14 Apr 2022
0 Comments

Get

As companies around the world grapple with rapid geopolitical, demographic, technological and competitive changes, partnering in the financial sector offers the opportunity to create a strategic advantage. Many of the competencies are the same as those highlighted in the first version of “A New Mandate for Human Resources” in 1998 and are at the heart of our work and programs with our HR business partners. An example: today, more than ever, finance management has the opportunity to make a tangible contribution to the success and future of the company. How are you doing? It`s not about being an expert in all these skills, but about having a sufficient level to get the things you need to be done. The role of an HR business partner is largely strategic in nature and requires frequent collaboration with executives and executives. As a result, the skills needed to succeed in the role focus on decision-making, communication, and leadership. In Kenton & Yarnall`s Core Competencies Self-Assessment (based on HR – The Business Partner[3]), it is often a question of what are the essential skills for an HR business partner today in 2018 and what the essential skills might be, for example, in 2025, when the world of work is expected to be radically different. [4] Negotiations. These skills are very closely related to influence and persuasion and there are many similarities. You could lump them all together, but I choose to highlight the negotiations.

The reason for this is that I am very convinced of the approach of Stuart Diamond, professor of economics at the Wharton School in the United States. He describes and explains his approach in his book “Getting More – You`re always negotiating. Get what you want every day. Don`t be misled by the title, its approach is very principled and it`s not about doing more at the expense of others. And much of what he recommends is also very applicable to influence and convince. Good negotiation skills are very important for trading partners and increase their efficiency. These individuals have the potential to significantly improve integration within the organization. They maximize the timely use of function capabilities and expertise as part of a common understanding of business priorities. At any time, a business partner is invited to act in one of the following roles.

We have developed our framework that identifies 4 different roles Business Value Creator, Policy Implementation Manager, Technical Specialist, Functional Intermediary (see Figure 1 below). Let`s describe what each of the four roles could look like for you and your stakeholders in the business: Financial business partnership is what finance teams do when they create value by providing insights (often data-driven), thus inspiring their business partners to make better decisions. Vaguely, these last two roles form the essence of finance, which play the role of the trading partner. A new study of executives around the world has identified a common need to make faster, better decisions – companies expect more from the finance function. By mastering your core competencies and taking on a broader role in business management, you will strengthen the relevance and influence of the finance function while making decisions and enabling quick action. And my bonus advice for you is to think about what you`re going to do to create more value, and what you`re going to stop creating time and space. Influence and conviction. How convincing are you? It starts with your credibility. Do you have a reputation for letting things happen? Do you start with a good foundation of credibility in the organization that you keep what you promise? Are you using the right tactics with your internal customers and executives? Do you have an understanding of their mental patterns and images and adjust the way you treat them to accommodate and take advantage of them? A very useful tool to understand the style and the effect of influence is the “Saville Wave”. It is a psychometric developed by one of the UK`s leading psychologists, Professor Peter Saville. It is designed to provide feedback on personal preferences to leaders of today`s organizations in layman`s language.

However, it`s also a very valuable way to get feedback on how you prefer to influence and convince. There is also a dimension that is particularly concerned with what you do and do. This will have a significant impact on your perceived credibility within the organization. The Chartered Institute Of Management Accountants (CIMA) defines a business partnership as a financial expert who collaborates with other business units and supports and advises their strategic and operational decision-making through ideas that lead to better business. [5] Holbeche, L. (2015). Agile organization: How to build an innovative, sustainable and resilient company. Kogan page editors.

After reading this article, we would like to invite you to share some of your experiences with business partners in the comment sections below by answering the following questions: In the role, financial business partners interpret the raw data and communicate it in particular to colleagues outside the finance function in marketing, sales, production; a role that puts them at the heart of the company. The task is to take the data fragments, organize them, assess their value, and then present the results to the relevant stakeholders in a meaningful way. The opportunity is to become the interface or “translator” between finance and language operations, tell the story and paint a compelling picture. Success in this role requires a mix of business acumen, analytical skills, the ability to build relationships, communicate effectively, and persuade. The consulting firm McKinsey stresses the importance of making the role of the HR partner a purely strategic one. Instead of dealing with transactional and operational issues such as managing employees, implementing strategies, or meeting employees` day-to-day needs, the most successful HR business partners have the leeway to focus on large-scale business initiatives such as talent acquisition. Influence and communication skills are particularly important for making these connections. The study found that information about how to improve performance is typically generated through conversations with colleagues in the company. Participant Story 3: A financial counterparty changed their perspective to build relationships from what was required of them (i.e., essentially being an entrepreneur) to a functional leadership role within the company. In this way, he was able to build much greater credibility with his business colleagues who, after initial resistance, appreciated the broader perspective he brought to their discussions on financial issues and broader trade issues. The speed and quality of decision-making is becoming increasingly important to a company`s success and may in fact be the competitive advantage it needs. When working with groups of HR business partners on our HR Business Partner training programs, we typically start with a discussion about the exact role of an HR business partner, followed by a self-assessment of essential skills.

This requires a finance professional to be based on technical skills as well as business skills, confidence and credibility. .


Comments are closed.