The Importance of Synergy Between Finance and HR departments

Your HR team and your finance team might seem as though they couldn't be further apart--but the truth is, synergy between these two departments might be one of the most important steps your business takes. By creating a great partnership between your HR department and your finance team, you can reap a number of benefits that will substantially impact the way your business operates.

HR and Finance Can Learn from Each Other

Your financial team and your HR department likely have very different goals. While HR is focused on the human element, your financial team is focused on meeting the business goals for the quarter. By working together, however, these teams are able to learn a number of key things from one another. As the financial department develops a deeper understanding of the human element, the HR department will learn how their decisions and goals have the power to impact the functionality of the business as a whole.

A Relationship Between HR and Finance Aligns Your Goals

When it comes down to it, HR and finance aren't as different as they might seem. Consider hiring a new employee: while HR wants a team member who will fit well with the company as a whole--ultimately saving the company money, since they won't have to consistently replace employees--the finance department also has some say in things like the salary that can be offered to potential employees and the benefits that go along with them. The finance department also has a key role in things like what concessions can be offered to an employee who isn't happy or what issues can be raised each year.

Cooperation Creates Better Results

While HR and finance may seem to disagree, at the core, their goal is the same: to create an effective company with a desirable working environment and the ability to meet its goals each quarter. By working together, HR and finance can combine their different mindsets in order to create more effective results, making it easier for the whole business to meet important goals.

Building a relationship between HR and the finance department won't happen overnight. In fact, it may be an ongoing process to build respect and learn how to integrate more effectively. If you need more help with this process, contact us to learn how we can help bridge the gap and create a more effective strategy for communication.