Aligning business initiatives with HR is vital for driving organizational success. We chatted with Scott Stone, a seasoned CFO renowned for using his deep business expertise to shape winning talent acquisition strategies. Discover Scott’s expert advice and tried-and-true tips for achieving lasting success in aligning HR with business goals.
Aligning HR Goals with Financial Goals
What strategies have you found most effective in aligning HR goals with the company’s financial goals?
It is crucial that the HR team understands how their actions contribute directly to the company’s success. This involves extensive education on financial statements, how the company makes money, and how HR activities impact these areas. When HR departments are too far removed from key initiatives, product releases, or acquisition stories, they struggle to hire the right skills and prioritize effectively.
The Role of the CFO in HR
How is having the CFO responsible for the HR function beneficial? What are the potential pitfalls?
Companies rely on HR for critical deliverables essential to business success. Embracing this means understanding and learning the HR function. This involved much listening and ensuring that HR viewed our dialogues as educational and collaborative. It’s important for HR to see the CFO as a partner, not as someone who will always say no or question them for any reason other than to learn.
CFO Involvement in Talent Acquisition
Typically, CFOs are not that involved in the talent acquisition process. But you feel strongly that it’s important to be involved. Tell me why.
CFO involvement in talent acquisition signals to the entire company that hiring is crucial. Participating in interviews underscores the role’s importance to candidates, managers, and the company. This ensures everyone takes the process seriously, viewing it as more than a checkbox. It also makes candidates feel valued and appreciated, potentially increasing their interest in joining the company.
Trends Shaping the Future of HR and Recruitment
What trends do you see shaping the future of HR and recruitment, especially from a financial perspective?
HR professionals must improve their ability to discern the truth in resumes, especially with the rise of AI-generated content. Talent acquisition teams must ask tough, behavioral questions that reveal actual experiences rather than hypothetical scenarios. Additionally, they must navigate keyword-stuffed resumes, where bots artificially inflate qualifications and ghost keywords, manipulating algorithms without reflecting true experience.
Advice for Building a Strong Talent Acquisition Strategy
What is one piece of advice you would give to companies building a strong talent acquisition strategy?
Don’t overlook employee referrals. They cut through artificial resume enhancements and provide a huge advantage. Many valuable hires, often overlooked due to unconventional resumes, get a second chance through internal referrals. However, ensure that your referral program promotes diversity in thought and experience to avoid homogeneity. When managed well, referrals can effectively build a strong, diverse team.
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