Propel Your Organization with Business Intelligence Tools
Modern HR professionals use key data to create HR strategies that are in line with the goals of the organization. A number of these decisions are, unfortunately, still made without crucial insights from the finance department. To build a strong and successful organization, HR leaders should seek better planning and management. Oracle Fusion HCM provides technology solutions that help your business achieve these results.
Workforce and cost planning alignment
Although most HR leaders are already using data and reports from other departments to plan for their individual needs, incorporating financial data can strengthen their decisions. Proper planning allows you to plan for numerous issues at all levels of business such as salaries, financial compensation, and taxes. HR is placed in a better position to decide who to hire, the skills to look for, and the salary range.
HR policy changes can impact finance personnel
While financial decisions have a noticeable impact on HR, HCM decisions also play a key role in financial projects and planning. Working together, regardless of the project, will help preparation and ensure the smooth execution of the program. The right BI support will also go a long way in helping to promote seamless operations.
Communicate the value of talent management programs
The value of an organization can be better understood when communication is facilitated between HR and finance departments. When HR leaders use financial insights in their decision-making processes, they will be able to communicate with finance experts in a language that they understand. There is likely to be more agreements and better chances of project success.
Recruit the right people
The role of the finance officer is constantly changing, and so are the skills required for this position. In order for companies to attract the best talent that will prove valuable to the organization, HR professionals should be familiar with finance matters. A good finance background will allow them to recruit people with problem-solving abilities as opposed to just technical skills. In the end, the finance department and organization will benefit greatly.
Oracle HCM Reports Help Your Organization Thrive
Improving your business in these aspects may sound like a time-consuming process, but the Oracle HCM Cloud suite of programs can make it easier. Many tools in our cloud suite can help onboard these strategies in innovative ways. If you are looking to help your business grow by implementing these strategies, contact DataTerrain today.