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1、The Value of HR,This presentation provides summary results from key HR research done over the past fifteen years.Compiled by Darin Phillips,1,Shareholder Returns,The five highest return to shareholders from 1972-1992(Southwest Airlines Co.21,775%,Wal-Mart Stores,Inc.19,897%,Tyson Foods,Inc.18,118%,C
2、ircuit City Stores,Inc.16,410%,and Plenum Publishing 15,689%)differentiated themselves from their competitors and the market only through the way they managed their people.Pfeffer(1994).Competitive Advantage Through People,1994.,2,Three HR Generations,Functional HR departments(transaction,administra
3、tion,and compliance cost centers who view employees as an overhead cost to be minimized)add value by preventing loss through policy enforcementSecond-generation HR processes add value by removing barriers to performance(elements of strategic HR in a function that views employees as a leverageable as
4、set)Third-generation(strategic)HR systems(investment and ROI centers who align and improve strategically-focused employee performance)have integrated all best practices aligning them as a strategic system.High performance work systems include rigorous recruitment and selection procedures,performance
5、-contingent incentive compensation systems,and management development and training activities linked to the needs of the business(which in turn,drive profits,growth,and ultimately market value).Becker,B.,Huselid,M.,Pickus,P.&Spratt,M.(1997).HR as a Source of Shareholder Value:Research and Recommenda
6、tions.Human Resource Management,Spring 1997,Vol.36,No.1,pp.39-47.(-Becker,B.,Huselid,M.&Ulrich,D.(2001).Making HR a Strategic Asset.Working paper.State University of New York at Buffalo.),3,What is 3rd Generation HR worth?,Initial research on 740 companies HR practices found that those with the most
7、 integrated high performance work systems(HPWS)had economically and statistically significantly higher levels of company performance.One standard deviation of improvement on their bell curve of integrated HPWS was associated with changes in market value from$15,000 to$60,000 per employee.Employee pr
8、oductivity was calculated as the logarithm of net sales per employee using gross rate of return on assets(GRATE),which is less sensitive to depreciation and other non-cash transactions,and Tobins q,a future-oriented and risk-adjusted capital-market measure of performance that reflects both current a
9、nd anticipated profitability and often mirrors the price that the market will pay for intangible assets(goodwill).Huselid,M.and Becker,B.(1995).High Performance Work Systems and Organizational Performance.Paper presented at the 1995 Academy of Management annual conference,Vancouver,B.C.,4,3rd Genera
10、tion:Follow-up Research,Further research that included three US surveys and the experience of more than 2,400 companies continued to show significant impact of systems that select,maintain,develop,and reinforce employee performance on both market-based and accounting-based measures of company perfor
11、mance(while statistically controlling for R&D investment,industry market changes,capital improvements,sales growth trends,etc.).Moving from the 60th percentile of integrated HPWS to the 80th percentile improved market valuation by$20,000 per employee.This reflects both operational excellence and ali
12、gnment with the companys strategy.When the elements are present,but not aligned with the company strategy there is a 27%drop off in measured gains.Huselid,M.and Becker,B.(1998).High Performance Work Systems,Intellectual Capital,and The Creation of Shareholder Wealth.Working paper.School of Managemen
13、t and Labor Relations,Rutgers University.,5,What is included in an HR HPWS?,A value-added HR function develops supporting policies,practices,and/or strategies that include:A business strategy that relies on people as a source of competitive advantage and a management culture that embraces that belie
14、fStrong CEO and line manager supportUnderstanding and integration of required leadership competencies in all HR systemsEmployee developmentSuccess profilesAssessmentTraining Developmental assignmentsCoachingTargeted selectionPerformance managementPay-for-performance relationshipBranding as an employ
15、er of choice Becker,B.,Huselid,M.,Brockbank,W.,Losey,M.,Rucci,T&Ulrich,D.(1999).Human Resource Management,Winter 1999,Vol.38,No.4.,6,What is included in an HR HPWS?,Operational excellence,a focus on client services for individual employees and managers,and delivery of these services at the lowest po
16、ssible costSelf-service administrationBenefits Staff requisitions and job postingOnboarding new employees Self-paced trainingDevelopmental tips and toolsHR managers that understand the human capital implications of business problems and can access or modify the HR system to solve those problemsIdent
17、ify,secure and leverage resourcesAssess and develop for potentialBuild,buy,borrow,bind or releaseSuccession planningChange managementTeam developmentImproved communication and decision-making systems Becker,B.,Huselid,M.,Brockbank,W.,Losey,M.,Rucci,T&Ulrich,D.(1999).Human Resource Management,Winter
