There can be a disconnect 2 5/3/2018 WHAT DOES THE CFO NEED - - PDF document

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There can be a disconnect 2 5/3/2018 WHAT DOES THE CFO NEED - - PDF document

Jan 29, 2023 395 likes •548 views

5/3/2018 D ATA R EPORTING W ORKFLOW WHAT DOES THE CFO AND FINANCE WANT WHAT GOES THROUGH YOUR MIND WHEN YOU GET A CALL FROM THE CFO? 1 5/3/2018 THE MINDSETS OF THE GROUPS HUMAN RESOURCES FINANCE People focused Dollars and Sense

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5/3/2018 1

DATA REPORTING WORKFLOW

WHAT DOES THE CFO AND FINANCE WANT

WHAT GOES THROUGH YOUR MIND WHEN YOU GET A CALL FROM THE CFO?

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5/3/2018 2

THE MINDSETS OF THE GROUPS

HUMAN RESOURCES

  • People focused
  • How to take care of the group
  • Ways to get them engaged
  • Do we have enough people

FINANCE

  • Dollars and Sense
  • The bottom line
  • Get the work done
  • Do we need all these people

There can be a disconnect

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5/3/2018 3

WHAT DOES THE CFO NEED

  • Business Perspective
  • What return do you anticipate for the money invested in a new hire?
  • Use your People Data
  • Many HR professionals lack best practices and systems for collecting, tracking and reporting on people data
  • Reinforce the Human Element
  • The CFO can frequently be the naysayer.
  • Leverage HR expertise to enhance business vision
  • Tie opportunities to measurable performance metrics

MEASURING AND REPORTING

  • KPI - Key Performance Metrics
  • Work with Finance to Identify – what do they really want to know
  • Focus on what is IMPORTANT, not what is easy to measure
  • Make measurements CONTINOUS, REAL TIME, and a PREDICTIVE

PROCESS

  • Take your DATA and Turn it into INFORMATION
  • We are all data RICH, but INFORMATION POOR!
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THE THINGS YOU MEASURE?

LEADING INDICATOR

  • T

ells you what is going to happen

  • Going to the Gym
  • Monitoring what you eat

LAGGING INDICATOR

  • Reports what happened
  • Stepping on the scales
  • Looking at what size my clothes are

Trying to lose Weight

WHAT DO YOU MEASURE TODAY? IS IT LEADING OR LAGGING

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REPORTING TOOLS

Helping Finance know what is coming at them in the future

WEEKLY DATA – AUTOMATICALLY UPDATES

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DASHBOARD – TURNS INTO INFORMATION TRENDING INFORMATION

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DEEPER DIVE INTO WHAT IT IS TELLING YOU SO WHAT - HELPS THE CFO / FINANCE TEAM

  • Insight into what is coming at them
  • Prior Planning Prevents Poor Performance
  • Ability to plan
  • Utilizing the trends and details helps for planning if more or less labor will be needed
  • Identifies opportunities/challenges
  • Brings to light things you know but the details focus the light on it
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SURVEYS AND FEEDBACK

Gathering insight into what the teams and people are thinking

DATA GATHERING

  • Online survey that all employees could access
  • Created in several languages
  • Could access at work or at home when they wanted to

do the survey

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5/3/2018 9

THE INFORMATION THE INFORMATION

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THE INFORMATION SO WHAT - DID THEY DO WITH THIS

  • Comparisons – ability to slice and dice
  • Able to compare across different locations
  • Created discussion
  • New opportunities came to light
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INDIVIDUAL DEVELOPMENT

From Assessments to Onboarding

ASSESSMENT

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ONBOARDING/TRAINING ONBOARDING/TRAINING

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ONBOARDING/TRAINING SO WHAT – KEEPS MANAGER & HR IN TOUCH

  • Employee is the key focus
  • Allows for conversations for employee and manager
  • The Follow Up
  • Helps the Employee
  • Identifies Managers that need reminded
  • Tracking of education classes
  • Y
  • u can apply the ROI for Finance
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5/3/2018 14

SO WHAT DOES THE CFO NEED

  • Business Perspective
  • What return do you anticipate for the money invested in a new hire?
  • Use your People Data
  • Many HR professionals lack best practices and systems for collecting, tracking and reporting on people data
  • Reinforce the Human Element
  • The CFO can frequently be the naysayer.
  • Leverage HR expertise to enhance business vision
  • Tie opportunities to measurable performance metrics

HUMAN RESOURCE IS WHERE IT ALL STARTS

  • The people are the key
  • Help Finance see by using information about what the people are doing and how it impacts the organization
  • Use your People Data
  • Provide the LEADING INDICATORS
  • Reinforce the Human Element
  • Develop the people with PROCESS for the Managers
  • Leverage HR expertise to enhance business vision
  • Give insight to what is happening – be PROACTIVE with a KPI Dashboard – Real Time Info that they need
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DATA REPORTING WORKFLOW INFORMATION

WHAT DOES THE CFO AND FINANCE WANT