Finance and Human Resources (HR) are the two counterpart programs to choose from. The Finance program is more concentrated on numbers, calculations— mathematics, while the Human Resource counterpart is to study human behavior; it is more about dealing with people’s emotional states.
Whichever PGDM specialization you choose, each has different needs and skills to master. This article will help you with the difference between Finance Management and Human Resource Management. It talks about the skills and knowledge you need to grasp if you are thinking of pursuing it.
Finance Vs. Human Resource— Introduction
Finance is the pillar of all businesses. Whether you are a startup company, wish to expand your current business, or are running multiple business units — you need people to
- Monitor the transactions.
- Track the expenses.
- Allot the funds collected into an investment to yield a better return in the future.
- File taxation on time to avoid penalties.
The vital role of the Finance Professional is to maintain the graph of the business.
Human Resource Professionals perform a crucial part in an organization’s achievement. They connect the gap as a messenger between the organization and employees. Their primary role is to recruit the right candidate for the organization and encourage a positive culture. Human Resource Professionals’ goals should be allying with the organization’s goals and missions.
Finance Vs. Human Resource — skills And Qualities
Operating a business is a risk, and finance can make or break any business in a jiff. Even a single number mistake in accountancy can cost the company a lot.
What does the business owner expect from a Finance Professional?
- To help them map out a precise financial structure for asset creation in the business and make sure the money transaction flows smoothly.
- Balancing income and expenditure in the business.
- Take care of legal and financial issues.
- Invest the surplus money or the profit in a long-term investment or rainy day.
Any organization needs a helping hand to hire a good team of employees who can help their business flourish and maintain a good business vision. Here comes the responsibility of Human Resource Professionals.
What does the organization expect from Human Resource (HR) Professionals?
- In addition to recruiting the right candidate for an organization, HR’s vital role is to support the workforce, look after them, track their performance, and maintain its discrepancy-free culture.
- Being an HR professional requires an immense amount of patience, maintaining high morale, and taking an unbiased decision that is favorable to both — the organization and employees.
- Formulate an opportunity to motivate the employees by facilitating a training program for the team.
- Conduct activities, events, and celebrations to enhance the relationship between employees and the organization ― a sense of trust and satisfaction.
Finance Vs. Human Resource — Program, Jobs, And Fees
PGDM in Financial Management endeavors to prepare the candidate to be talented in the field of Finance. The program provides the knowledge and trains them with a practical scenario that includes — the study of the Domestic and International market, balance sheets with profit and loss, account analysis — budgeting, cash flow, and investment.
The syllabus typically includes:
Wealth and Risk Management along with Finance and Working Capital Sources
Investment in Various Sector — Retained Earnings
Legal Finance Scenario and Taxation
Other Finance Strategies
Pros of the Finance Professionals depend upon what responsibility they have been assigned. Typically Finance Professionals have an outstanding work-life balance, while some professionals have to work more to meet the needs of the firm they are working for. Almost all Finance Professionals are rewarded with a raised pay scale and incentives.
PGDM in Human Resource Management (HRM) trains the candidate to be versatile in hiring candidates, training, understanding human behavior, and controlling the balance between employee and employer. The program provides knowledge and trains the candidates to face the real-world scenario of an organization.
The syllabus typically includes:
Human Resource Planning
Business Relations
Employee Management and Empowerment
Labour Legislations
Apart from having diverse contact, there are other benefits too of being an HR Professional. HR also plays a vital role in creating a good rapport with the organization in the market. However, working as a mediator between the organization and the employee, their most challenging job is to satisfy the demands of both. This sometimes leads them to be a soft target of internal organizational politics.
Fees: Finance Vs. HR
MBA fees in Ahmedabad or PGDM Fees in Ahmedabad of HR and Finance depends on the quality of college you are choosing. However, there are highly affordable and value-for-money PGDM colleges in Ahmedabad that provide excellent environments for pursuing these courses. If you want to know more about the MBA course fees in Ahmedabad then contact St. Kabir Institute of Professional Studies for free guidance and counseling.
Finance Vs. Human Resource — Comparative Chart
| FEATURE | FINANCE | HUMAN RESOURCE (HR) |
|---|---|---|
| Denotation | Finance is the science and art of managing business money and helping the business achieve its goals. | HRM is connecting the gap by being a bridge between the organization and employees. |
| Skills Needed | Strong accounting analysis, number-crunching, accounting software knowledge, and flexible communication are essential skills needed by Finance professionals. | Communication, decision-making, leadership, strategic thinking, multi-tasking, and business management are the top skills needed by HR professionals. |
| Work Space | In most cases, Financial Professionals work on the office premises only. Sometimes they might need to travel if the deal requires primary accounting analysis. | HR Professionals have flexibility in terms of workspace. Though majorly, they need to work inside the organization. |
| Basic Role | Strategize funds for current as well as long-term goals. Manage the cash flow of the business. | Recruitment, building employee and employer relations, training, and development. |
| Work-Life Synergy | It depends on what responsibility they are assigned. Generally, Financial Professionals do have a good work-life balance. | HR professionals’ job is to help people juggle their personal and professional life. So, they do it pretty well for themselves too. |
| Future Demands | No company can survive without Finance Professionals. Hence the future demand for this role will be more. | HR Management is an integral part of an organization. The demand for this role will always flourish. |
Finance is made for you if:
- Strategizing funds are a part of your life.
- You are good at financial management in terms of investment.
- You are confident with numbers and usually give people financial advice.
Human Resources is made for you if:
- You have strong communication and love to connect with people.
- Mentoring and coaching have been a part of your life.
- You have experience or interest in managing the workforce.
Want to Have Both? Go for PGDM with Dual Specialization:
Dual specialization in Finance and HR is a great way to gain a more varied skill set, allowing you to better serve multiple industries and employers.
The finance side of the dual specialization will focus on topics such as budgeting, financial planning, investments, accounting, and other related topics. You will learn the fundamentals of how to manage money and resources more effectively, as well as how to analyze financial information and make sound decisions backed by data.
The HR side of the dual specialization will provide you with knowledge on a wide range of topics, including labor law, employee relations, recruitment, training and development, and other related topics. You will learn about the latest trends in HR and how to apply that knowledge to better manage the workforce and increase employee engagement and loyalty.
Overall, you will gain a lot of knowledge on both the financial and HR side, which will give you a huge advantage when it comes to finding a job or creating a successful career. Want to know more about the PGDM course in Ahmedabad or MBA fees in Ahmedabad then contact SKIPS.