CFO Mindset and Strategies

3 Ways CFOs can Champion a Progressive Work Environment with HRBPs

In today’s rapidly changing business environment, the partnership between Human Resources Business Partners (HRBPs) and Chief Financial Officers (CFOs) significantly influences work culture. They can collaborate using Diversity, Technology, and Design Thinking as tools for creation of a thriving workplace where people adapt and excel. This article delves into strategies for HRBPs and CFOs to work together for a progressive work environment.

Diversity & Inclusion boosts business output.

Recent research highlights that working together with people who think differently than you, can help digress from traditional ways of thinking, which improves cognitive function all around. Additionally, it also suggests that a diverse group helps individuals stay more focused and attentive. Recognizing its quantifiable benefits, BCG suggests that diverse management boosts revenue by 19%, while BuiltIn’s research links diversity to 2.3 times higher cash flow per employee. Different backgrounds and viewpoints contribute to more robust problem-solving and decision-making, ensuring that the complexities of the digital age are tackled. Accenture excels in diversity through flexible work, a $1.1 billion learning investment, gender balance (47% female workforce), and LGBTQ+ advocacy. Companies can also utilize Employee Resource Groups (ERGs) based on shared characteristics or interests to inculcate community building, enhance job satisfaction, and reduce turnover costs. Collaborative efforts between HRBP and CFOs to establish and support ERGs can encourage higher retention rates and a stable workforce.

Tech-First approach optimizes resources and enhances roles.

CFOs can cooperate to establish an environment where employees are encouraged to embrace advancements. Picture various teams utilizing AI and GPT to solve real business problems. For instance, marketing teams creating AI-driven videos and presentations without hiring external agencies or freelancers to produce high-quality content. Growth & Strategy teams can simulate scenarios to decode sectoral studies and define opportunities and growth trends relevant to the business.

The objective is to make technology an ally, ensuring each team adopts the mindset that best fits their requirements. Resources will be optimized when teams naturally adopt a digital-first mindset. CFOs & HRBP can prioritize investing in comprehensive Digital Literacy Training Programs in their growth plans, to ensure equitable access to knowledge and resources. By empowering employees with the skills and confidence to leverage digital tools effectively, full potential of the workforce is unlocked ensuring people grow beyond their roles.

Design Thinking delivers value inside-out.

Design thinking, according to McKinsey partner Jennifer Kilian, is a methodology used to tackle complex problems by employing systemic reasoning and intuition to envision ideal future states. Incorporating design thinking in everyday work, will foster innovation and customer-centricity, ensures long-term success. Through understanding user needs and enhancing collaboration, these advancements can translate to a higher value delivery for both the customers and employees. Additionally, design thinking promotes an environment of experimentation and iteration, transforming failure into valuable learning experiences.  Employees engaged in design thinking develop skills like empathy and critical thinking, which helps them navigate business challenges effectively. At an organizational level, design thinking drives innovation and customer loyalty by aligning product development with customer needs. Research indicates that companies that employ good design thinking principles, outperform industry counterparts in revenue and shareholder returns nearly two times.

As the world evolves at an unprecedented rate, fostering a culture that equips employees to tackle 21st-century challenges becomes imperative. This not only ensures organizational adaptability but also empowers individuals to thrive amidst uncertainty. In essence, the collaboration between Finance and HR Function, driven by diversity, technology, and design thinking, cultivates a workplace primed for success.

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