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TheValueofHRThispresentationprovidessummaryresultsfromkeyHRresearchdoneoverthepastfifteenyears.CompiledbyDarinPhillips2ShareholderReturnsThefivehighestreturntoshareholdersfrom1972-1992(SouthwestAirlinesCo.21,775%,Wal-MartStores,Inc.19,897%,TysonFoods,Inc.18,118%,CircuitCityStores,Inc.16,410%,andPlenumPublishing15,689%)differentiatedthemselvesfromtheircompetitorsandthemarketonlythroughthewaytheymanagedtheirpeople.–Pfeffer(1994).CompetitiveAdvantageThroughPeople,1994.3ThreeHRGenerationsFunctionalHRdepartments(transaction,administration,andcompliancecostcenterswhoviewemployeesasanoverheadcosttobeminimized)addvaluebypreventinglossthroughpolicyenforcementSecond-generationHRprocessesaddvaluebyremovingbarrierstoperformance(elementsofstrategicHRinafunctionthatviewsemployeesasaleverageableasset)Third-generation(strategic)HRsystems(investmentandROIcenterswhoalignandimprovestrategically-focusedemployeeperformance)haveintegratedallbestpracticesaligningthemasastrategicsystem.Highperformanceworksystemsinclude‘rigorousrecruitmentandselectionprocedures,performance-contingentincentivecompensationsystems,andmanagementdevelopmentandtrainingactivitieslinkedtotheneedsofthebusiness’(‘whichinturn,driveprofits,growth,andultimatelymarketvalue’).–Becker,B.,Huselid,M.,Pickus,P.&Spratt,M.(1997).HRasaSourceofShareholderValue:ResearchandRecommendations.HumanResourceManagement,Spring1997,Vol.36,No.1,pp.39-47.(-Becker,B.,Huselid,M.&Ulrich,D.(2001).MakingHRaStrategicAsset.Workingpaper.StateUniversityofNewYorkatBuffalo.)4Whatis3rdGenerationHRworth?Initialresearchon740companies’HRpracticesfoundthatthosewiththemostintegratedhighperformanceworksystems(HPWS)hadeconomicallyandstatisticallysignificantlyhigherlevelsofcompanyperformance.OnestandarddeviationofimprovementontheirbellcurveofintegratedHPWSwasassociatedwithchangesinmarketvaluefrom$15,000to$60,000peremployee.Employeeproductivitywascalculatedasthelogarithmofnetsalesperemployeeusinggrossrateofreturnonassets(GRATE),whichislesssensitivetodepreciationandothernon-cashtransactions,andTobin’sq,afuture-orientedandrisk-adjustedcapital-marketmeasureofperformancethatreflectsbothcurrentandanticipatedprofitabilityandoftenmirrorsthepricethatthemarketwillpayforintangibleassets(goodwill).–Huselid,M.andBecker,B.(1995).HighPerformanceWorkSystemsandOrganizationalPerformance.Paperpresentedatthe1995AcademyofManagementannualconference,Vancouver,B.C.53rdGeneration:Follow-upResearch…FurtherresearchthatincludedthreeUSsurveysandtheexperienceofmorethan2,400companiescontinuedtoshowsignificantimpactofsystemsthatselect,maintain,develop,andreinforceemployeeperformanceonbothmarket-basedandaccounting-basedmeasuresofcompanyperformance(whilestatisticallycontrollingforR&Dinvestment,industrymarketchanges,capitalimprovements,salesgrowthtrends,etc.).Movingfromthe60thpercentileofintegratedHPWStothe80thpercentileimprovedmarketvaluationby$20,000peremployee.Thisreflectsbothoperationalexcellenceandalignmentwiththecompany’sstrategy.Whentheelementsarepresent,butnotalignedwiththecompanystrategythereisa27%dropoffinmeasuredgains.–Huselid,M.andBecker,B.(1998).HighPerformanceWorkSystems,IntellectualCapital,andTheCreationofShareholderWealth.Workingpaper.SchoolofManagementandLaborRelations,RutgersUniversity.6WhatisincludedinanHRHPWS?Avalue-addedHRfunctiondevelopssupportingpolicies,practices,and/orstrategiesthatinclude:oAbusinessstrategythatreliesonpeopleasasourceofcompetitiveadvantageandamanagementculturethatembracesthatbeliefoStrongCEOandlinemanagersupportoUnderstandingandintegrationofrequiredleadershipcompetenciesinallHRsystems•EmployeedevelopmentoSuccessprofilesoAssessmentoTrainingoDevelopmentalassignmentsoCoaching•Targetedselection•Performancemanagement•Pay-for-performancerelationship•Brandingasanemployerofchoice–Becker,B.,Huselid,M.,Brockbank,W.,Losey,M.,Rucci,T&Ulrich,D.(1999).HumanResourceManagement,Winter1999,Vol.38,No.4.7WhatisincludedinanHRHPWS?oOperationalexcellence,afocusonclientservicesforindividualemployeesandmanagers,anddeliveryoftheseservicesatthelowestpossiblecostoSelf-serviceadministration•Benefits•Staffrequisitionsandjobposting•Onboardingnewemployees•Self-pacedtraining•DevelopmentaltipsandtoolsoHRmanagersthatunderstandthehumancapitalimplicationsofbusinessproblemsandcanaccessormodifytheHRsystemtosolvethoseproblemsoIdentify,secureandleverageresources•Assessanddevelopforpotential•Build,buy,borrow,bindorrelease•SuccessionplanningoChangemanagementoTeamdevelopmentoImprovedcommunicationanddecision-makingsystems–Becker,B.,Huselid,M.,Brockbank,W.,Losey,M.,Rucci,T&Ulrich,D.(1999).HumanResourceManagement,Winter1999,Vol.38,No.4.8EmployeeDevelopment=RetentionAstudyof474universitygraduatesineightorganizationsfoundthat,ofsevenwork-relatedexperiencesmeasured,thequalityofthegraduatescareerdevelopmentwasstronglyrelatedtolaterorganizationalcommitmentandintentiontoleave.-Arnold,J.andDavey,K.(1999).Graduatesworkexperiencesaspredictorsoforganizationalcommitment,intentiontoleave,andturnover:Whichexperiencesreallymatter?AppliedPsychology:Anintern