In today’s fluid operating environment, organizations must be agile and resilient to deal successfully with unpredictable events and rapid changes in their operating environment. They must stay ahead of business risks and opportunities by having the right people, data, processes and technology to deal with:
- Shifts in how and where people work
- Ever-changing regulations and preferences affecting employer-worker relationships
- The growing competition to attract and retain top talent, especially as baby boomers retire
Moreover, while addressing these challenges, organizations must simultaneously meet financial objectives and maintain fiscal controls. To deal with these issues in a dynamic environment, Human Resources and Finance departments must collaborate effectively to improve an organization’s performance, and this includes being agile and resilient within a fluid operating environment. When they don’t collaborate well the consequences are often widespread and result in drawn-out efforts to address operational issues. Organizations should use technology to foster better collaboration between finance and HR departments, with the objective of creating new sources of value and increased competitiveness. Two core issues will benefit from HR and Finance collaboration: having the right talent for growth and reducing undesirable, costly turnover.
