# HR data: taking centre stage in the financial sector Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2020-01-17 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Unlocking the Power of HR & Payroll Data in Financial Meta Description: Discover how embracing digital transformation and utilising data-led insights from HR & Payroll departments can help financial organisations secure their URL: https://financedigest.com/hr-data-taking-centre-stage-in-the-financial-sectorhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/finance-7-1736838950986-compressed.jpg) By **Fiona McKee**, Director of Human Resources, [SD Worx UK & Ireland](https://www.sdworx.com/en) Digital transformation is steering the future of finance. Digital disruptors such as Starling and Monzo are setting the pace of change and traditional banks are struggling to keep up. Yet in an age of Open Banking, all financial organisations can relate to one vital asset- data. ![Fiona McKee](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fiona-mckee-1736838950901-compressed.jpeg) Fiona McKee From balancing the bottom line to building customer personas for more sophisticated marketing, financial institutions are using data-led [insights to secure their future in the market](https://www.financedigest.com/airless-pump-market-to-grow-by-1-8x-as-demand-in-personal-care-cosmetics-industry-picks-up-pace-future-market-insights.html "Airless Pump Market to Grow by 1.8x as Demand in Personal Care & Cosmetics Industry Picks Up Pace: Future Market Insights"). However, the same cannot be said for the HR & Payroll departments. The [financial sector](https://www.financedigest.com/iot-for-the-financial-sector.html "IoT for the Financial Sector") often undermines the importance of using HR & Payroll data to inform big business decisions, despite these departments holding some of the most critical data to organisations. For financial organisations to realise the full potential of HR & Payroll data, they must encourage HR & Payroll to [embrace digital transformation so the department can change](https://www.financedigest.com/why-the-time-is-right-for-finance-to-embrace-digital-change.html "Why the time is right for finance to embrace digital change") alongside the rest of the business. As ‘traditional’ HR tasks become more embedded into the fabric of day-to-day business, financial organisations need to recognise HR & Payroll as a data-centric [department](https://www.financedigest.com/ai-in-the-finance-department-augmenting-not-replacing.html "AI in the finance department: augmenting, not replacing") and unleash its true potential. **It’s time to shine** If financial organisations are to realise the [full potential](https://www.financedigest.com/embedded-finance-is-the-new-norm-in-banking-but-what-is-needed-to-unleash-its-full-potential.html "Embedded finance is the new ‘norm’ in banking, but what is needed to unleash its full potential? ") of HR & Payroll, they must shift their perceptions on the nature of HR and payroll. Both departments are often seen as the ‘people department’ and those that do not put people first are therefore thought of as leading a bad example. HR & Payroll can still embrace data without losing its [human touch](https://www.financedigest.com/building-a-relationship-led-bank-requires-a-more-human-touch.html "Building a relationship led bank requires a more human touch"). Like a lot of industries, HR & Payroll [data can help financial](https://www.financedigest.com/data-centres-and-the-changing-financial-trading-landscape.html "Data centres and the changing financial trading landscape") organisations address threats such as the impending skills gap. This is of particular concern in the financial sector, in light of the fact that UK fintechs rely on 42% of their talent to come from outside of the UK ( [Innovate Finance](https://www.innovatefinance.com/news/financial-technology-industry-calls-for-clarity-on-immigration-policy-as-new-research-reveals-potential-for-30000-new-jobs/)). This reliance on foreign talent is dangerous considering [emerging threats](https://www.financedigest.com/cup-holder-market-emerging-industries-challenges-and-threats-faced-by-key-vendors-and-global-business-outlook-till-2031.html "Cup Holder Market Emerging industries, Challenges and Threats Faced by Key Vendors and Global Business Outlook till 2031") such as Brexit are set to deter foreign talents from seeking jobs in the UK. Despite financial organisations facing an increasing challenge to attract the right talent, HR & Payroll can help plug the [skills gap](https://www.financedigest.com/tackling-the-cloud-skills-gap-in-financial-services.html "Tackling the cloud skills gap in financial services") thanks to data. HR & Payroll can pull data-led insights to consult [business leaders](https://www.financedigest.com/how-business-leaders-can-adapt-or-replace-covid-related-perks-to-the-post-pandemic-world-while-keeping-employees-on-side.html "How business leaders can adapt or replace Covid related perks to the post-pandemic world while keeping employees on-side") on the best methods to foster and retain talent. Take employee history as an example, HR & Payroll can look at how long different kinds of employees stay at the company and map out the pain points in the business detering [top talent](https://www.financedigest.com/techie-turn-offs-top-7-things-that-put-talent-off-applying-for-tech-roles.html "Techie turn-offs: Top 7 things that put talent off applying for tech roles"). This can not just help businesses attract and retain a strong talent pool, but address ongoing issues in the [financial sector](https://www.financedigest.com/financial-companies-delivering-better-value-for-customers-in-loyalty-programmes-compared-to-other-sectors.html "Financial companies delivering better value for customers in loyalty programmes compared to other sectors"). Through using insights to change the likes of recruitment policies, HR &Payroll can also help financial organisations [tackle bigger issues such as poor gender balance and a lack](https://www.financedigest.com/the-lack-of-female-leaders-and-how-to-tackle-this-issue.html "The lack of female leaders and how to tackle this issue") of representation in leadership. **Reaping recognition in business** Thanks to data, HR & Payroll can pull and [share quantifiable insights](https://www.financedigest.com/acetate-salt-market-size-trends-share-insights-report-2026.html "Acetate Salt Market Size, Trends, Share, Insights Report 2026") to help financial organisations make the best business decisions. In turn, these departments can step up and become true strategic business partners. If leaders are to [reap the full benefits](https://www.financedigest.com/inflation-trade-nestle-reaps-benefits-from-higher-prices.html "Inflation trade? Nestle reaps benefits from higher prices") of HR & Payroll data, the board must commit to listening to their insights and recognise them as bringing true value to the business. Realising the full [potential of HR & Payroll starts through shifting the internal perception of HR & Payroll and ensuring these departments are aligned to the broader business](https://www.financedigest.com/the-real-potential-of-web-3-0-and-blockchain-for-business.html "The Real Potential of Web 3.0 and Blockchain for Business") goals. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---