人力资源的价值

TheValueofHRThispresentationprovidessummaryresultsfromkeyHRresearchdoneoverthepastfifteenyears.CompiledbyDarinPhillips1第一页，共二十九页。ShareholderReturnsThefivehighestreturntoshareholdersfrom1972-1992(SouthwestAirlinesCo.21,775%,Wal-MartStores,Inc.19,897%,TysonFoods,Inc.18,118%,CircuitCityStores,Inc.16,410%,andPlenumPublishing15,689%)differentiatedthemselvesfromtheircompetitorsandthemarketonlythroughthewaytheymanagedtheirpeople.–Pfeffer(1994).CompetitiveAdvantageThroughPeople,1994.

2第二页，共二十九页。ThreeHRGenerationsFunctionalHRdepartments(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.)3第三页，共二十九页。Whatis3rdGenerationHRworth?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.4第四页，共二十九页。3rdGeneration: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.5第五页，共二十九页。WhatisincludedinanHRHPWS?Avalue-addedHRfunctiondevelopssupportingpolicies,practices,and/orstrategiesthatinclude:AbusinessstrategythatreliesonpeopleasasourceofcompetitiveadvantageandamanagementculturethatembracesthatbeliefStrongCEOandlinemanagersupportUnderstandingandintegrationofrequiredleadershipcompetenciesinallHRsystemsEmployeedevelopmentSuccessprofilesAssessmentTrainingDevelopmentalassignmentsCoachingTargetedselectionPerformancemanagementPay-for-performancerelationshipBrandingasanemployerofchoice–Becker,B.,Huselid,M.,Brockbank,W.,Losey,M.,Rucci,T&Ulrich,D.(1999).HumanResourceManagement,Winter1999,Vol.38,No.4.6第六页，共二十九页。WhatisincludedinanHRHPWS?Operationalexcellence,afocusonclientservicesforindividualemployeesandmanagers,anddeliveryoftheseservicesatthelowestpossiblecostSelf-serviceadministrationBenefitsStaffrequisitionsandjobpostingOnboardingnewemployeesSelf-pacedtrainingDevelopmentaltipsandtoolsHRmanagersthatunderstandthehumancapitalimplicationsofbusinessproblemsandcanaccessormodifytheHRsystemtosolvethoseproblemsIdentify,secureandleverageresourcesAssessanddevelopforpotentialBuild,buy,borrow,bindorreleaseSuccessionplanningChangemanagementTeamdevelopmentImprovedcommunicationanddecision-makingsystems–Becker,B.,Huselid,M.,Brockbank,W.,Losey,M.,Rucci,T&Ulrich,D.(1999).HumanResourceManagement,Winter1999,Vol.38,No.4.7第七页，共二十九页。EmployeeDevelopment=RetentionAstudyof474universitygraduatesineightorganizationsfoundthat,ofsevenwork-relatedexperiencesmeasured,thequalityofthegraduatescareerdevelopmentwasstronglyrelatedtolaterorganizationalcommitmentandintentiontoleave.-Arnold,J.andDavey,K.(1999).Graduatesworkexperiencesaspredictorsoforganizationalcommitment,intentiontoleave,andturnover:Whichexperiencesreallymatter?AppliedPsychology:Aninternationalreview,48,pp211-238.Astudyof257MBAgraduatesfoundthatencouragingcontinueddevelopmentofknowledgeandskillswasrelatedtojobsatisfaction,organizationalcommitment,andintentiontoleave.-Irving,P.andMeyer,J.(1994).Re-examinationoftheMet-ExpectationsHypothesis:Alongitudinalanalysis.JournalofAppliedPsychology,79,pp937-949.8第八页，共二十九页。ThePowerofProfilesASTDandSHRMstudiedcompaniesthatarerenownedfortheirabilitytoattractandretaintoptalent(DowChemical,EdwardJones,GreatPlains,Sears,andSouthwestAirlines).Onekeyfindingwasthatallofthesecompaniesimplementedcompetency-basedpositionprofilessothatemployeesunderstoodtheskillsandabilitiesrequiredtomoveintootherroles,includingleadershippositions.-AmericanSocietyforTrainingandDevelopmentandSocietyforHumanResourceManagement(1999).RecruitingandRetainingEmployees:Usingtrainingandeducationinthewarfortalent.Alexandria,VA:ASTD.9第九页，共二十九页。EmployeesNeedDirectionDoIknowwhatisexpectedofme?DoIhavethematerialsandequipmentIneedtodomyworkright?DoIhavetheopportunitytodowhatIdobesteveryday?Inthelastsevendays,haveIreceivedrecognitionorpraisefordoinggoodwork?Doesmysupervisor,orsomeoneatwork,seemtocareaboutmeasaperson?Istheresomeoneatworkwhoencouragesmydevelopment?Atwork,domyopinionsseemtocount?Doesthemissionofmycompanymakemefeelmyjobisimportant?Aremyco-workerscommittedtodoingqualitywork?DoIhaveabestfriendatwork?Inthelastsixmonths,hassomeonetalkedtomeaboutmyprogress?Thislastyear,haveIhadopportunitiesatworktolearnandgrow?Copyright©1999TheGallupOrganization.Allrightsreserved.

