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Should HR Report To Finance Here Are 3 Things You Should Consider

For decades, human resources has fought hard to have a seat at the table where decision-making processes take place. Previously, they’ve been the minority of the organization, but as of recently, HR has rightfully gained a seat at the table, and now, they’re being looked at to lead the future of work. In fact, it’s estimated that more than 60 new HR jobs will be created over the next 10 years, according to the Harvard Business Review. Despite the need and growth of People and Culture, when companies are desperate to save money, their first choice is to eliminate the HR department. Most often, companies will retain at least one recruiter who then reports to the Finance Department. While it’s understandable that companies need to make sacrifices for cost savings, the consequences of having other employees, specifically finance, handle HR tasks are disadvantageous. Here are three things you should consider before having your HR department report to finance. They’re Two Different FunctionsTraditionally, HR and finance have been nestled under one function. While both roles have overlapping goals, HR and finance were separated because they operate as two distinct areas of the business. Employers realize that today’s HR is more complex than ever and they can’t afford to risk potential lawsuits due to not staying abreast of new HR changes and regulations. Jake Hill, CEO of DebtHammer, explains, while it’s important for these two departments to communicate and collaborate, their overall focus is vastly different from one another. Thus, it becomes a conflict when they’re merged together. Here are some of the areas that HR focuses on:On the contrary, finance’s role is making sure the company hits its revenue goals, manages its accounts successfully, looks for ways to save the company money, and ensures each department follows its budget and doesn’t waste financial resources. Hill asserted, while both functions are fundamental to the success of the business, they are two wildly different disciplines requiring different skills and experiences. He added, having HR and finance as one function is irresponsible and foolhardy. Companies that have a dedicated HR professional to manage all people matters undoubtedly have a competitive advantage over those who have their Head of Finance trying to juggle both roles. Creating a people-first culture means having a designated department where employees can turn to when they need help, support, and guidance. Without a designated HR person, employees feel unsupported and not sure where to turn to for help. As such, employees become disconnected, disengaged, unhappy and it leads to increased burnout. Culture Favors Profit Over PeopleHR is known to be the face of the company, internally and externally. Therefore, when the HR department is eliminated, there’s no one to advocate for the employees. As such, the company leans more profit-focused rather than employee-centric. All data is taken from the source: http://forbes.com Article Link: https://www.forbes.com/sites/heidilyn... #finance #newscast #bbcworldnewstoday #usnewsworldreport#cnnnewstoday #newstoday #