First marketing, now HR. Finance unifies with…everyone

I recently blogged about a new business model designed to align finance and marketing departments for a more beneficial outcome.

Now there’s news of a further CIMA-funded study that has focused on the working relationship between finance and HR departments.

The international case-study report found that the closer these departments work together, the healthier their company’s performance will be.

It seems that if there is cohesion between HR management, management accounting and organisational performance, as well as strategic plans, bonus schemes and annual budgets, there will be a positive impact in the long term.

HR Directors and Financial Directors can use the findings to set an example for their departments by working together more closely. John Innes, one of the researchers behind the study, said that for finance professionals to “view employees as ‘assets’ rather than ‘costs’” can only be a good thing.

It seems fairly necessary to put the ‘human’ element back into finance, particularly at a time when costs, facts and figures with regards to redundancy have been swamping company mentality.

I’m looking forward to the next offering of research that suggests that finance should work with IT. And sales. And production. Let’s face it, ALL departments in ALL companies in ALL sectors need to enhance their levels of communication with each other for a unified and productive future.

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