Data Analytics, Bridging Finance and HR Together05/20/2019
For years, HR and finance have operated as two totally separate sectors. However, this may not be the most effective way to succeed. HR and finance rely on each other in order to have a total picture of people-related decisions. After all, these are the decisions that not only shape the organization but can influence its success. Data analytics may be the bridge that connects the two.
What Happens When HR and Finance Connect?
When HR and finance connect, it can lead to better overall business decisions. Collaboration between the two departments gives the organization’s leaders a better picture of the company. Specifically, it allows HR and finance to communicate the value of the workforce and suggest improvements as needed.
Understanding Cultural Differences in HR and Finance
Of course, HR and finance are different worlds. Both departments focus on the success of the company, but HR relies on people-driven success while finance focuses more on economics. To combine these two outlooks is ideal because it allows you to see the company from all angles.
However, because the focus is so different, it will require some effort to collaborate and overcome the cultural differences that exist. Ultimately, data and analytics are one way that companies are overcoming such differences and using the information from each other to better the company as a whole.
Tips for Overcoming Differences
According to recent studies, 83% of managers are interested in bridging the divide between HR and finance. Both groups want to make decisions based on real evidence provided by data. This can be more successfully achieved by using emerging technologies; the two groups may rely on each other to make valuable decisions regarding hiring people and making relevant shifts to increase productivity. Only time will tell how effective this will be in the overall workplace. Fortunately, individuals from both departments are eager to explore this concept and see how far it can take the company as a whole.
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