5 Ways HR And Finance Professionals Can Work Together To Achieve Growth Objectives

Illumeo Customer Success's Profile

Finance and HR professionals are two critical departments in any organization. They both have a role in the growth and success of the company. However, they frequently fail to collaborate to pursue shared goals.

Here are 5 ways HR and Finance professionals can work together to achieve growth objectives.

1. Sharing Data and Reporting

One of the most critical ways that finance and HR professionals can work together is by sharing data and reporting. HR professionals can provide Finance with employee headcounts, turnover, and other metrics. This data can help finance understand how the company is growing and what areas need more attention. 

In turn, Finance can provide HR with data on revenue, profits, and other financial metrics. This data can help HR understand how the company is doing financially and what areas need more attention. By sharing data and reporting, both departments can better understand the organization and what steps need to be taken to achieve growth objectives.

2. Creating Models and Tools

HR professionals should work with their Finance counterparts to create tools that help track employee performance and development over time. This will allow HR to measure whether its retention programs are successful. It will also show employees a system for measuring success within the organization. 

Finance has vast amounts of data on revenue generation and growth rates which it can share with HR. By combining this information with strategic planning tools like workforce simulations, hr professionals can make more informed decisions about the direction of particular projects.

3. Communicating with Employees

Employees expect to work for a company that values them as individuals and provides growth opportunities. By working together, HR and finance professionals can ensure that this is the case by promoting specific benefits, including paid time off, 401(k)s, and flexible scheduling policies. 

These efforts can help employees feel more satisfied at work and encourage them to stay on longer since they know the organization invests in their well-being. 

4. Optimizing Performance Management Systems

Performance management systems are designed to be fair so that all employees receive feedback throughout the year. Yet, if the system isn't working, it can create a hostile work environment where employees feel mistreated. 

HR should ensure that these systems are comprehensive and fit with the company's broader goals for growth. Additionally, finance professionals should help HR by providing data on critical performance metrics so that promotions can be made at all levels of the organization.

5. Developing a Common Vision

The HR and Finance teams should develop a shared vision for the organization. A common vision will ensure that their efforts are all directed towards achieving the same goal and recognizing each other's contributions to the organization. By working together, Finance and HR professionals can help drive company growth.

HR and Finance offices should work with one another in a corporation to achieve business objectives. Both teams should work together in a synchronized manner by developing a shared vision of what needs to occur at an organizational level. Finance and HR professionals can achieve common objectives and create a more successful organization by working together.