PARN was excited to hear that two of our PARN Members have just announced a major new strategic collaboration to strengthen the connection between finance and HR.
The Chartered Institute of Personnel and Development (CIPD) will work with the Chartered Institute of Management Accountants (CIMA) to foster closer working links between the finance and HR professions, helping to increase their combined impact on business performance. The work will include an early focus on transforming how organisations understand, measure and report on people data to drive business success.
By working together much more closely, the two bodies are seeking to send a strong message to the professions they represent about the importance of HR and finance working together in any organisation.
The CIPD and CIMA will embark on a programme of joint research on areas such as ‘big data’, integrated business reporting and shared services for HR and finance.
Critically, the professional bodies will also make their existing relevant training and continuous professional development (CPD) offers available to members of both organisations to boost knowledge development and understanding through learning.
One of the first shared projects the two bodies will embark on is a programme of research on human capital measurement. This is designed to address a shared concern that organisations are not consistently good at valuing the contribution of people to their performance and worth, or assessing the risks to business success that poor people management can bring.
While financial information is a critical and recognised measure of a company’s value, the importance of people data is not fully understood by many businesses and is therefore overlooked, often to the detriment of longer-term thinking – something that CIMA and CIPD are striving to rectify.
Read the full story on the CIPD website:
CIPD and CIMA collaboration