Mini Essay on Understanding and Interpreting Financial Information

Topics: Management, Human resource management, Strategic management Pages: 3 (936 words) Published: March 14, 2013
Mini essay on understanding and interpreting financial information

Explain and analyse how financial skills can be useful in your role, at an operational level and at an organisational strategic level. Provide relevant evidence and examples to elaborate your essay.Word count, excluding references: 800 words. Please, specify the word count at the end of this section and provide a references list. The reference list is not included in the word count.Word count, excluding references: 773 words|

At present, accountants became more valued as the service economy developed because the deployment of financial capital grew to be more valuable. Besides, numerous Chief Executives come from a finance experience, and they often reveal extremely traditional views of Human Resource Management (hereafter HRM) as essentially a support role with minimal strategic value and a modest impact on business performance (Caldwell, 2010). This underpin by persistent discussions, which have always tended to downgrade the HR profession in terms of its status, expert knowledge, accountability and potential contribution to business performance. However, the competitive business environment is pushing the HRM beyond its regular management role into a strategic one. Thus, the skills needed to successful HR professionals include financial expertise, implementation of financial skills varied from “finance speak” into everyday conversation together with financial discussions, financial management overview, higher perceive the scorecards and dashboards, calculate and explain some common financial ratios. At the present time, HR leaders identified the following three skills as critical: 1. Solid understanding of business – capacity to understand competitive issues impacting the business (e.g., market, products, technology, processes) and to understand how business can generate value and profit; 2. Capacity to facilitate and implement change – the ability to understand environmental...
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