Posts Tagged ‘HR leader’

A Strong Partnership Between HR Leaders and CFOs Improves Business Performance

Thursday, June 5th, 2014

6861256042_0b37739bcd_zCompanies that have a strong relationship between their CFOs and chief human resources officers (CHROs) are linked to superior business performance. Professional services organization EY found these results from its global survey, Partnering for performance, which shared information from 550 CFOs and CHROs.

The findings of the survey show that companies that have become more collaborative over the past three years report financial growth and stronger improvement in a number of HR metrics, such as employee engagement and productivity.

From EY’s research, four key factors were identified as reasons that have driven HR leaders and CFOs closer over those three years:

  • Finding good talent is hard and labor costs are increasing.
  • The importance of HR is rising in corporate hierarchy.
  • Companies are constantly developing new products and services to adapt to the rapidly changing business environment.
  • In an effort to achieve greater success and efficiency, more organizations are transforming their business models.

“…Typically, CFOs have tended to view human capital primarily as a cost, while CHROs have viewed it primarily as an asset that requires investment,” Dina Pyron, Global Human Capital Leader at EY says. “To really maximize employee engagement and improve workforce productivity…the CFO and CHRO need to find ways to increase collaboration effectively and efficiently.”

Having highly-efficient teams that can interact with each other to achieve business goals and eliminate inefficiency is a desire of all employers. Here are some blog posts that offer tips in creating better collaboration and teamwork among the different groups at your organization:

 

Compliance Update: Vacation Pay Regulated by N.C Wage and Hour Law

Tuesday, November 9th, 2010

With the holiday season upon us, employers and HR leaders need to recognize the following when it comes to recovering vacation that has been advanced to an employee: The U.S. Department of Labor Wage and Hour Division’s position is that advanced vacation pay may not be deducted from the guaranteed salary of exempt employees.

The department regards advance vacation pay as inconsistent with deductions allowed under the definition of “salary basis” for exempt employees. A fuller explanation appears in the DOL Fact Sheet on Salary Basis.

While the N.C. Department of Labor makes no such claim, the fact is that whenever state laws differ from the federal Fair Labor Standards Act or FLSA, an employer must comply with the standard most protective to employees. Thus, the “no deduction for advanced vacation pay” rules apply here.

With that in mind, it is recommended that you do not allow advanced vacation to exempt employees if you want to recover the costs associated with this practice. Remember, ambiguous policies and practices regarding vacation pay have been construed against employers and in favor of employees.

For information on how to create an effective vacation pay policy or to discuss related issues to this item, please call a member of CAI’s Advice and Counsel team at (919) 878-9222 or (336) 668-7746.

Photo Source: The Tahoe Guy