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Financial Analysis for HR Managers: Tools for Linking HR Strategy to Business Strategy (paperback), by Steven Director
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HR leaders and practitioners: master the financial analysis skills you need to become true strategic business partners, gain an equal seat at the table, and get boardroom and CFO buy-in for your initiatives! In this one-of-a-kind book, Dr. Steven Director covers everything mid-to-senior-level HR professionals need to formulate, model, and evaluate their HR initiatives from a financial perspective. Drawing on his unsurpassed expertise working with HR executives, he walks through each crucial financial issue associated with strategic talent management, including quantifiable links between workforces and business value, cost-benefit analyses of HR and strategic financial initiatives, and specific issues related to total rewards programs, including stock, stock options, and pension costs. Unlike other finance books for non-financial managers, Financial Analysis for HR Managers focuses entirely on core HR issues. Director helps you answer questions such as: How do you model HR's financial role in corporate strategic initiatives such as the introduction of a new product line? How do you select bonus drivers to send the right signals to managers (and uncover suboptimal hidden signals you might be sending now)? How do you design compensation packages that are fully consistent with your goals? How do you identify and manage pension-finance costs and risks that can dramatically impact the long-term financial health of the business? HR leaders and aspiring leaders are under unprecedented pressure to provide credible, quantitative answers to questions like these. This is the one and only book that will help them do so.
- Sales Rank: #132423 in Books
- Published on: 2012-12-29
- Original language: English
- Number of items: 1
- Dimensions: 8.90" h x .80" w x 6.00" l, .0 pounds
- Binding: Paperback
- 304 pages
From the Back Cover
“The touchstones of any business function are effectiveness and efficiency. For HR leaders, it is essential they have a clear grasp of how the various areas of HR--incentives, benefits, staffing, etc.--impact the financial and strategic objectives of the organization. Professor Director has provided an invaluable handbook to enable HR leaders at all levels to better understand and assess the contribution of human resource programs and practices to organizational success. Financial Analysis for HR Managers is a must-read for HR professionals.”
--Charles G. Tharp, Ph.D., Chief Executive Officer, Center on Executive Compensation
“At last a finance book that speaks to human resource professionals! The author does a masterful job of providing the financial context for aligning HR strategy with business strategy and achieving the all-important goal of creating shareholder value. This book is not about finance for the HR function but rather about the business of the business and what HR professionals need to know to maximize their contribution. In a conversational style, we are introduced to key concepts through targeted examples and actual financial reports from publicly traded companies. This book takes you from the basics of reading an income statement to the more sophisticated use of Monte Carlo simulation techniques.”
--Jill Kanin Lovers, Corporate Director, Heidrick & Struggles, Dot Foods, Inc., and HPF
T he Only HR-Specific Guide to Financial Analysis
Firms that want to optimize their performance need HR organizations capable of acting as true strategic business partners. Their HR leaders must be able to fully participate with executive and line management in the development and monitoring of business strategy. This means HR managers need strong skills in business and financial analysis: specific expertise they can use to tailor HR strategy to the business and financial strategy of the company and quantify the likely business impact of every significant decision they make. For today’s HR professional, no skill set is more important. This book will help you build and apply those skills.
Steven Director thoroughly demystifies financial analysis as it relates to the HR function, focusing on specific techniques you can use to maximize return on your workforce investment and ensure that your workforce can skillfully execute your company’s value-creation strategies. Step by step, Director guides you toward an intuitive understanding of each key financial measure and shows how to apply them with Microsoft Excel. You won’t need advanced math: Director teaches through straightforward examples and even presents the keystrokes you’ll need to use Excel’s built-in financial functions.
Use business analysis to answer questions such as the following:
- Which HR-related approaches to value creation are most effective?
- Can you align incentives with business strategy more successfully?
- Where should you invest limited HR resources?
- How much value will additional training really deliver?
- What’s the optimal mix of overtime versus new hiring?
- What are the business implications of equity pay and stock options?
- How should you approach “pay for performance”?
About the Author
Steven Director is a professor in the Rutgers University School of Management and Labor Relations. He has held a number of leadership positions at Rutgers, including serving as Associate Dean, as Chair of the Human Resource Management Department, and as Director of the PhD program in Industrial Relations and Human Resources. Prior to joining Rutgers he was an Employment Policy Fellow at the Brookings Institution and on the faculty of Michigan State University. He received his Ph.D. and MBA degrees from the Northwestern University Kellogg School of Management.
