Maximizing the Value of HR: A CFO and VP of Finance’s Checklist for Success

by Justine Risenhoover | July 2025

In today’s competitive business environment, CFOs and VPs of Finance are constantly seeking ways to improve efficiency, manage costs, and drive profitability. One often overlooked opportunity for impact lies within the Human Resources (HR) function. Traditionally viewed as an administrative department, HR has the potential to be a strategic partner that directly influences the bottom line.

To unlock this value, finance leaders must regularly assess HR's alignment with financial and business goals. When done right, HR can enhance talent acquisition, reduce turnover, manage labor costs, and ensure compliance—all of which contribute to a more productive, cost-effective workforce.

The Strategic Role of HR

HR today is about more than just payroll and policies. It’s about strategic human capital management. A proactive HR team helps drive key business outcomes, including recruitment, workforce optimization, and employee engagement. The following checklist offers a framework for CFOs and VPs of Finance to evaluate HR performance and ensure alignment with the broader organizational strategy.

CFO & VP of Finance Checklist for HR Effectiveness

1. Alignment with Business Strategy

• Does HR align with company strategy and goals?

• Is HR involved in strategic planning discussions?

• Are HR metrics tied to profitability, growth, and productivity?

2. Workforce Planning & Optimization

• Has HR conducted a workforce analysis to ensure right-fit roles?

• Are labor costs actively monitored and optimized?

• Is there a plan for future talent and skill needs?

3. Recruitment and Talent Acquisition

• Is the recruitment process efficient and data-driven?

• Are metrics like time-to-fill and cost-per-hire tracked?

• Is there a scalable strategy to attract top talent?

4. Compliance and Risk Management

• Is HR ensuring up-to-date compliance with labor laws?

• Are policies reviewed regularly?

• Are risk management practices in place for safety and legal exposure?

5. Compensation and Benefits

• Are salaries and benefits competitive and cost-effective?

• Are total rewards aligned with performance outcomes?

• Is there regular evaluation of benefits ROI?

6. Learning and Development

• Are training programs tied to performance goals?

• Is there a leadership development or succession plan?

• Are training investments measured for ROI?

7. HR Technology and Data Analytics

• Is HR automating processes to reduce manual work?

• Are systems integrated with finance tools?

• Is HR using analytics to drive decisions?

8. HR Reporting and Metrics

• Is HR producing actionable reports on labor costs, turnover, and engagement?

• Are insights used to improve operations and support business cases?

Final Thoughts

When HR is empowered with strategic direction and data, it becomes a value-driving function within the business. By working closely with finance leadership, HR can proactively support profitability, scalability, and compliance.

Want support reviewing or optimizing your HR function based on this checklist? Impact HR Group is here to help you turn your HR department into a strategic asset.

Let’s talk about how to maximize your HR investment.