GallupManagementJournalreportedthefollowingin2001basedonthesurveybelow:19%ofallemployeesareactivelydisengagedfromtheirjobs55%ofallemployeesarenotengagedintheirjobs26%ofallemployeesareengagedintheirjobsAtacostof$292-355BillionperyeartotheUSeconomy.10第十页，共二十九页。HRAddsShareholderValueinEuropeGreatpeoplemanagementequalsgreatshareholdervalue:Europeancompanieswiththebesthumancapitalmanagementdeliveraroundtwiceasmuchshareholdervalueastheiraveragecompetitors.Greatpeoplemanagementpracticespersist:Thekeypracticesassociatedwithhighervaluecontinuetoshowupinbull,bearandflatmarkets,withtheemphasisevolvingovertime.AndsodotheHRpracticeswhicharelinkedwithalossofvalue.Greatpeoplemanagementtravelswell:ExcellentHRpracticeissimilaracrosstheworld,withsomeinterestinglocalvariations.GreatHRbuildsgreatpeoplemanagement:TheeffectivenessoftheHRfunctionitselfisakeyfactor–todrivevaluefromyourhumancapitalyouneedgreatpracticesandahighlyefficientHRfunctionwhichiscloselyalignedwiththebusiness'sneeds.11第十一页，共二十九页。HRAddsShareholderValueinEuropeWatsonWyatt’s2002EuropeanHumanCapitalIndexstudyshowsthat36keyhumancapitalvariables(practicesandpolicies)areassociatedwithanalmost90%increaseinvalue.Thesearegroupedintosixgloballyconsistentdimensions,eachcontributingtothetotalasshowninthechartbelow.12第十二页，共二十九页。Benefitsofe-HRSystemsIntheearlystagesofe-HRjustafewyearsago,thevisionwassimple:implementasmanye-HRapplicationsandmakethemavailabletoasmanyemployeesaspossible,usingmultiplechannelssuchase-mail,voicemail,IVR,VRS,thecompanyintranet,thepublicInternetandHRservicecenters.TheassumptionwasthatthefasteranorganizationmoveditstraditionalHRservicesintoane-HRenvironment,themoreefficientHRwouldbecomeandthemoresatisfiedemployeeswouldbewithHRservices.WatsonWyatt’s2002researchshowsthatgettingresultshasmoretodowithaproperlyfocusede-HRstrategyimplementedwithexcellencethanwiththespeedorextentofanorganization’se-HRprogression.Thosewithaformale-HRstrategyspent.5%ofrevenueonHRandhad94.8employeesperHRpersonvs..69%and87.9employees.Theseorganizationsarealreadymaximizingtheimpactandreturnsofthelimitede-HRinvestmentstheyhavemadetodate.Itispossiblethatastheymakenewinvestmentsine-HR,theirHRperformancemaydeclineuntilthereturnonthoseinvestmentsisrealized.Theseorganizationshavemadelimitedinvestmentsine-HR,andarenotoperatingefficientlyrelativetotheirpeers.Thesearetheorganizationsthathaveproperlyfocusede-HRinvestmentsastheymovedquicklyalongthee-HRprogressionscaleoverthepastfewyears.Theyhaveimplementedtheire-HRinitiativeswithexcellence,andhavetheopportunitytocontinuetobeearlyadoptersandmaintaincompetitiveadvantageovertheirpeers.Theseprimarilylargeorganizationshavemadesignificantinvestmentsine-HRinitiatives,andhaveyettorealizethefullperformancepayoffs.

