Bridging the Gap between Finance and Talent Management

Globoforce released today the results of our research study of the importance of bridging the gap between the Finance and Human Resource functions to large, global organizations. We uncovered five key findings – all illustrating the clear need for more consistent collaboration between Finance and HR, specifically with the emerging role of Chief Talent Officer (CTO) as the next vanguard of corporate governance.

1. Human Resources Must Take a More Strategic Role in the Business
The role of HR has evolved, and in today’s business climate, HR is not only expected to take a more strategic position, but also to quantify work with appropriate metrics and substantiate ROI. The study revealed that although 87 percent of respondents believe that HR should play a more strategic role than in the past, only 63 percent believe HR has the right amount of input in the company’s strategic direction

2. Employee Recognition Drives Engagement and Therefore Impacts Recognition, Retention, Productivity and the Bottom Line
Engaged employees are more likely to be high performing employees who are less likely to leave their organization. Respondents were near unanimous (99 percent) when agreeing that they believed that employee recognition improves engagement and productivity.

3. Creating a Universal Recognition Platform for Global Companies Is Difficult
The majority of respondents (80 percent) believe that addressing the needs of global employees is difficult. Only 66 percent indicated they have a universal platform for recognition.

4. CFOs Are Not Aware of How Much They Are Spending on Recognition Programs
Although nearly everyone agreed that HR and Finance need to be on the same page, only 58 percent of respondents say this is the case in their organization. Even though best practice suggests that Finance is the business unit that should require ROI, few survey respondents (36 percent) indicated that Finance was taking a leading role in HR processes, programs and technologies.

5. The CTO and the CFO Must Work Together to Chart the Course for the Future
Survey respondents overwhelming said (95 percent) the CTO and CFO should work together to chart a new for the future. However, a disconnect clearly exists when only 58 percent said this was currently the case in their organization.

Check out the detailed white paper on our website for more results from the survey and our proven best practices for success.