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Financial management & HR strategy tayeeb ahmed khan

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Financial management & HR strategy tayeeb ahmed khan

  1. 1. UNIVERSITY OF DEVELOPMENT ALTERNATIVE (UODA) SUBMITTED BY: Tayeeb Ahmed Khan ID NO: 514172001 EMBA 8th Batch (38 Credit) SUBMITTED TO: A.H MUNTAKIM Faculty (management & HR) MBA & EMBA Program
  2. 2. PRESENTATION ON Financial Management & HR Strategy to develop organization
  3. 3. What is financial management? Financial Management is a vital activity in any organization. It is the process of planning, organizing, controlling and monitoring financial resources with a view to achieve organizational goals and objectives. The planning, directing, monitoring, organizing and controlling of the monetary resources of an organization.
  4. 4. What is Human Resource Strategy? Human resource strategy is designed to develop the skills, attitudes and behaviors among staff that will help the organization meet its goals. Human Resource Strategy (HR Strategy) is a designation for a long-term plan created to achieve objectives in the field of human resource and human capital management and development in the organization.
  5. 5. As we draw closer to the end of the financial year in March, many organizations begin to review their strategic plans and draft their business plans. One aspect of this will be to ensure that your HR strategy supports your business plan. What does this mean in practice?  What are your organization's long term goals? The Chartered Institute of Personnel and Development (CIPD) describes strategic HR management as an approach to the management of human resources that provides a strategic framework to support long term organization goals. The starting point is therefore to be clear about what the long term goals are for your organization. Is it to grow? To increase surplus? To improve on existing services? To change direction? Attract different types of funding?  What staff resources do you already have? Whatever your longer term goals, it is inevitable that your staff will be instrumental in achieving these. It is also true that your staff might be involved in shaping these goals. This has two dimensions. Firstly, front line staff are often closer to your service users or members than senior managers and their knowledge may be as valuable as any amount of expensive market research. The second dimension involves using the talents and capabilities of your staff team to shape your strategic plans.
  6. 6.  Can your current staff structure deliver your goals? Once you are clear about the business goals, this will lead you to a second set of questions around your current staff. If you accept that your staff will be instrumental in achieving your strategic goals then you will need to ask whether you have the right staff in place to do that. More specifically whether they have the skills, knowledge and experience you need; whether they are in the right location and working the hours that you need; whether you have enough of particular types of skills or a surplus in a particular area. In other words, whether you have the right staffing structure to deliver your goals.  Does your organizational culture support your aims? What is the culture? And does it support your strategic aims? For example, do you have a culture where you’re more reactive than proactive? Think about the type of organization you want to be and need to be for your strategic aims and this can be the starting point for your HR strategy.  Define your HR strategy All these questions should point towards the aims of your HR strategy. Once you are clear about these you will want to move onto the next phase which is to identify the individual HR actions which might need to be taken. These will typically fall under traditional headings such as recruitment, pay and reward, performance management, staff engagement, workforce planning, staff development etc. What is really important at this stage is that there is clarity over how the actions you choose will contribute not only to the HR strategy but to the organization's strategic and business plans and that their impact can be measured.
  7. 7. Why Finance and HR Should Have a Close Working Relationship  Overlapping Responsibilities The HR and finance departments work towards one ultimate goal of achieving a higher level of performance and profitability. In the current business context, HR managers often perform some duties that were traditionally thought to be financial duties.  The Impact of Tension On Business Performance A strong relationship between the two departments has a positive impact on the overall performance of an organization. Given the overlap in responsibilities, open communication across departments is important to ensure that the overall goals and objectives are achieved.  The Changing Business Context The current business context is highly competitive and dynamic. Organizations can no longer hold on to ineffective traditions and outdated perspectives. Managerial teams must shift from internal problems to the high competition in the global business environment, which is a threat to many companies’ survival.
  8. 8. The Need for a Strong Relationship between HR and Finance  Changing Times It is clear that the two departments are not fully aligned with one another. Over the years, however, there has been a realization that Finance and HR, irrespective of their agendas, are working towards a common goal: business growth and development.  Managing Finances The finance department can plan on managing the finances of the business effectively, but it cannot do so if the human resource department does not recruit the right financial officers and staff to manage the businesses accounts.  Recruiting Staff From the onset, recruiting staff seems like the core competency of the human resource department in a business. Typically, however, HR will need to consult the finance department before being able to agree the salary and financial benefits to be awarded to an employee, since the financial department will have the true picture of the business’s financial state.
  9. 9. THANK YOU!

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