Finance and HR have more in common than they care to admit. The CFO’s role is to manage the financial assets of the company while the CHRO is mandated with managing the company’s human capital. Both finance and HR are important support functions for any enterprise. However, neither finance nor HR drive revenue — they support it. In organizations where finance and HR work well together, they provide solid support to corporate objectives. During recession the debate is always on “Cost to company” v/s “Cost of running the business”, but even today the cautionary outlook continues.

The biggest point of this inter-departmental friction comes from the intersection of their roles — HR deals with people, whose costs are usually the largest expenditure in a company, while finance is mandated with managing costs and improving margins. Given the lack of winds for growth India Inc. is witnessing there is a lot riding on the shoulders of CFO’s. The NHRD Pune Chapter was keen to understand from India’s seasoned CFO’s their expectations from HR and how we need to be frugal to tide over this e nv i ro n m e nt w h i l e m a i nt a i n i n g e m p l oye e engagement and thereby retention.

DateVenue

The event opened with some data driven academic insights and perspectives from eminent speakers like,Prof. Vasanthi from IIM Bangalore (OB & HRM) ,S. B a l a s u b r a m a n i a m , C F O Z e n s a r & S a u m e n Chakraborty, President, CFO & Global Head of IT & Business Process Excellence, Dr. Reddy's Laboratories.A Panel Discussion with the illustrious panelists comprising of Dependra Mathur , Head C&B, Infosys BPO, V. Suresh, Corporate Head - ER, Sk i l l Development & CSR, Tata Motors Limited, Soumi Alphons , Head HR, SAS .VJ Rao, Ex head of L&D Suzlon Energy Ltd, and now independent consultant was the Moderator for the Panel discussion.Summary of points that the Professionals shared through their insightful experience of various roles they performed: • The role of Finance function is to maintain

relationship with banks and investors, while the role of HR function is to build a strong connect with organizational workforce

• Finance has to communicate more with external stakeholders, while HR has to communicate more with internal stakeholders/employees

• HR professionals strongly believe that people are assets while Finance professionals believe that cash is king. HR works on leading indicators while finance works on lagging indicators

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Issue 18 | July - August 2015

Pune

5 June 2015

Chapter News-PuneHR Vs Finance - Walking a Tight Rope

• HR is supposed to be action oriented while Finance works on end-results (once the action is over). It also depends on vision, size, and culture of the organization

• Sometimes HR needs to think beyond theoretical problem solving approach & come up with solutions that can come only with experience.

Some of the Key take-away points listed from the event are as follows:

• Refrain from abstract discussions and walk the talk

• Reporting is important and not just analytics

• Executing programs in timely manner or implementation is important and not just planning

• Unlearn the non-value added operational aspects

• Demonstrate accountability with respect to corporate strategy and function

• Set right policies - Set policies right

• Create positive environment by stretching capability of your workforce

• Ensure 100% compliance in all activities and operational work

• Make performance appraisals a positive experience

• Be a torchbearer for organizational culture and values

• Recruit well - Retain well

• Internal audit for HR department

• The knowledge gathered will aid HR managers balance their role while also keeping an eye on P&L and create a framework that you can emulate in your organization

The session ended with key addresses from prominent industry CFOs, Amitabha Mukhopadhyay, Group CFO , THERMAX, Rakesh Malani , Global CFO & HR Head at Komli Media and Haribandhu Patra , CFO and VP, Fiserv Global Services who shared their valuable experiences and recommendations. The Vote of thanks was proposed by the Pune Chapter President Ms. Kavita Kulkarni.

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Issue 18 | July - August 2015