Finance is changing dramatically to include more business-oriented strategies and less bean counting. At Workday Rising, Dennis hashed these issues out with Workday’s Mark Nittler.
Mark has a background in accounting himself, but as he explains, finance is much more interesting now that it’s not all about number-crunching.
The guys delve into the changing relationship between HR and finance. As Mark sees it, one of the reasons the relationship has shifted is because HR is shifting from a cost center to a talent center.
Mark talks about some of the main areas of finance that are being affected, including planning and analytics. Dennis then poses a critical question: how, as an HR manager, do you deal with financial pressure? Do you cut staff or decrease wages? Mark outlines tactics managers can use instead of the dreaded across-the-board pay cut, including sourcing work outside the organization and reducing non-essential activities.
The guys wrap by discussing the mindset change finance professionals need to make. Mark points out there’s more people making decisions at lower levels of the organization that need the info that finance has – and ‘that’s where it’s starting to become interesting.’ Mark sums it up by noting there’s a ‘bright future ahead of us’ for finance.
1:00 Why finance has become fun
1:25 How the relationship between HR and finance is changing
3:05 The non-financial aspect of finance being affected
4:47 Ways to deal with financial pressure as a manager
6:00 How financial workers have to think differently