Describe how a chief financial
Describe how a chief financial officer(CFO) position for aprofessional football team should receive pay increases over time(consider different pay for performance strategies or senioritybased pay increases). Explain a specific compensation structurethat would motivate an individual in this position.
Answer:
The pay of the CFO of a professional football team shouldreceive pay increase based on seniority. This is a more logical andsensible way of increasing the pay of the CFO. The termcompensation means the amount of money that is paid to an employeeof the organization for the performance of his/her duties andresponsibilities. The CFO has the following responsibilities:
- He manages the company’s finances,
- Plans the finances of the company
- Manages financial risks
- Maintains records
- Carries out financial reporting
If a person performs these duties properly then he/she shouldreceive the deserved amount of compensation. The CFO of aprofessional football team should therefore get his/hercompensation based on seniority. The more experienced a person isin the field, the money they deserve to be paid. The experiencemakes them expert in the field and they are able to carry out theirwork in a better manner.
In order to motivate a CFO of a football team, profit sharingcan be done. In other words, the better the football team plays andthe more number of matches it wins will lead to earning moreprofit. The CFO can be given a portion of the profit earned by theteam through the performance.
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