How Financial Services Can Use HR Analytics to Boost Performance and Profit
HR teams within the ever-evolving financial sector have huge responsibilities when it comes to facilitating growth, contending for top talent and supporting employee wellbeing. This expectation often comes without a substantial budget, the right tools or stakeholder support. It’s become commonplace for HR requests to be denied and sidelined. But why? Jeff Higgins, Senior HR Executive and former CFO, has a few ideas. He believes that “the simple answer has to do with communications and language. Finance believes HR must be able to speak the language of business, which is numbers and, more specifically, business and financial results. It is the language that finance professionals think, speak, live and breathe.” Essentially, HR and finance professionals are coming up against a language barrier, and one that Google Translate can’t fix. Organisations must find other tactics and tools to bridge this gap. As Higgins goes on to explain, HR teams need to translate “the language of talent into the language of business so that even the most die-hard finance professional can better understand talent, its impact and its worth.” HR analytics can be used for this exact purpose. Employee KPIs and metrics are crucial to this cross-departmental exchange. Ultimately, this combination should elevate HR to the position of strategic partner within your company. In this ebook, we’ll explore 4 key ways HR analytics can provide support within the financial sector.