For an HR department to be truly effective, it must have an established and collaborative relationship with the company's finance department. This kind of partnership can do wonders for a business's bottom line, as these teams function best in tandem. Each side is able to bring a perspective and priority the other must consider. As a result, both departments' business decisions are powered by a strong knowledge base.
One of the major roadblocks many companies face, however, is that it can sometimes be difficult to get these departments on the same page. Though both have plenty of interests in common, there is often a knowledge gap that's difficult to surmount. Here are a few tips that will help HR departments speak the language of finance:
The most beneficial thing one department can do to get to know the needs of another is to ask questions. Many people are shy to ask too many questions, as they are concerned it will make them look ignorant or under prepared. However, being curious and acting on that feeling is one of the main factors driving successful professionals. You can't know everything - you can, however, get supplementary information from other knowledgeable individuals.
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