Meaningful collaboration continues to become more important in the technology world. Of course, the advent of the DevOps methodology focuses on fostering teamwork between software engineers, business analysts, and network administrators.
However, the HR and finance teams working closely together also provides significant benefits to the modern enterprise. As businesses strive to become more efficient and profitable, human resources is one area typically identified for improvement. Heightened collaboration between HR and those controlling the purse strings offers an opportunity to boost efficiency. Let’s take a closer look at how.
A Candidate-Driven Market Means Labor Costs are Increasing
The economy continues to be strong with a low unemployment rate as a result. This means the demand for excellent tech candidates remains high, making it difficult to successfully hire the best. Companies subsequently spend more on salaries and benefits to secure the tech talent they need.
Understanding the relationship between labor costs and employee performance is essential. Additionally, improving the organization’s retention rate by fostering a company culture focused on employee development also helps cut staffing costs.
Make HR a More Relevant Part of Corporate Decision Making
Previously, companies treated their HR team more as a support function as opposed to a more strategic role. Considering the importance of human capital in today’s business world, this needs to change. The top companies in multiple industries try to align human resources more with their organizational decision-making functionality.
Ultimately, creating a symbiosis between HR, finance, and the C-suite is an essential part of any successful business.
A Synergy Between HR and Finance Leads to a Flexible Organization
The modern business world continues to change in a myriad of ways. In this environment, companies need to be nimble enough to take advantage of new opportunities. When the HR and financial teams work closely with the organization’s executives, the business gains the agility to react quickly, with an overall benefit to the business as a result.
Helping to Achieve a Transformation to New Business Models
In a quest for improved profitability, some companies adopt new business models better able to serve the global marketplace. Once again, this process becomes easier when HR and finance closely collaborate. In the end, the days of the isolated business silos are waning, as a focus on teamwork at the strategic level helps companies better achieve this transformation.
Build your team
If your organization needs advice on building a great tech team, speak with the experts at The CERES Group. One of the top IT staffing agencies in New England, we provide great candidates able to make a difference for you. Schedule a meeting with us soon.