A few months ago, the good folks at Towers Watson produced a decent infographic on the partnership opportunities between HR and Finance. Unfortunately, they’re not offering an “embed” function so if you want to see it, you’ll have to click here. You can download a PDF if you really like it 😉
There are numerous areas where Finance and HR agree they can work together even more. And many of them have to do with Rewards/C&B !
Both functions agree that their collaboration helps to ensure the following 3 major outcomes :
- ensuring the right rewards to drive the right behaviours
- improving ROI on rewards spending
- creating alignment with financial and talent goals.
Interestingly, it seems HR will be driving this increased collaboration in the future (70% in HR think they will collaborate more with Finance, while “only” 49% of Finance say the same).
The topics will mostly target pay for performance, with two of the main areas of concerted work being to become more focused on linking rewards to company and individual performance.
I find it interesting that finally, HR and Finance don’t seem to perceive one another as “frenemies” in the workplace, but acknowledge that they need to collaborate in order to help the organisation achieve its goals. One step that showcases the maturity, and ensuing increased credibility that HR has acquired in the past few years !
See the infographic here.
Download the more detailed report that inspired it here. Good reading !