensated at$ 35,000 monthly. Departmental heads are the next in rank where their duties will be overseeing all operations of a department. Their monthly salary will be $45,000. The general manager is the following in ranking where primary responsibilities are overseeing all processes of all departments and the company operations and offered a compensation of $60,000. The chief executive officer is the highest rank and is offered $ 80,000 monthly salary. Duties of a chief executive officer are to oversee all operations and guide in making investment decisions. The stipulated wages will be projected at $600,000.
iii Hiring and Personnel Management Procedures
The company will recruit more employees with time. The company intends to use both internal and external hiring practices.
Internal hiring will be through promotion, while external recruitment will be through the use of recruiting agency.
The process of hiring will follow the procedures as listed; one, identifying a need for an employee, conducting job analysis and job description, advertising the vacant job position, conducting interviews, and lastly, leading the process of onboarding(Chamberlain, 2016).
Part 7: Other Important Aspects.
Possible Risks and Interventions
Every business venture is prone to risk. Possible risks in a business are theft, loss of income, operational risks, and financial risks. Risks reduce business performance and may lead to the collapse of the business venture. To safeguard the company’s existence against risk, the company has already subscribed to an insurance program to ensure compensation in case of the mentioned risks.
In the future, the company may hire professionals. For example, recruit a company lawyer who will conduct legal processes and represent the company in a court of law in case of any dispute. Also, the company may hire an auditor to evaluate all business transactions and ensure financial accountability.