how hr can move the needle for business
DESCRIPTION
The competition for talent has gone global, turnover is rising and employee engagement is stagnant at best. Companies have never had a greater need to understand with precision what it takes to recruit, retain and motivate employees. As a result, never before has HR had such an opportunity to move the needle for the business it supports. As highlighted in a recent Harvard Business Review paper, “HR Joins the Analytics Revolution,” “a growing number of corporate boards, CEOs and CHROs understand that by applying data-driven solutions to improve decisions about talent, they can improve revenues and profits.” But what does this datafication of HR mean for the HR business partner and practitioner? In this webinar, analytics expert Dave Weisbeck will provide direct examples of actions HR can take to: Improve recruitment success and more efficiently find the skills and expertise needed at the right time for the best price. Retain star performers more cost-effectively Decode workforce planning and “dollarize” the people strategy. Demystify diversity to develop a workforce that is more innovative, performs better and helps expand the company’s pool of customers. Join Dave Weisbeck, Visier's chief strategy officer and an expert in statistical analysis and HR metrics, as he presents on this important topic.TRANSCRIPT
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How HR Can Move the Needle for Business
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Speaker: Dave Weisback Chief Strategy Officer Visier Moderator: Frank Kalman Senior Editor Workforce magazine
How HR Can Move the Needle for Business
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Frank Kalman Senior Editor Workforce magazine
How HR Can Move the Needle for Business
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Dave Weisbeck Chief Strategy Officer Visier
How HR Can Move the Needle for Business
© 2014 Visier™
How HR can Move the Needle for the Business
October 29, 2014 Dave Weisbeck, Chief Strategy Officer, Visier
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WORKFORCE INTELLIGENCE SOLUTIONS. SMART. INTUITIVE. COMPLETE.
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SOME OF OUR AMAZING CUSTOMERS
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TODAY’S AGENDA
HOW CAN HR:
More efficiently find the skills and expertise needed at the right time for the best price?
Retain star performers more cost effectively?
Decode workforce planning and “dollarize” the people strategy?
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Why data empowers HR to move the needle for the
business.
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CUSTOMER VALUE
A growing number of corporate boards, CEOs, and CHROs understand that by applying data-driven solutions to improve decisions about talent, they can improve revenues and profits.”
Harvard Business Review, 2014
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ANALYTICS AS COMPETITIVE ADVANTAGE
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Source: Sierra-Cedar, 17th Annual HR Systems Survey
“… we found little differences between Top Performers and all others, leading us to recognize that the effect of HR technologies for Top Performers as a competitive advantage has minimized as more organizations adopt similar HR technologies and practices. So we dug deeper…”
Quantified Organizations have a 79% greater Return on Equity (ROE) than the Not Quantified Organizations.
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COMPANIES THAT ARE LEADERS IN WORKFORCE INTELLIGENCE…
“… stock market returns are 30% higher than the S&P 500, they are twice as likely to be delivering high impact recruiting solutions, and their leadership pipelines are 2.5X healthier.”
Josh Bersin, October 2013
“…have a hard-to-replicate competitive advantage.”
Harvard Business Review Competing on Talent Analytics,
October 2013
“… improve talent outcomes by 12%, leading to a 6% improvement in gross profit margin, which translated into $18.9M in savings for every $1B in revenue.
CEB, Analytics Survey, 2013
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The modern workforce and HR team faces:
Increased complexity of the workplace 24/7 business, global competition, fading time/place boundaries,
risk and compliance Increased complexity of the workforce Offshoring, global mobility, contingent workers, generational divides,
war for talent New technologies Social media, smart phones, Cloud, always-on
Cost pressures Every function must justify itself with ROI
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ANALYTICS AS ANSWER TO COMPLEX ENVIRONMENT
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POLL: WHY IS THE “DATAFICATION OF HR” IMPORTANT TO YOU? PICK ONE.
1. I need to respond more quickly to business leader requests for information.
2. I want to be able to have better conversations with business leaders about the workforce.
3. I want HR to have a greater impact on business results.
4. I want to align workforce decisions with the business strategy.
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How can HR move the needle for the business?
