By David Werner, Senior Director, ERP Product Marketing, Oracle
Companies are only as good as the people who work for them. That’s why finding and keeping the right talent is the most important job any business has. Now, more than ever, dramatic changes in the workforce require new skills, flexibility, and agility. Employees need support as they navigate new challenges while companies must provide the tools and resources they need—wherever they’re working. Organizations that stay one step ahead in this area will maintain their competitive edge.
One of the ways companies are meeting these needs is by unifying Finance and HR with a single cloud solution. When the two teams share information, their ability to collaborate and strengthen workforce planning improves, benefitting everyone throughout the organization.
Once Finance and HR are working from the same cloud solution, teams from both organizations can agree on budget constraints and workforce gaps. Together, they can determine each employee’s true cost so they can sync head count to budget. HR is then free to help teams throughout the company recruit the talent they need to optimize staff levels. With the right data, the teams can model “what-if” scenarios, looking at the impact of each potential investment before committing real dollars to new hires.
Getting employees off on the right foot sets the tone for their experience at the company. From filling out paperwork to completing necessary training, onboarding can be an onerous process. When the organization uses a single cloud to facilitate these early requirements, new employees can manage the process easily, even taking advantage of mobile access and digital assistants to improve the entire experience.
Finance and HR then have a single source of data to track the employee’s progress and verify that the necessary follow-up takes place.
When HR and Finance work from a unified solution, leaders from both organizations can better understand the strengths and weaknesses of the business. Such insights can also help teams decide where to invest in new employees.
How does this look in action? Let’s say you work in a professional services or consulting firm. Profitability depends on tracking each consultant assigned to various accounts, as well as their hours and productivity. With a unified cloud, you don’t need to pull data from separate Finance and HR systems. More importantly, you have one reliable set of numbers. You no longer need to worry that the figures from two separate systems won’t match up. Instead, you can see the resources devoted to each client, track efforts, spot inefficiency, and optimize resources through a single dashboard. Whether you’re on track with billable hours or need to scale to meet cost expectations, you have the information you need to deliver on time and within budget.
Employees are more likely to stay at jobs when they’re engaged and interested in their work. A unified cloud can help HR and department leaders manage to employee strengths, help them with career path plans, and give them a reason to stay.
Additionally, the convenience and automation of a modern cloud improves the employee experience. Whether team members need access to benefits information or information about a company policy, combined HCM and ERP platforms allow them to get the information they need—whether they’re in the office, traveling, or working remotely. In our on-demand society, the importance of this immediacy and convenience is hard to overstate.