Companies 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:
- Knowing how to shape teams to benefit the productivity of your company will help employees reach business goals more creatively, collaboratively and efficiently. This blog post shares four techniques to encourage positive team building: http://blog.capital.org/strategies-for-creating-highly-efficient-teams/.
- In Carol Hacker’s guest post she lists several ways to turn workplace conflict into opportunities. When working in teams, conflict is bound to occur. Check out her strategies here: http://blog.capital.org/9-ways-to-turn-workplace-conflict-into-opportunities/.
- Employees who feel that they are working in a toxic environment may not feel that they can thrive or succeed. Be aware of your company culture and address any negative aspects that your employees bring up or that you see occur. Laura Hamilton’s guest post shares insights on how employers can overcome a toxic work environment: http://blog.capital.org/overcoming-a-toxic-workplace-insights-from-communication-expert-laura-hamilton/.
- Clear and effective communication is key to helping your employees complete their job duties and reach their goals. Working in teams is also more effective and efficient when each team member communicates well with each other. Miscommunication can cause unnecessary hold ups in the process of your team’s workflow. This blog shows the five common causes of miscommunication and how to avoid them: http://blog.capital.org/five-common-causes-of-miscommunication-in-the-workplace-and-how-to-avoid-them/.