18、1999,Vol.38,No.4.,7,Employee Development=Retention,A study of 474 university graduates in eight organizations found that,of seven work-related experiences measured,the quality of the graduates career development was strongly related to later organizational commitment and intention to leave.-Arnold,J
19、.and Davey,K.(1999).Graduates work experiences as predictors of organizational commitment,intention to leave,and turnover:Which experiences really matter?Applied Psychology:An international review,48,pp211-238.A study of 257 MBA graduates found that encouraging continued development of knowledge and
20、 skills was related to job satisfaction,organizational commitment,and intention to leave.-Irving,P.and Meyer,J.(1994).Re-examination of the Met-Expectations Hypothesis:A longitudinal analysis.Journal of Applied Psychology,79,pp 937-949.,8,The Power of Profiles,ASTD and SHRM studied companies that ar
21、e renowned for their ability to attract and retain top talent(Dow Chemical,Edward Jones,Great Plains,Sears,and Southwest Airlines).One key finding was that all of these companies implemented competency-based position profiles so that employees understood the skills and abilities required to move int
22、o other roles,including leadership positions.-American Society for Training and Development and Society for Human Resource Management(1999).Recruiting and Retaining Employees:Using training and education in the war for talent.Alexandria,VA:ASTD.,9,Employees Need Direction,Do I know what is expected
23、of me?Do I have the materials and equipment I need to do my work right?Do I have the opportunity to do what I do best every day?In the last seven days,have I received recognition or praise for doing good work?Does my supervisor,or someone at work,seem to care about me as a person?Is there someone at
24、 work who encourages my development?At work,do my opinions seem to count?Does the mission of my company make me feel my job is important?Are my co-workers committed to doing quality work?Do I have a best friend at work?In the last six months,has someone talked to me about my progress?This last year,
25、have I had opportunities at work to learn and grow?Copyright 1999 The Gallup Organization.All rights reserved.,Gallup Management Journal reported the following in 2001 based on the survey below:19%of all employees are actively disengaged from their jobs55%of all employees are not engaged in their jo
26、bs26%of all employees are engaged in their jobsAt a cost of$292-355 Billion per year to the US economy.,10,HR Adds Shareholder Value in Europe,Great people management equals great shareholder value:European companies with the best human capital management deliver around twice as much shareholder val
27、ue as their average competitors.Great people management practices persist:The key practices associated with higher value continue to show up in bull,bear and flat markets,with the emphasis evolving over time.And so do the HR practices which are linked with a loss of value.Great people management tra
28、vels well:Excellent HR practice is similar across the world,with some interesting local variations.Great HR builds great people management:The effectiveness of the HR function itself is a key factor to drive value from your human capital you need great practices and a highly efficient HR function wh
29、ich is closely aligned with the businesss needs.,11,HR Adds Shareholder Value in Europe,Watson Wyatts 2002 European Human Capital Index study shows that 36 key human capital variables(practices and policies)are associated with an almost 90%increase in value.These are grouped into six globally consis
30、tent dimensions,each contributing to the total as shown in the chart below.,12,Benefits of e-HR Systems,In the early stages of e-HR just a few years ago,the vision was simple:implement as many e-HR applications and make them available to as many employees as possible,using multiple channels such as
31、e-mail,voicemail,IVR,VRS,the company intranet,the public Internet and HR service centers.The assumption was that the faster an organization moved its traditional HR services into an e-HR environment,the more efficient HR would become and the more satisfied employees would be with HR services.Watson
32、Wyatts 2002 research shows that getting results has more to do with a properly focused e-HR strategy implemented with excellence than with the speed or extent of an organizations e-HR progression.Those with a formal e-HR strategy spent.5%of revenue on HR and had 94.8 employees per HR person vs.69%an
33、d 87.9 employees.,These organizations are already maximizing the impact and returns of the limited e-HR investments they have made to date.It is possible that as they make new investments in e-HR,their HR performance may decline until the return on those investments is realized.These organizations h
