Finance and HR teams should work together in order to maximise a company's performance, new research has suggested.
A study funded by the Chartered Institute of Management Accountants (CIMA) found that there is a lot to be gained from such collaborations.
John Innes, one of the researchers on the project, said: "While HR can benefit from getting financial input on how to structure bonus schemes and strategies, finance can equally benefit from working with HR to understand how viewing employees as 'assets' rather than 'costs' can lead to a net positive effect on an organisation's long-term performance."
The study also called on senior executives in both functions to set an example for their departments.
According to the report, if finance and HR directors are seen to work together on matters like benchmarking exercises and bonuses, then a better working relationship between the two areas can be achieved.
Mr Innes, of Dundee University, worked on the study along with Reza Kouhy, of Glasgow Caledonian University, Rishma Vedd, of California State University, and Takeo Yoshikawa, of Yokohama National University.
Recently, CIMA called on finance and marketing departments to work together.
It joined forces with Direct Marketing Association and the Chartered Institute of Marketing to get its message across.
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