• Latest
  • Trending
  • All
  • News
Stepping Up Workforce Planning Strategy by Closing the HR-Finance Gap

Stepping Up Workforce Planning Strategy by Closing the HR-Finance Gap

January 24, 2023
It’s Time For ‘Destiny 2’ To Beef Up Its Free-To-Play Offerings

It’s Time For ‘Destiny 2’ To Beef Up Its Free-To-Play Offerings

January 31, 2023
Why No One Saw The Success Of Bitcoin Demand Response Coming

Why No One Saw The Success Of Bitcoin Demand Response Coming

January 31, 2023
After Layoffs And A CEO Change, Cometeer’s Frozen Coffee Pod Business Is In Hot Water

After Layoffs And A CEO Change, Cometeer’s Frozen Coffee Pod Business Is In Hot Water

January 31, 2023
How To Conduct Reputation Marketing In A Local Area

How To Conduct Reputation Marketing In A Local Area

January 31, 2023
CEOs Will Be Clamping Down On Employees

CEOs Will Be Clamping Down On Employees

January 31, 2023
The Women’s Quotient study highlights women’s resilience

The Women’s Quotient study highlights women’s resilience

January 31, 2023
Japan Inc strives to lure skilled workers as inflation, labour crunch bite

Japan Inc strives to lure skilled workers as inflation, labour crunch bite

January 31, 2023
India economic survey likely to peg 2023-24 growth at slowest in three years

India economic survey likely to peg 2023-24 growth at slowest in three years

January 31, 2023
U.S. watchdog identifies $5.4 billion in potentially fraudulent COVID-19 loans

U.S. watchdog identifies $5.4 billion in potentially fraudulent COVID-19 loans

January 31, 2023
Marketmind: Fasten your seatbelts

Marketmind: Fasten your seatbelts

January 31, 2023
Yellen Sees Low Inflation as More Likely Long-Term Challenge

Yellen Sees Low Inflation as More Likely Long-Term Challenge

January 31, 2023
Crypto Market Turns Red – Here Are The Key Events To Watch This Week

Crypto Market Turns Red – Here Are The Key Events To Watch This Week

January 30, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, January 31, 2023
  • Login
WallStreetReview
  • Home
  • News
  • Contact WSR
No Result
View All Result
WallStreetReview
No Result
View All Result
Home News

Stepping Up Workforce Planning Strategy by Closing the HR-Finance Gap

by Editor
January 24, 2023
in News
0
Stepping Up Workforce Planning Strategy by Closing the HR-Finance Gap
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Tweet


  • Post


  • Share


  • Save


  • Print



  • Stepping Up Workforce Planning Strategy by Closing the HR-Finance Gap

    Coordination is everything. In an uncertain and rapidly changing business environment with an increasingly fluid labor market, organizations need tight alignment across all departments and functions to respond quickly to these conditions now and in the future.

    With close collaboration between finance and human resources (HR) functions, organizations can access the shared real-time insights they need to simplify complex challenges, respond to change in the moment, make the best strategic moves for the workforce, and share a mission that supports strategic growth.

    But many organizations today still lack planning processes that include and align the entire enterprise. When each function keeps its planning siloed and disconnected from the others, any data that could support meaningful analytics may be incomplete, leading to inconsistent planning assumptions and conflicting analysis.

    An inability to connect operational, people, and financial data to business outcomes impairs agility, according to 49% of leaders responding to a 2022 global survey by Workday. And only 12% of those leaders say their organization’s data is fully accessible to those who need it.

    Connecting Functions to a Single Strategy

    The key to success is the ability of the finance and HR practices to lead effective, integrated workforce planning across the organization.

    Workforce planning is more than budgeting for, attracting, and hiring talent. It’s about supporting your entire workforce—building an intelligent feedback mechanism between your current and future business interests and the acquisition, retention, and development of the employees who will drive those interests. When you build sophisticated connections between your shifting talent requirements and your available resources, you’re giving your organization the freedom to solve ambitious strategic challenges.

    While it’s still essential that each function or business unit can operate its own planning environment, it’s also critical to bring all the pieces together into a unified plan for clear accountability, enhanced strategic planning, and better business performance.

