Traditionally, and still today, HR and finance functions operate apart and in different ways within an organisation. One will look at past trends and their impact on the business (HR), while the other will look at forecasts and the future to predict the path of the business (finance).
Both have shared objectives, but each can bring a unique perspective through different paths. This is where Data comes in and drives the collaboration. As the demand for talent intensifies in the tech sector, people data is now critical to any company’s ongoing success.
However, this raises the question of whether or not this long-established approach is really helping organisations fulfil their true potential and allowing them to be agile enough to adapt to the rapid developments employers are seeing from technology.
According to HCM reports, HR and finance working together has brought significant benefits. Through sharing people data and the skill sets required to derive actionable insights from it, companies have been able to build predictive models for identifying the employees at greatest risk of leaving. Controlling these predictive analytics has helped cut labour turnover at the organisation by 20%. In addition, organisations can develop data-sets on average labour costs by role and country, enabling it to target future talent investments on the areas generating most revenue.
For example, Walmart purchased a subscription to Cloud software vendor Workday’s Human Capital Management, Recruiting, Learning and Planning products earlier this year. Walmart is considered the world’s largest private employer, with more than 2 million employees. Based on this employee count, their deal could, over time, be worth $100 million to $200 million on annual revenue for Workday.
Weeks after signing this deal, Workday added Amazon as customer. The eCommerce giant will be using Workday’s HCM and payroll products, and it has roughly 300,000 employees and presumably another 100,000 that will be added over the next year.
With Workday’s unified suite of applications, the aim is to create a more connected, transparent and collaborative workplace. Walmart is able to move all their data to one system, and consolidate and streamline the finance and HR functions. A single unified cloud platform ensures a single business process tool that cuts across processes and domains to ensure consistent workflows. It is giving Walmart and Amazon an single data source and a single reporting environment across the enterprise to apply the same security and controls.
Walmart and Amazon are big retailers leaders and these examples show the future of human resource SaaS across every industry. Here, at Osmii, we provide resource support to technology vendors operating in the Networks, Data Center and Platforms sector. Our dynamic search methodology and deep understanding of the sectors our clients operates in, allow us to secure mission critical talent on a permanent and contract basis. If you would like to know, contact our Large Accounts Director, Neil Mitchell, at email@example.com and visit our website www.osmii.com.