34、ave made limited investments in e-HR,and are not operating efficiently relative to their peers.,These are the organizations that have properly focused e-HR investments as they moved quickly along the e-HR progression scale over the past few years.They have implemented their e-HR initiatives with exc
35、ellence,and have the opportunity to continue to be early adopters and maintain competitive advantage over their peers.These primarily large organizations have made significant investments in e-HR initiatives,and have yet to realize the full performance payoffs.,13,Benefits of e-HR in Europe,Accordin
36、g to Watson Wyatts 2002 research most European companies are planning to substantially enhance their B2E/e-HR capabilities in the next two years.(B2E=Business to Employee)The shift is away from simply publishing information on an intranet to more personalized and interactive capabilities.Where techn
37、ology has been adopted,the web is the primary vehicle for delivery of HR services with telephone technology not being prevalent.This is in contrast to the US,where telephone technology is widely used.However,simply offering technology to employees may not be enough to engage them in using it.This ha
38、s been demonstrated with a number of companies reporting low usage.The key drivers for investment in B2E/e-HR are organizations recognizing the business benefits and responding to employee expectations.Continental European companies tend to focus on softer reasons for investing,despite US companies
39、reporting that soft drivers simply do not deliver.UK companies invest to achieve hard measures.Developing a convincing business case seems to be the biggest barrier for B2E/e-HR programs with companies indicating that they are unsure how to value the benefits of B2E/e-HR.Most e-HR applications are l
40、imited to HRIS systems:,14,Benefits of e-HR in Europe,Watson Wyatt asked why are you using e-HR?,And how does it benefit your company?,And what barriers do you face in implementing?,And are you achieving your e-HR goals?,15,People Management=Higher Returns,In addition to supporting Becker and Huseli
41、ds 1998 results,the 2001 Watson Wyatt Human Capital Index study showed precisely which HR practices have an impact on the bottom line.49 specific HR practices across 6 dimensions played the greatest role in creating shareholder value.The research quantified exactly how much an improvement in each pr
42、actice could be expected to increase a companys market value.For example,a company that makes a significant improvement(one standard deviation)in all of the practices categorized under“Total Rewards and Accountability”should see its value improve by 16.5 percent(see below),and a significant improvem
43、ent in 43 key HR practices is associated with an increase of 47 percent in market value.Additionally,one dimension,Prudent Use of Resources identifies six practices that diminish shareholder value(e.g.training that is not connected to the business objectives and not evaluated for ROI).16.5%impact on
44、 company market value from total rewards and accountability9%impact from a collegial,flexible workplace7.9%impact from recruiting and retention excellence7.1%impact from the integrity of communications6.5%impact from the implementation of focused HR service technologies33.9%loss from non-prudent use
45、 of resourcesCareful inspection of all the data shows that for every available correlation calculated over time,the relationship between past HR practices and future financial performance is stronger than the relationship between past financial outcomes and future HR practices.This is the first stud
46、y to show that HR practices actually increase financial performance(.41 correlation)instead of inferring that companies that make more money can afford better HR practices(.19 correlation).,16,Critical Competencies Produce Results,The 1998 Watson Wyatt study,Competencies and the Competitive Edge,con
47、sists of survey responses from 1,020 organizations in North America and in-depth case studies of 17 companies.The most critical employee competencies by industry:,Development of the critical competencies was positively correlated to the quality of developmental solutions and the employees motivation
48、.Succession planning,promotional opportunities,mentoring programs,on-the-job learning and career workshops all seem to be significant factors in the individuals performance and contribution level.,17,Critical Competencies Produce Results,The 1998 Watson Wyatt study,Competencies and the Competitive E
49、dge,showed that when an organization identifies and communicates the core competencies that it needs to be successful in the present and the future,it has developed a powerful tool to help meet its goals.Competencies define and communicate an organizations strategy and help employees to understand t
50、hat strategy and achieve its goals.The many roles that competencies can play in an organization include:Articulating what the organization values Providing a common language for employees and managers to describe value creation Establishing a new paradigm for human resource programs(organizational l
