HR Executives play different roles today than they have in the past. A lot has changed with time; most importantly the evolution of technology. The use of data in planning, recruiting, and management of employees is a must in today’s era. While some of the successful HR officers are already using data, a lot still lacks in terms of incorporation of this data with financial insights. Finance is the center of every business.
Any HR officer who wants to be successful has to get a full insight into the financial data and find a way to synchronize it with the plans of the HR department. Oracle HCM offers businesses some of the best practical solutions to incorporating financial data with HR management. Here are some of the ways the HR and Finance departments can collaborate.
1. Aligning Workforce Needs With Cost
Any HR executive who uses financial data will help the organization gain more in terms of the workforce they bring on board. An analysis of financial reports will help the HR determine which departments need more manpower and the ability of the organization to afford the manpower. Financial data reveals what goes on in the sales departments, procurement, and the executive offices. This will help the HR officer find the best value for the company based on needs.
2. Making Informed Decisions When Formulating HR policies
When HR executives make policies that affect the entire company, it is important to have an insight into the company finances. For instance, if the financial report shows that employee allowances are straining the company operations, the HR department needs to formulate policies that address such allowances.
3. Establish Value Of Employees And Communicate With The Company
Any HR officer that does not know the value of talent within the organization is not helping the organization. Using financial data with employee data, the HR should be able to determine the role of each employee and what they add to the company. Using Oracle’s HCM reports, the HR executive can be able to evaluate each employee and hence communicate their value to the company. This should be used in determining perks and privileges. These reports are also important when requesting for funding from the Finance departments.
4. Find The Best Talent
The use of the financial data is necessary for the HR executive to be able to recruit the right talent. This provides data on areas that need improvement based on skill other than qualification.
HCM Reports Bring Your Business Into The Future
There are plenty of benefits that any company can attain when making informed decisions based on data analysis. If you are looking to help your business grow by implementing PowerBI Migration strategies, contact DataTerrain today to see what we can do for your organization.