27. June 2024
How to better connect HR and Finance, according to experts
Ever feel like your HR and finance departments sometimes operate on different planets? At a first glance, human resources and finance teams seem very different. One focuses on hiring talent and ensuring people are happy and productive, while the other is keeping a close eye on costs and, ultimately, revenue.
But if you take a closer look, you’ll realise that these two teams are both investment-based – the investment of people and the investment of assets to meet financial goals. And these two assets are closely linked. So, how can we better connect these two crucial teams?
In our newest guide created with our integration partner Pleo, we spoke to five leaders within HR and Finance teams to find out exactly that. Here’s a taste of what they said is essential:
1. Working with the same KPIs
Data is key to unlocking a successful partnership between HR and Finance. These two teams need to be sharing key metrics like number of employees, forecasted headcount and recruitment costs to allow for better cost analysis, forecasting and budgeting. Additionally, data points on training, turnover and employee engagement can inform strategic workforce planning.
2. Clear, regular alignment on goals
For collaboration to thrive, both teams need to be on the same page. This means using consistent data models and establishing clear communication channels. Regular data-sharing sessions ensure everyone is working towards the same goals, be it optimising operational costs or driving innovation.
3. Constant consideration of employees
In today's flexible work environment, a strong connection between HR and Finance is crucial for supporting a happy and productive workforce. This involves streamlining onboarding processes, ensuring employees have the technology they need and implementing efficient expense management systems.
4. Ensure their systems are connected
Connecting HR and finance software solutions like Personio and Pleo’s business spending solution can further streamline collaboration. Integrations between these platforms allow for:
Fast, easy onboarding: Sync employee data and grant Pleo access within minutes, eliminating manual data entry and delays.
Automated offboarding: Ensure departing employees are automatically removed from both systems and their cards are blocked.
Secure access management: Maintain secure access control to financial systems by keeping your employee directory in sync.
Want to read what else can boost how your HR and finance teams work together? Download your free copy here.
Hannah Popham
Hannah is a Senior Content Marketing Manager at Personio. She loves writing about the ever-changing ways that we work and how they intersect with our lives outside work.