How can HR leaders persuade financial decision-makers to view the company’s workforce as appreciating capital assets, not cost liabilities? According to Jeff Higgins, a former CFO and HR executive who now leads the Human Capital Management Institute, the key that brings HR and Finance together is data. Hear how HR leaders can present workforce data on hiring, retention, productivity and more to showcase the value of human capital using the language of finance. And learn how presenting the business case value for HR goals can convince Finance to become HR’s biggest ally.
1:09 - Why is human capital often measured as a liability? 3:54 - How can HR data improve human valuation? 5:29 - Why HR needs to "dollarize" employee metrics 7:27 - Ask the right questions in finance language 10:50 - Align issues to what drives the business 11:56 - What does HR need to track this data? 13:13 - Once data is in, what do you do with it? 16:40 - Case study: how one company saw results
Resources:
Download a full-length eBook from Paychex on using HR data to drive business success at: www.paychex.com/secure/whitepapers/using-hr-data-to-drive-business-success.
Interested in bridging the HR-Finance gap at your company? Replay the webinar Jeff taught on this topic when you visit: https://pages.paychex.com/hr-finance-gap-webinar.html.
For Jeff’s instructional materials and resources on quantifying HR with data analytics, visit: www.hcmi.co/.
Why is HR data so valuable to your business? Learn more at: www.paychex.com/articles/human-resources/hr-analytics-data-driven-decisions.
DISCLAIMER: The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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