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HR TODAY: BUILT TO REACT AND SERVE
Comp & Benefits
Recruiting
Learn & Develop.
Talent Mgmt
Field / BPs
Market Comp Surveys
Applicant Tracking System
HR Management System
Learning Management
Performance Management
Engagement Surveys
Reporting
BUSINESS DEMANDS
HR FUNCTIONS
HR SYSTEMS & PROCESSES
Hire Pay Train Retain Comply Report
REQUEST
REACT
BUSINESS NEEDS
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HR TOMORROW: TRANSFORMED
Comp & Benefits
Recruiting
Learn & Develop.
Talent Mgmt
Field / BPs
Market Comp Surveys
Applicant Tracking System
HR Management System
Learning Management
Performance Management
Engagement Surveys
WORKFORCE INTELLIGENCE
Wkforce Intel
BUSINESS STRATEGY
Margins
Customer Sat.
Geo Expansion
Innovation
Cost Control
New Channels
PEOPLE STRATEG
Y
ANALYZE
ALIGN
HR TRANSFORMATION
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DEFINING WORKFORCE INTELLIGENCE
Align
Act
Analyze
• Measure past trends and present realities
• Connect data points to achieve insights and predict future events
Analyze
• Articulate your findings • Define, refine & share your
strategy • Collaborate and gain buy-in
Align
• Actionable insights • Aligned workforce plans • Turn people strategy into
business advantage Act
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Moving the Needle for the Business:
Recruiting
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RECRUITING
React: Request, approve, fill position Focus on metrics like Time to Fill
Analyze: What are the bottlenecks in the hiring process? What sources are best? What candidates succeed?
Align: What roles are critical to business success? How do we use attrition to create change?
Act: Implement and measure plan based on criticality.
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ANALYZE: RECRUITING IS A PROCESS
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ALIGN & ACT: WHO, WHERE, CRITICAL?
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Moving the Needle for the Business:
Retention
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RETENTION
React: Deliver dashboard with turnover by role, location, and
department Analyze: Where can we expect departures? Why are people
leaving? Where are departures welcomed?
Align: What is actually regrettable? By ‘top talent’, and by
key business initiative. Act: Take on root causes to retain the talent you need
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ANALYZE: MOVE FROM WHAT HAPPENED TO WHAT WILL HAPPEN
MICRO VIEW: Who are we likely to lose?
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ANALYZE: MOVE FROM WHAT HAPPENED TO WHAT WILL HAPPEN
MACRO VIEW: How many, and where will we lose people?
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ALIGN & ACT: RETENTION
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Think of retention in terms of: CAPACITY: Will we have the staffing levels required to sell, produce, serve,… How will retention impact our productivity?
CAPABILITIES Do we have the right mix of skills and talent across the organization.
How will retention impact this? Think of retention as part of your plan. Measure attrition against your plan.
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Moving the Needle for the Business:
“Dollarize” your People Strategy
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TOTAL WORKFORCE COSTS
React: Run a compensation review process
Analyze: What is contributing to compensation increases? Where are costs going – move beyond compensation.
Align: What is the budget? What should the budget be? Where do we want to invest, or reduce, costs?
Act: Regularly (monthly!) forecast your workforce – hiring,
headcount and total costs – and stay on track.
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ANALYZE : WHERE ARE COSTS GOING?
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ALIGN : MEASURE ALL OF THIS (AT LEAST WORK TOWARDS THIS)
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ALIGN : WHAT SHOULD WE BE SPENDING?
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ALIGN : WHAT DO WE EXPECT TO SPEND?
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ALIGN : WHERE WILL WE INVEST SPENDING?
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ACT : FORECAST MONTHLY
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RECOMMENDATIONS:
Most compensation analysis by HR is annualized – dig into actuals, it isn’t just for finance
Forecast – take actuals plus intended hires & costs and project to where you will end the year – then evaluate if you are on target
Review this monthly with leadership
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RESOURCES
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DISCUSSION Dave Weisbeck [email protected]
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