Share the wealth: Leveraging shared metrics across payroll, human resources and finance to make better data-driven decisions

An article from HCM DIALOGUE advocates for organizations to enhance decision-making by leveraging shared data metrics across payroll, human resources, and finance. It highlights that while these departments gather substantial data, its potential is often untapped due to departmental silos and competing priorities. The piece identifies key shared metrics such as employee absenteeism and turnover, compensation, and process compliance, explaining their importance in areas like cost management, engagement, retention, pay equity, market competitiveness, benefits utilization, and regulatory adherence. To facilitate this data sharing, the article suggests strategies including collaborative training, regular interdepartmental meetings, and the use of integrated systems. Ultimately, the article encourages a shift towards a more unified data-driven approach to improve organizational performance and address potential challenges.