{"id":17481,"date":"2024-04-16T09:14:01","date_gmt":"2024-04-16T07:14:01","guid":{"rendered":"https:\/\/bdg.io\/de\/?p=17481"},"modified":"2026-04-10T08:52:57","modified_gmt":"2026-04-10T06:52:57","slug":"reconciling-finance-with-hr","status":"publish","type":"post","link":"https:\/\/bdg.io\/de\/en\/reconciling-finance-with-hr\/","title":{"rendered":"Reconciling Finance with HR"},"content":{"rendered":"\t\t
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Reconciling Finance with HR<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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How business and talent targets can be better achieved\ntalent goals are better achieved<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Well-functioning and successful companies rely on qualified employees to realise their full potential in a highly competitive market. There is plenty of talent out there – but attracting and retaining it is difficult. Faced with the pressure to grow, organisations need to consider and plan for several variables that influence (and sometimes complicate) effective recruitment.<\/p>

In this ever-changing economic environment, integrated business planning (IBP) is becoming increasingly important. All relevant data from finance, human resources (HR) and sales are brought together centrally on a single platform, enabling well-founded planning. Workforce management and planning are an essential part of integrated corporate planning. Companies can create realistic budget plans based on historical data and thus recruit, retain and train promising teams. The pandemic has not only fundamentally changed working models – the employee lifecycle has also evolved and is more digital and dynamic than ever before.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tRead Whitepaper<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Key stakeholders\nand goals<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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At first glance, the impression is that HR teams (responsible for recruitment) and finance teams (responsible for staff remuneration) are solely responsible for personnel planning. However, this is not entirely true. Other stakeholders – business and department heads to be precise – are also involved. Their goals and obstacles also have an impact on the planning process from a strategic perspective.<\/p>

And how do you get all stakeholders to pull in the same direction?<\/p>

The first step is to bring all the data together on a central platform that everyone can access.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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How data gaps can\ndamage the company<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A lack of data drives a wedge between finance and HR teams. This in turn slows down or even prevents the hiring process – resulting in the organisation missing out on key workers. In addition, organisations are required to keep HR and financial data separate to ensure data privacy and confidentiality, making efficient and effective hiring decisions much more difficult. Furthermore, compensation, training, benefits and other offerings can vary greatly from region to region and between individual employees. These figures must be derived from the overall sales figures and automatically taken into account – an additional burden for finance teams.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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new employee life cycle\nand its effects<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The COVID-19 pandemic has had a lasting impact on the traditional employee life cycle. It has also led to a new and important collaboration between the finance and HR departments, which work together to look after the company’s finances and employees.<\/p>

  • In recruiting, new talent pools have emerged at the same time as the talent shortage<\/li>
  • The recruitment process now mostly takes place virtually<\/li>
  • In the area of Learning and Development (L&D), the focus today is on upskilling and reskilling<\/li>
  • In addition to L&D, the focus is also on progression and performance<\/li>
  • Flexible targets, continuous coaching and participation in employer branding and communication tools are needed to involve employees working from home in company activities<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    Framework conditions for\nstandardised personnel planning<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    With the help of a planning and performance management platform, companies can develop a holistic HR plan that incorporates the requirements of the four most important stakeholders (management, department heads, HR and finance departments).<\/p>

    Equipped with the plans of the specialist departments, the HR department can start the HR planning process with confidence. They start with the review and then add the department-specific contributions to the personnel budget, including company-wide and department-specific training. At this stage, the HR department uses its expertise to fulfil all important financial and HR tasks.<\/p>

    HR determines salaries, variable compensation and benefits for each function based on external industry data (although these values vary by region as well as seniority, education and other factors). Next, HR determines the costs for the entire employee lifecycle, including training, retention and termination costs. HR provides this information to the finance teams via a common planning and performance management platform.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    The long-term added value\nof strategic personnel planning<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Long-term value can be created through standardised and strategic workforce planning. Organisations are equipped with processes and tools that give them a competitive advantage in terms of talent, growth, innovation and the ability to raise and deploy capital. Strategic workforce planning begins with an assessment of the current workforce.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Read the full whitepaper now
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    And find out more about standardised personnel planning:<\/p>

    • The use of a centralised and shared planning solution intensifies collaboration and improves feedback loops between the finance department and HR<\/li>
    • A seamless planning process saves time and resources in personnel cost planning<\/li>
    • Merging isolated systems and scattered data creates a single source of truth for all stakeholders<\/li>
    • Strict monitoring of access to sensitive data protects the company and its employees from data misuse<\/li>
    • Staff are actively involved in a company’s ESG strategy<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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