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CONFIDENTIALThispresentationcontainsproprietarymethodologiesandtoolswhichareonlyforreviewandremainthepropertyofMercerHumanResourceConsulting.ThesemethodologiesandtoolscannotbeusedordisclosedwithoutwrittenconsentbyMercerHumanResourceConsulting.©2004,MercerHumanResourceConsultingLLCANewApproachtoHumanCapitalStrategy:HelpingHumanResourcesBecomeaStrategicPartnerWorkforcePlanningandDevelopmentConference1AgendaLessART,moreSCIENCE:ANewApproachtoHumanCapitalStrategyUnderstandingthedynamicsofyour‘InternalLaborMarket’CaseStudiesQ&ALessART,moreSCIENCE:ANewApproachtoHumanCapitalStrategy3HumanCapitalisoneofthelargestexpensesthatorganizationsunderstandtheleastaboutAsaresult,evenmodestgainsintheefficacyofHRmanagementcandeliversizeablegainstothebottomline.36%ofrevenue4Thequesttofindthe‘HolyGrail’hasledtoaproliferationofideasandapproachesThequestionisnolongerwhethertomeasurebut...5...whichmeasuresmostdirectlyimpactyourbusinessperformance?...whichmeasuresaremostrelevanttoyourorganization?6AframeworkforHRTransformationHRStrategy(Strategy,structure,processesofthefunction)HumanCapitalStrategy(The“people”complementtobusinessstrategy–managementoftheworkforce)ValuecreationCostmanagementOrganizationsmustcontinuallybalancetheneedforprudentcostmanagementwiththerequirementtocreate/sustainproductivityandbusinessvalue7Whereisyourorganizationcurrentlyfocused?HRStrategy(Strategy,structure,processesofthefunction)HumanCapitalStrategy(The“people”complementtobusinessstrategy–managementoftheworkforce)ValuecreationCostmanagementWorkforceimpactofHCprograms/policiesCo-SourcingandOutsourcingofHRfunctionsImprovedHRservicedeliveryStreamlineHRprocessesMeasuringbusinessimpactofHCprograms/policiesOveralllaborcostmanagementstrategyOutsourcing/Off-shoringHRTalentManagementRewardslinkagetoStrategicObjectivesCulturalTransformationStrategydependentvs.strategyneutralcostsDemandManagementLeveragingtechnologyinvestmentsLeverageworkforcedata8AframeworkforexaminingHumanCapitalStrategy9ComponentsofBlueprintCapabilitiesWorkforcecapabilitiesreflectedinexperience,attainedskills,andcompetencies,etc.BehaviorsWorkforcebehaviorsreflectedinworkintensity,individual/groupperformance,teamwork/cooperation,etc.AttitudesWorkforcebeliefsandvaluesaboutrisk-taking,innovation,commitment,flexibility,etc.Talentacquisitionanddevelopment,performancemanagement,andrewardsSpecificpracticesDeterminedthrough:QualitativeanalysisofseniormanagementperspectivesExternalbenchmarkingofselectedcompaniesAcademicresearchStatisticalmodelingoflinksbetweenworkforceattributes/peoplepracticesandbusinessoutcomes“DesiredState”Humancapitalstrategyisablueprintthathelpsanorganizationsecure,motivate,andmanageitsworkforcetoaccomplishbusinessgoalsDeterminedthrough:InventoryofexistingpracticesQualitativeanalysisofseniormanagementperspectivesandworkforceattitudesQuantitativeanalysisofdynamicpatternsoftalentmovementandrewardsQuantitativeanalysisofperformancerisk“CurrentState”10ThekeyresidesinbeingabletocausallylinkhumancapitaltacticsandpracticestoworkforceandbusinessoutcomesBalancedScorecard’speoplecomponentMONITORING&ACCOUNTABILITYCustomervalueFinancialperformanceProductivityQualityBUSINESSOUTCOMESHUMANCAPITALMANAGEMENTPRACTICESCapabilitiesBehaviorsAttitudesEngagementSatisfactionWORKFORCEOUTCOMES11AnecdotesReactivechecksSimulationsandfore-castingCorrelationsBenchmarksOn-goingreportsCausationMostpowerfulDataInformationInsightsPredictionsStoriesThe“ArtofHR”isslowlybeingreplacedbytheScienceofHumanCapitalManagementAdvancesininformationtechnologyandanalyticmethodsaremakingitpossiblefororganizationstomanageinvestmentsinhumancapitalinawaythatcanhaveameasurableimpactonbusinessperformance.12Themostpowerfulapproachesmovebeyondbenchmarking&correlationtocauseandeffect1.CorrelationHCfactorandbusinessperformancemustberelatedChangeinSpansProductivityperFTEThekeyistoanalyzemultiplevariables,thenisolateonlythosethatdirectlyimpactthebottomline.2.Time(directionality)HCfactorshouldprecedebusinessperformanceTime1Time2ChangeinSpansProductivityperFTE1.CorrelationHCfactorandbusinessperformancemustberelatedChangeinSpansProductivityperFTEEconomicconditions3.IsolationOtherfactorsthatcouldhaveinfluencedproductivityareidentifiedandruledoutPriorperiodproductivityChangeinSpansProductivityperFTECapitalSpending13Source:330HRinterventionsthatimpactedproductivity1975-1985,RichardA.Guzzoetal,UniversityofMaryland(updated1996byMercer).TypesofinterventionsImpactonproductivityHIGHLOWMEDIUMTrainingGoalsettingTeams,etc.FinancialincentivesWorkredesignFeedbackWorkresched.Anexampleofwhycontextissoimportant:TheimpactofcertainHRinterventionsonbusinessperformancecanvarysignificantlyacrossenvironments–suchvariabilitydispelsthesolerelianceonbenchmarks.WhybenchmarkinghumancapitalpracticesoftenmissesthemarkResearchhasshownwidedifferencesintheaverageeffectsofspecificHRinterventions.AverageeffectsarenotasufficientbasistoguidethedevelopmentofaHumanCapitalStrategyforaparticularorganizationduetotheoverridingimportanceofbusinesscontext.Contextrevealsthed