    Strategy Beyond Spreadsheets

    When finance and HR leaders can collaborate on building powerful, complex workforce planning models, they can accommodate internal and external changes, link operational workforce plans to strategy, and meet demand and strategic objectives for restructures, mergers and acquisitions, and ongoing talent needs.

    Until recently, Philips, a global health technology leader that operates in 77 countries, managed its global workforce planning primarily with disparate, legacy spreadsheet-based systems. The organization needed greater insights based on consistent, accurate data that standardized local variations so it could make more informed decisions and more effective workforce plans across the business.

    By transitioning from manual spreadsheets to a unified workforce planning platform, Philips created a single source of truth, aligned processes, and gained a new understanding and precision for its headcount costs. Its corporate and local management teams can now plan ahead with much greater confidence and with the agility to make adjustments in real time and on short notice to address evolving conditions and update the company’s priorities.

    Hundreds of Hours

    At one commercial financial institution, newly unified and collaborative workforce planning has yielded unprecedented efficiencies. Adopting a robust workforce planning platform has helped the bank’s 133 department leads update their workforce planning to align with its strategy and management processes.

    The bank’s HR technology team, budget-managing department leads, corporate finance heads, and compensation managers all have secure access to the data they need to forecast workforce needs within each cost center, and they can now communicate on corporate budgeting and workflows to align on planning.

    Whereas finance managers once ran reports on each department one by one, they can now provide this intelligence for all 133 departments collectively—saving company leaders hundreds of hours on creating budgets and freeing business leaders to think about strategy instead of numbers.

    Workforce planning is essential to keeping organizations adaptable. Having the right platform empowers HR leaders to see and plan for workforce performance in collaboration with finance and the rest of the business. To achieve this integrated planning, organizations need a platform that can help unlock HR teams’ insights from silos and connect them to finance teams and other business partners so the entire workforce shares a core mission—and a vision for today that’s ready for the future.

    To learn more, read KPMG and Workday’s white paper Strategic Workforce Planning: Closing the Gap Between Finance and HR.

    Read More

    Share196Tweet123Share49
    Editor

    Editor

    • Trending
    • Comments
    • Latest
    Trudeau Invokes Rare Emergency Powers To Shut Down ‘Freedom Convoy’ Blockades

    Trudeau Invokes Rare Emergency Powers To Shut Down ‘Freedom Convoy’ Blockades

    February 15, 2022
    Canada’s OSC Flags Tweets From Coinbase, Kraken CEOs

    Canada’s OSC Flags Tweets From Coinbase, Kraken CEOs

    February 22, 2022

    Scaling Up Your Freelancing Career to a Small Business

    June 26, 2022
    Scholz to warn Putin of western resolve on Ukraine

    Scholz to warn Putin of western resolve on Ukraine

    0
    Waning stockpiles drive widespread global commodity crunch

    Waning stockpiles drive widespread global commodity crunch

    0
    FT Global MBA Ranking 2022: US business schools dominate

    FT Global MBA Ranking 2022: US business schools dominate

    0
    It’s Time For ‘Destiny 2’ To Beef Up Its Free-To-Play Offerings

    It’s Time For ‘Destiny 2’ To Beef Up Its Free-To-Play Offerings

    January 31, 2023
    Why No One Saw The Success Of Bitcoin Demand Response Coming

    Why No One Saw The Success Of Bitcoin Demand Response Coming

    January 31, 2023
    After Layoffs And A CEO Change, Cometeer’s Frozen Coffee Pod Business Is In Hot Water

    After Layoffs And A CEO Change, Cometeer’s Frozen Coffee Pod Business Is In Hot Water

    January 31, 2023
    WallStreetReview

    Copyright © 2022. WallStreetReview.com

    Navigate Site

    • About
    • Advertise
    • Privacy & Policy
    • Contact

    Follow Us

    No Result
    View All Result
    • Home
    • News

    Copyright © 2022. WallStreetReview.com

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Don't miss the

    NEWSLETTER

    Exclusive editorial

    Breaking News

    Quality Company Coverage

    Expert Writers

    You have successfully subscribed to the newsletter

    There was an error while trying to send your request. Please try again.

    WallStreetReview will use the information you provide on this form to be in touch with you and to provide updates and marketing.