To truly be effective, HRdepartments not only have to hire more professionals withanalytical talent, but they also really need to collaborate morewith their finance departments.
While HR departments are investing more heavily in predictive analytics to determine theeffectiveness of their talent acquisition strategies, if they don'tcollaborate well with their organization's finance department, theywon't be able to gain the insight needed to be truly effective,according to the Oracle study, “HR Moves Boldly Into Advanced Analytics with Collaborationwith Finance.”
Why? Finance departments were the first to adopt analytics solutions, mainly because they arethe most “numerically oriented” function within an organization,according to the study. On the other hand, HR departments were lateto start investing in such capabilities, likely due to a lack ofaccurate data, a heavier reliance on human decisions and low buy-infrom the rest of the organization that the HR department reallyneeded to invest in such capabilities.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
