hrtechoutlook

HR and Finance, Teaming Up to Maximize the Rate of Success

By HR Tech Outlook | Friday, June 28, 2019

HR and FinanceThe human resource and finance reflecting distinct work values are now intersecting to showcase the potential of high growth in business. 

FREMONT, CA: With a growing digital economy, it’s time for HR and finance to collaborate for more strategic returns of the organizational investments, rather than focusing on particular tasks and responsibilities. Finance department handles the finance capital of the company, and HR manages the company’s human resource, working together will enable an optimized solution for both its capital and people. As, both the department have different sets of responsibilities, and it is crucial to understand the organization’s expectation, each other’s organizational purpose, and identifying the scope of working as a team.

It is crucial to understand what the company is expecting from a particular department, how to earn more revenue with the execution of strategies in operational level. For HR professionals, it is essential to understand how the finance department manages and budgets the profit and keeps track of financial statements. Similarly, for finance professionals, it is equally mandatory to measure the cost-to-hire and to know the benefits of human capital, which also includes rewards, recognition programs, training, and developments. The collaboration will enable better vision on strategic alignment and help to achieve the organizational purpose. The company can achieve a reduction in the cost of investments, streamlined operations, and an increase in productivity with significant improvements.

The integration of both teams creates higher chances of learning from each other and avail resources to reach a common goal. Collaboration seems to be secure by conducting regular meetings to communicate changes and needs, offering assistance, and sharing relevant data. Both parties can implement the usages of technology and analytics to quantify the impact of a program. With the help of the fastest growing data flow trend in the industry, both the teams can access the real-time information from a common database to discuss and take necessary decisions. Removing the cultural barriers of profession takes time, but after setting up an efficient team, the economy of the company maximizes to the level of immense success.

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