March 7, 2013 in Finance and Accounting, Human Resources
Small business human resources and small business finance departments may seem like they would call for polar opposite personalities, but two experts agree that HR directors and chief financial officers should share a great deal of the same business knowledge and people skills.
Finance and HR pros should have overlap
Julian Frost, the lead partner and national head of technology, media and telecommunications for BDO, said in an HR Magazine editorial that financial directors and CFOs are becoming more reliant on their abilities to work with others as time goes on. Developing younger professionals into highly functional experts in the field and working as a mediator to company executives are just two nontraditional functions modern financial directors now?embrace, according to Frost.
A CFO Magazine op-ed written by John Boudreau, University of Southern California business professor, adds to Frost?s outlook on the role of CFOs today by showing that HR and finance can overlap with positive?results, which?Boudreau has found through his role as the research director of USC?s Center for Effective Organizations. The business professor explains that he too looks beyond long-lasting conventions in company structure that insist good HR departments act essentially as servants to the finance department and other branches.
Frost goes so far as to say a financial director must be able to maintain connections between those invested in the business from the outside and from within the company as well.
Applying modern thought to operations
Boudreau claimed?there are two major efforts a business should make?to interconnect a company?s small business finance and small business HR?work?in his CFO feature. The first, he said, is to make sure new finance and HR hires have prior experience in both of those areas. If employees already working in human resources or finance do not already have such merits, Boudreau?s CFO article reported that assigning finance directors occasional?HR-related work, and vice versa, can benefit a business by allowing employees in both departments to gain vital experience.
The second suggestion Boudreau?makes is to set internal goals for HR and finance to work together on projects. This type of effort may make it so that CFOs naturally adopt HR skills and become the ideal workers Frost refers to in HR magazine.
The resources and tools from HR solutions provider Paychex give businesses information about how to do payroll for a small business, small business compliance and various other operational aspects.
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