Human resources and finance departments are often considered opposites of corporate forces. However, there is underlying synergy; finance and HR focus on driving better performance and improved business results. Organizations that seek agility must find a way to reconcile the finance department’s cost-centric approach to workforce planning with HR’s more holistic view of the employee journey. To enable successful HR-finance collaboration, enterprises must leverage modern cloud-based platforms and tools such as the Boomi Workday connector. Many organizations have acknowledged the need to embrace this new paradigm to survive and thrive in a permanently disrupted business environment.
Finance and HR: Synergies for Organization’s strategy and workforce planning.
To fix the gap, the finance department must extend its analytics and strategies to HR so the functional heads across both departments can work together to execute successful organizational expansion planning. However, traditional workforce planning tools don’t offer quick fixes. Dependence on spreadsheets makes it difficult to understand your workforce mix. It also complicates your assessment of your organizational capabilities for future initiatives and workforce alignment to your business goals.
A unified data set comprising financial, workforce, and marketing data will help everyone in the organization understand the nuanced relationships and patterns between each function. Luckily, in the wake of the pandemic, many enterprises acknowledge the value of this new approach to thrive in a disrupted business environment. Most finance and HR leaders are willing to explore various forecasting, planning, and predictive analytics technologies to help enterprises identify future revenue trends.
Let’s explore the convergence of finance and workforce planning, highlighting two core shifts that occur when they use a shared pool of intelligent data.
Shift 1: Increased agility
Business leaders have always needed to forecast and adapt to change. 2020 brought about major disruptions that rendered previous instances almost insignificant. The abrupt and unparalleled effects of the pandemic compelled organizations across all sectors to swiftly alter course, transforming entire business frameworks in a matter of days.
Contemporary workforce planning is a vital resource in times of uncertainty, enabling finance and HR leaders to develop unified, detailed forecasts quickly. This collaborative approach and in-depth analysis empower decision-makers to grasp the precise business implications of significant events for more effective management. In situations marked by ambiguity, real-time data guides executives to navigate confidently and fosters greater agility along the way.
As businesses strive to surpass pre-pandemic revenues, this planning level will remain essential as leaders comprehensively understand their organizations’ well-being.
Shift 2: Integration of Finance and HR Strategies to Support Corporate Goals
Even before the pandemic’s onset, agile organizations that adopted a comprehensive approach to workforce planning were four times more likely to engage in reskilling initiatives in subsequent years.
Collaborative planning between Finance and HR is essential. Together, they can pinpoint the needed skills for workforce competitiveness and accurately predict the business impact of training and the related talent recruitment to fulfill these skills.
By integrating finance and workforce planning into a unified strategic entity, businesses can align their personnel with corporate objectives, provide training to empower their workforce and transform into adaptable organizations poised to seize opportunities and foster growth—regardless of future uncertainties.
How does Workday Data Integration benefit finance and HR processes?
When Workday seamlessly integrates with other systems, many benefits unfurl, opening up a world of opportunities for HR and finance operations.
Increased Efficiency
Workday integration facilitates a smooth data flow, preserving your valuable time and resources. This empowers you to direct your energy toward strategic initiatives that supercharge your organization’s growth and prosperity.
Secure Data
Workday integration is your reliable protector, safeguarding sensitive information like a vigilant shield. It bolsters data security in HR workflows and financial transactions by removing duplicates and mitigating the risks of manual data entry. It fortifies employee records and payroll information, ensuring confidential data remains safe.
Accurate Data Analysis
Integrating Workday with HR and finance systems establishes a fortress of unwavering data accuracy. It maintains consistency and ensures precise information effortlessly travels through multiple systems, removing errors arising from manual entries. It also improves your analytical prowess and unveils concealed insights, which helps to identify emerging trends for making data-driven decisions.
Workday integration leads to better business outcomes and positive employee and financial administration. PreludeSys is a Boomi Silver partner, and we use Boomi’s low-code approach and various tools, such as the Boomi Workday Integration connector, to ensure that data access remains under the IT organization’s control. Our unique jumpstart packages eliminate the time required to create and manage extensive legacy data and integrations.
