HRO Today October 2019 - 26

Cross-Departmental Collaboration
A partnership between HR and fi nance departments can spell out success for predictive talent
strategies.
By Marta Chmielowicz
M
odern HR departments are increasingly turning
to data and analytics to guide their people
strategies-but a recent study from Oracle,
HR Moves Boldly into Advanced Analytics with
Collaboration from Finance, shows that they are not doing
it alone.
Rather, HR leaders are working collaboratively with fi nance
departments to better understand the fi nancial impact of
their talent strategies and initiatives. With personnel costs
representing the highest expense for many companies
and workforce planning decisions contingent on fi nancial
performance, it is no surprise that 83 percent of the survey's
1,510 respondents report that integrating HR and fi nance
data is a top priority for the year.
But just because HR is seeking out partnerships to build on
its analytical infrastructure, doesn't mean that its existing
capabilities are not sophisticated. Today, the adoption
of data and analytics in HR is among the fastest of any
business function, and over half (51 percent) of HR teams
have advanced their analytic capabilities beyond simple
diagnostics and into predictive and prescriptive techniques.
This means that in addition to understand why something
happened, they are able to determine what is likely to
happen next and the appropriate plan of action.
Other survey results indicate that:
* Ninety-eight percent of HR leaders can use data to predict
workforce needs.
* Ninety-four percent can predict turnover.
* Ninety-four percent have insight into their employees'
career goals.
* Artifi cial intelligence is used by 31 percent of respondents
in resume analysis to identify at-risk talent, predict highperforming
recruits, and source best-fi t candidates.
[26]
A collaboration with the fi nance department can help HR
leaders amplify the benefi ts of those capabilities and better
demonstrate the relationships between talent, cost, and
fi nancial performance. Eighty percent of respondents agree
that their organization's HR and fi nance teams are already
working together to present data-driven recommendations
to business leaders, particularly in the following areas:
| OCTOBER 2019
HRO TODAY MAGAZINE
* forecasting headcount and budget needs (28 percent);
* gaining a complete picture of business priorities (28
percent);
* handling workforce management (16 percent);
* predictive modeling of business changes (16 percent); and
* historical reporting (7 percent).
Eighty-eight percent of respondents say that this allows
them to improve business performance and 76 percent say
that it enhances their organizational agility. But results also
indicate that creating a partnership between these two
functions can be challenging, with departments struggling
to breach differing cultural habits and mismatched skill sets
resulting from a traditional lack of collaboration.
How can organizations overcome these challenges and build
a successful collaborative culture? The study recommends
these best practices:
* Keep it simple. Create small teams and assign each of them
one specifi c question. The teams can then adopt some agile
practices to determine what data will answer the question,
the source of that data, how it should be interpreted, and
how to achieve the desired result-making sure to check in
along the way in short, frequent interactions.
* Emphasize mutual interest. Highlight the shared goals that
both the HR and fi nance teams are trying to accomplish and
communicate with mutual trust and respect.
* Recognize success. Leaders from both sides of the aisle can
promote good collaboration practices by highlighting role
models and examples of success.
*Develop a clear model. Business leaders should determine
whether they want a centralized analytics function, a
decentralized model where departments are responsible for
their own data, or a hybrid model with centralized control
over some areas.
* Embrace the culture. The organization needs to reinforce
the partnership between departments, creating a culture
of comradery, learning, and collaboration, and dealing with
any internal resistance as it emerges.
THOUGHT LEADERSHIP

HRO Today October 2019

Table of Contents for the Digital Edition of HRO Today October 2019

HRO Today October 2019 - 1
HRO Today October 2019 - 2
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