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Why CFOs Need Workforce Analytics

Posted by CFO Charlie on July 8, 2015

Turn HR Data into Effective Action to Solve Daily Business Challenges

CFO Charlie - HigherUp Super Hero

As a CFO, we are, by nature, data driven decision makers. Historically, we have focused only on financial data, and until recently, most of us have not had access to HR data. As a result, we have missed out on opportunities by not considering those implications when making business decisions.

In our competitive and global economy, we need to make strategic business decisions based on real-time data – not intuition and guesswork. Information has long been our most valued tool. Taking action without all the necessary requisites leads organizations down the wrong path and, potentially, squanders valuable resources.

Captains of armies and industries alike have learned that gathering data, analyzing it and turning it into effective action is a process that not only requires great skill, but also delivers vast rewards.

With the right tools, you too can become a CFO Super Hero by gaining actionable insights to solve daily business challenges such as:

  • How much are we spending in OT?
  • Are our top performers being compensated appropriately?
  • Why are sick days clustering at a particular time of the month, and is this causing costs to rise?
  • Recruiting and training new employees can be expensive – how can we reduce turnover and increase employee retention?

With analytics solutions like HigherUp, you can start applying real-time data to address important business questions and pain points, such as:

  • Financial health of the business: We need to know in real-time what is and isn’t working if we want to mitigate risks and resolve a situation before it becomes a problem.
  • Controlling costs: Labor is our biggest spend. From hiring to retirement, how can we effectively manage each employee’s lifecycle and which department or manager has the highest labor costs? We must take into consideration both workforce and finance implications for the business. As CFO, we are focused on making the business more profitable, and because labor is the largest spend for any business, becoming more profitable starts with managing overtime hours. This means that we need to know current spend during the current pay period, not after when it’s too late.
  • Strategic workforce planning: What are our business needs for next quarter, next year, and how can we strategically plan our workforce to meet business demands in order to remain profitable? Strategic workforce planning is more than just headcount. Instead, we need to know where compensation is going, how it will best benefit the business, and how workforce planning can enable the business to meet its goals.

Let HigherUp turn you into a CFO Super Hero so that you are enabled to pinpoint business trends, drill down on the implications, and control costs on your biggest expense – labor.

To learn more about HigherUp and how their solutions can make you into a CFO Super Hero, visit HigherUp.

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