4 Ways You Can Use Financial Insights to Take Stronger HR Decisions
Propel Your Organization with Business Intelligence Tools
Today, HR professionals use key data to create HR strategies that are in line with the goals of the organization. However, a good number of these decisions are still made without crucial insights from the finance department. To build strong and successful organizations, HR leaders should match talent and finance for better planning and management. Oracle Fusion HCM provides technology solutions that help to achieve this.
In this post, we discuss 4 ways you can use financial insights to make stronger HR decisions:
Align workforce planning and cost planning
Although most HR leaders are already using data and reports from other departments to plan for the needs of the department, incorporating financial data will take planning to a whole new level. Proper planning will allow them to plan for issues such as salaries, financial compensation for employees as well as the calculation of taxes. In this way, HR will be in a better position to decide who to hire, the skills to look for, and the salary range.
Consider the impact of HR policy change on finances
In the same way that many financial decisions have an impact on HR, almost every HR policy will affect company finances. Regardless of the project that the HR team wishes to execute, working together with finance will not only help to get things prepared but ensure the smooth execution of the program. The right BI support will also go a long way in helping to promote seamless operations.
Clearly communicate the value of talent and talent management programs
Effective communication between HR and finance will ensure each department understands the value of the other in the organization. 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. In this way, there is likely to be more agreements and better chances of success.
Hire the best finance talent
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
Businesses can rely on technology to ensure better collaboration between HR and finance. With Oracle HCM and DataTerrain’s report conversion services, business leaders can make strategic decisions that will contribute to the success of the organization. If you are looking to help your business grow by implementing these strategies, contact DataTerrain today for a free demo.