Hr And Finance Manager
Hr And Finance Manager – Human resources (HR) is the department in a company responsible for finding, screening, recruiting and training applicants. It also administers employee benefit programs.
HR plays a key role in helping companies cope with a rapidly changing business environment and increased demand for quality employees in the 21st century.
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, published in 1893. However, it was not until the 20th century that HR departments were formally developed and tasked with resolving misunderstandings between employees and their employers.
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An HR department is an essential part of any business, regardless of the size of an organization. It is tasked with maximizing employee productivity and protecting the company from any issues that may arise within the workforce.
HR responsibilities include compensation and benefits, hiring, firing, and keeping abreast of all laws that may affect the company and its employees.
Research by The Conference Board, a member-driven financial think tank, found six key people-related activities that HR must perform effectively to add value to a business. They are:
From the 1980s, strategic measures were taken up within HR departments. This move was based on research related to the impact of employee-related issues on a company’s long-term business success.
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Collectively, these strategies are sometimes referred to as human resource management (HRM) strategies. HRM is a comprehensive approach to managing employees and an organization’s culture and environment. It focuses on the recruitment, management and general direction of the people who work in an organization.
Typically, an HR department that adopts HRM strategies takes a more active role in improving an organization’s workforce. It can recommend processes, approaches and business solutions to management.
Google is an example of an organization that has taken a more active approach to employee relations through its HR department. The company offers many employee benefits. The company’s headquarters have a wide range of employee amenities, including wellness centers, roller hockey rinks and horseshoes. For Google, happy employees equal productive employees.
In 1901, The National Cash Register Company, known today as NCR Corporation, established a personnel department (the predecessor to HR) to manage wages, workplace safety and employee concerns.
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Since the mid-20th century, some companies have outsourced some of the more traditional administrative, transactional HR functions in an effort to free up the department to recommend and implement more meaningful, value-creating programs that have a positive impact on the company.
Functions that can be outsourced in this process include payroll, employee benefits, recruiting, background checks, exit interviews, risk management, dispute resolution, safety inspection, and office policies.
Using modern tools, such as recruiting software, can help improve the efficiency of HR departments. This, in turn, can give them more leeway to focus on adding ever greater value.
A personnel department aims to recruit and retain employees in a company. HR typically finds, hires (and fires) employees and trains them. It monitors employee relations. It administers benefit programs. It is the place where an employee can go with questions about their position in the company, to raise concerns and to express complaints.
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HRM is a strategic approach to managing the company’s employees, work culture and working environment, so that people can function as efficiently and productively as possible. Usually, it involves using statistics to measure employee success.
There are several important human resources functions that are performed by an HR department. Five known types of these responsibilities can be:
Requires authors to use primary sources to support their work. These include white papers, government data, original reporting and interviews with industry experts. Where relevant, we also refer to original research from other reputable publishers. You can learn more about the standards we follow to produce accurate, unbiased content in our editorial policies. The best predictor of business impact is probably the ability to understand the business or business acumen. This skill is underdeveloped in HR. In fact, 4 out of 10 CHROs see business acumen as the most lacking skill in HR talent. So what is business acumen in HR and how can you develop this skill?
Business acumen refers to the ability to understand an organization’s goals, purpose, and vision and create aligned processes, policies, and activities that best serve and advance the organization. It is a means of improving financial performance and leadership development.
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HR professionals with business acumen understand the company’s core principles, internal and external operations, and organizational goals; they can strategically adjust and position their policies and day-to-day operations to best serve the organization and its end customers, leading to higher profits.
They know that business strategy is not separate from Human Resources, but rather is a fundamental part of fully understanding an organization and optimally serving both its employees and end customers.
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The HR role is evolving and business acumen is now a core competency for all HR professionals, not just HR business partners.
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Did you know that business acumen is the most missing skill when looking for top-level HR talent? 41 percent of CHROs cite business acumen as the most lacking skill when looking for HR talent.
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When HR professionals fully understand how the business works and speak the language of leaders, they can have a significant impact on the bottom line. This adds incredible value to the organization, which is then able to create business strategies that generate profits and increase competitiveness.
As an HR professional, when you fully understand the organization’s goals, values and mission, your understanding of what is needed develops and you will feel more confident to act and make changes. You will also earn the credibility and trust of senior management.
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“As a consultant, I have carried out HR audits where there was no strategic match between the business needs and the HR strategy document prepared by the HR function. Some CEOs have confided in me that their HR manager shows no business acumen. This reminds me of that quote from ‘The HR Scorecard’ ‘My HR manager is very talented. But this is business, not HR.”
At , we have identified certain skills or competencies that we believe every HR employee needs to be effective in their role. Business acumen is one of these core competencies.
HR professionals should have at least a basic understanding of all three components. Let’s look at each of them in more detail.
This aspect requires an understanding of market trends and forces that currently affect the business or may do so in the future, plus a more comprehensive awareness of macroeconomic and social factors that affect the organization.
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Customer focus refers to the knowledge of the organization’s products or services, the end customer and the adaptation of HR policies to optimize the value delivered.
It is also essential to have a good understanding of people, culture and management as well as the dynamics of change.
Strategy co-creation refers to HR having a deep understanding of the value of their organization and what makes it successful (or not), and using this knowledge to create an aligned business strategy with business leaders. In other words, it goes beyond the superficial level of finances and how the company functions.
The HR role in modern organizations is to build an HR strategy that co-creates the business strategy. Therefore, it is important for HR professionals to understand business.
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While not every HR role requires in-depth knowledge of these three components, having a general understanding of all three is extremely helpful. This allows you to align HR policies with broader business goals and create real value.
How does HR business sense translate into your work? Here are a few examples to clarify:
HR professionals (and all employees) must be able to clearly articulate what the organization does and why it exists. In other words, what is its purpose?
HR professionals must also understand their individual purpose and how it relates to their role, the collective efforts of their team and the wider organisation. They should always factor this into their decision making.
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Without tracking or measuring things, you can’t understand what works and what doesn’t. Therefore, you have no idea if the policies or processes you implement have any real value.
Therefore, it is crucial to measure ROI regularly. Some useful questions HR can ask themselves include:
This also requires at least a certain degree of financial understanding, namely the ability to understand the financial measures as well as the relationship between the principles of financial management and the company’s results.
If one person or team consistently exceeds goals while the rest of the organization struggles or fails, it suggests that something is wrong. Everyone needs to thrive, and that requires a team effort focused on putting the organization ahead of individual success.
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This means implementing incentive, reward and recognition systems that celebrate employee performance that aligns with the organization’s goals and mission.
Everyone has unique strengths and weaknesses. Weaknesses can only be improved so much; while one can concentrate and develop one’s strengths, it can lead to incredible achievements and results.
HR managers who demonstrate strong business acumen
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