Dr. Director teaches courses in Labor Economics, Statistics, and Finance. His most frequent and preferred teaching assignment is a course in Financial Analysis for Human Resource Managers. In addition to his on-campus teaching, Dr. Director has taught Finance for HR to senior executives in the U.S., Europe, and Asia. Recognized for his ability to effectively communicate financial concepts to non-financial audiences, Dr. Director has also developed and delivered customized finance training for scientists, engineers, and physicians. His publications have appeared in numerous journals and edited volumes.
His research interests include the financial aspects of HR, compensation and benefits policy, and the interaction between national and corporate employment policy. In January, 2003 he developed and partnered with the Society of Human Resource Management to produce the monthly Leading Indicator of National Employment (LINE) Report. Dr. Director continues to serve as economic advisor to this project and SHRM has now published over 100 consecutive monthly LINE reports. This data series is followed closely by financial analysts and business economists.
Most helpful customer reviews
3 of 3 people found the following review helpful.
What is your company's human balance sheet? Bridge the gap from finance to human resources
By Joel Avrunin
Taking the skills one learns in finance and accounting, Steven Director explains in this book how human resource decisions are not just soft decisions on who to hire, but should be linked to direct quantitative numbers that indicate the payoff for the company of various actions. Director starts with a review of basic finance, discussing the balance sheet and cash flow. It would be helpful to have a finance background before reading these chapters, but he does a nice job of explaining the necessary terms in a lucid and clear manner for those just starting out. He proceeds to lay out how all human resource initiatives can be linked to decisions on the cash flow and budget of the company.
Beyond the basic finances of staffing, the book also delves into equity base stock options and pension and retirement plans. He covers the financial implications of various compensation models, but does not properly cover every model (such as salaried, hourly, commission, on draw, etc).
I was also a little surprised in a book on how HR incentives and benefits impact the bottom line of the company that there was no mention of health insurance, one of the biggest concerns for companies today. A better treatment of all of these topics is found in Compensation and Benefit Design: Applying Finance and Accounting Principles to Global Human Resource Management Systems. I would certainly recommend that book as well to get a more comprehensive view of the impact of every aspect of employee compensation on the finances of the company.
Overall it's a good treatment of the financial aspects of HR planning and a good book to read, although you will need to go to other sources for a more thorough treatment of the entire benefit/compensation model.
2 of 2 people found the following review helpful.
Terrific Book That Meets Important Need
By James Strock
Human relations functions of enterprises are often dismissed as "soft." HR may be seen, implicitly or explicitly, as a cost center, a liability, a defensive function.
Such longstanding prejudices can be costly in the emerging 21st century marketplace. Now, people are the most valuable assets for many companies--in reality, not merely as happy talk by CEO's a few times per year.
Into this changing environment, author Steven Director adds practical value in 'Financial Analysis for HR Managers: Tools for Linking HR Strategy to Business Strategy.'
Director brilliantly distills key financial concepts for non-quants. The mysteries of the balance sheet are exposed. Equally important, he explains how financial statements are a "window into business strategy." He achieves his overall goal, integrating business strategy, financial strategy, and HR strategy.
As a practical matter, this book can enable HR professionals to make the case for their priorities more effectively, speaking in the language of finance and accounting to achieve the goals of overarching business strategy.
The book concludes with useful chapters on compensation and pensions.
Highly recommended.
0 of 0 people found the following review helpful.
HR Analysis Handbook.Easy to read and understand.
By Sidarta Tanu
Financial Analysis for HR Managers: Tools for Linking HR Strategy to Business Strategy is a great book for people who work in HR function or people who are curious on how HR analysis works and why it is important to the business. This book provides information on how to use business analysis to get the maximum amount of return from your workforce investment. Many companies do not realize that their biggest asset is their people and this book will show them otherwise. This book is also very comprehensive and teaches you on what are the critical metrics to track and concepts to understand.
Some of the key items covered more detail in the book:
1. How business strategy, financial strategy and hr strategy interact
2. Interpreting the income statements
3. Understanding balance sheet and it's various ratio
4. Calculating PV and using DCF
5. Financial analysis of HR initiatives vs other initiatives
6. Appropriate compensation
7. Equity based compensation (and how to calculate/value)
8. Pension and retirement program
9. Creating value (aligning pay vs performance, managing EPS expectation, etc) and putting it all together
10. Tons of financial ratio and metrics (EVA, NOPAT, WACC, ROIC, EBIT, debt cost, equity cost, NPV vs IRR)
Sidarta Tanu
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