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HR Analytics and Big Data @ Work
Articles, research and reports on HR Analytics, Big Data and related topics
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Bringing HR and Finance Together with Analytics

Bringing HR and Finance Together with Analytics | HR Analytics and Big Data @ Work | Scoop.it

As a frequent speaker on workforce analytics at HR conferences, I often start with a confession to the audience: I was formerly a vice president of finance and CFO.

 

In that role, I explain, I worked closely with HR in much the same way that finance professionals likely collaborate with HR professionals in most organizations. I would listen politely to HR’s requests for resources to invest in staff, systems or training. And then I would say “no.”

Tony Brugman (Bright & Company)'s insight:

Good November SHRM article by Jeff Higgins (CEO of Human Capital Management Institute) on "Why must HR learn to speak this language of business numbers?" and "How do we bring HR and Finance together?"

 

In summary, he proposes 5 steps for HR to speak the language of business:

 

1. Compelling Questions (Ask the right questions)
2. Objective Measures and Facts (Historical data, key metric indicators, segmented data)
3. Powerful Visuals and Charts (Charts with insights that tell a story and drive action)
4. Qualitative Storytelling ("Two of our top three salespeople came from other industries.”)
5. Link to Business Impact (ROI/Cost/Profit)

 

This article was previously published in Workforce Solutions Review: http://www.ihrimpublications.com/WSR_Online_Archives/Jeff_Higgins-WSR_May14.pdf

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Arun Krishnan's curator insight, February 1, 2015 10:36 PM

These five steps mentioned help not just HR functions within organizations but also workforce/talent analytics firms in positioning their products and services to be more effective.

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Some Job Functions Have to Catch Up with "Big Data"

Some Job Functions Have to Catch Up with "Big Data" | HR Analytics and Big Data @ Work | Scoop.it

"Human Resources and sales are seen as lagging in analytical skills when compared with other organization functions, according to a study sponsored by American Management Association (AMA), a world leader in professional development and performance-based learning solutions."

Tony Brugman (Bright & Company)'s insight:

Interesting figures by AMA and i4CP on the Analytical Ability by Job Function. (From their Conquering Big Data: A Study of Analytical Skills in the Workplace-report)

 

"With a combined 58% rated as advanced or expert, Finance’s analytical strength was rated highest followed by the Executive Team with 51%. Trailing five other functions, HR and Sales had just 27% and 34% rated as advanced or expert in such skills."

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HR and Finance Agree? – Has The World Come To An End? (Modern HR in the Cloud)

HR and Finance Agree? – Has The World Come To An End? (Modern HR in the Cloud) | HR Analytics and Big Data @ Work | Scoop.it

HR and finance executives agree on many people and performance-related issues according to a survey of HR and finance executives by Towers Watson and Forbes Insight. 

 

The top areas of joint activity, according to the survey were, setting annual budgets for reward programs (cited by 46 percent of finance and 62 percent of HR), determining changes to reward programs (43 percent finance and 42 percent HR), and setting reward strategy (39 percent finance and 41 percent HR).  Other important areas like overall workforce strategy (35 percent finance and 23 percent HR) or talent management (32 percent finance and 20 percent HR) saw considerably less collaboration, however. The last two seem low to us and an opportunity for further improvement.

Tony Brugman (Bright & Company)'s insight:

HR and Finance seem to have found a common language: it's called (HR) Analytics!

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