Learn how a recently promoted HR director with a limited financial background can successfully create their first quarterly financial analysis report in just two weeks.
Table of Contents
Question
A recently promoted HR director with a limited financial background is now responsible for submitting a quarterly financial analysis of HR decisions. The first report is due in two weeks however his boss is out of the office until the day before the report is due. How should the new director prepare to create the first report with this limited financial background?
Answer
Find someone in the finance department who could provide guidance. This is actually an excellent opportunity to network internally and find an ally in finance. It would answer the immediate need but also create a long-term resource.
Explanation
If an HR director with limited financial experience needs to create their first quarterly financial analysis report in two weeks, the best approach is to find an ally in the finance department who can provide guidance.
Reaching out to someone in finance serves several important purposes:
- It provides an expert resource to help the HR director understand the key financial concepts, metrics, and formatting needed for the report. The finance colleague can share examples of previous reports and explain the important elements to include.
- Collaborating with finance on the report helps ensure the analysis is thorough and accurate. They can double-check the numbers and projections.
- 3Building this relationship creates a long-term partner the HR director can turn to for ongoing financial guidance and support. It establishes a valuable cross-functional alliance.
- Partnering with a colleague makes preparing the report much more feasible in the short two week timeframe when the director’s boss is unavailable. Trying to learn everything independently would be very challenging.
- This outreach helps the new HR director expand their internal network and demonstrates initiative, collaboration, and a commitment to submitting a high-quality report.
In summary, finding an ally in finance is an efficient, strategic way for the HR director to tap internal expertise, submit an excellent first financial report, and establish an important ongoing partnership, setting them up for long-term success in their new role. The short-term effort yields substantial immediate and future benefits.
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