13第十三页，共二十九页。Benefitsofe-HRinEuropeAccordingtoWatsonWyatt’s2002researchmostEuropeancompaniesareplanningtosubstantiallyenhancetheirB2E/e-HRcapabilitiesinthenexttwoyears.(B2E=BusinesstoEmployee)Theshiftisawayfromsimplypublishinginformationonanintranettomorepersonalizedandinteractivecapabilities.Wheretechnologyhasbeenadopted,thewebistheprimaryvehiclefordeliveryofHRserviceswithtelephonetechnologynotbeingprevalent.ThisisincontrasttotheUS,wheretelephonetechnologyiswidelyused.However,simplyofferingtechnologytoemployeesmaynotbeenoughtoengagetheminusingit.Thishasbeendemonstratedwithanumberofcompaniesreportinglowusage.ThekeydriversforinvestmentinB2E/e-HRareorganizationsrecognizingthebusinessbenefitsandrespondingtoemployeeexpectations.ContinentalEuropeancompaniestendtofocuson‘softer’reasonsforinvesting,despiteUScompaniesreportingthat‘soft’driverssimplydonotdeliver.UKcompaniesinvesttoachieve‘hard’measures.DevelopingaconvincingbusinesscaseseemstobethebiggestbarrierforB2E/e-HRprogramswithcompaniesindicatingthattheyareunsurehowtovaluethebenefitsofB2E/e-HR.Moste-HRapplicationsarelimitedtoHRISsystems:14第十四页，共二十九页。Benefitsofe-HRinEuropeWatsonWyattaskedwhyareyouusinge-HR?Andhowdoesitbenefityourcompany?Andwhatbarriersdoyoufaceinimplementing?Andareyouachievingyoure-HRgoals?15第十五页，共二十九页。PeopleManagement=HigherReturnsInadditiontosupportingBeckerandHuselid’s1998results,the2001WatsonWyattHumanCapitalIndexstudyshowedpreciselywhichHRpracticeshaveanimpactonthebottomline.49specificHRpracticesacross6dimensionsplayedthegreatestroleincreatingshareholdervalue.Theresearchquantifiedexactlyhowmuchanimprovementineachpracticecouldbeexpectedtoincreaseacompany’smarketvalue.Forexample,acompanythatmakesasignificantimprovement(onestandarddeviation)inallofthepracticescategorizedunder“TotalRewardsandAccountability”shouldseeitsvalueimproveby16.5percent(seebelow),andasignificantimprovementin43keyHRpracticesisassociatedwithanincreaseof47percentinmarketvalue.Additionally,onedimension,"PrudentUseofResources"identifiessixpracticesthatdiminishshareholdervalue(e.g.trainingthatisnotconnectedtothebusinessobjectivesandnotevaluatedforROI).16.5%impactoncompanymarketvaluefromtotalrewardsandaccountability9%impactfromacollegial,flexibleworkplace7.9%impactfromrecruitingandretentionexcellence7.1%impactfromtheintegrityofcommunications6.5%impactfromtheimplementationoffocusedHRservicetechnologies33.9%lossfromnon-prudentuseofresourcesCarefulinspectionofallthedatashowsthatforeveryavailablecorrelationcalculatedovertime,therelationshipbetweenpastHRpracticesandfuturefinancialperformanceisstrongerthantherelationshipbetweenpastfinancialoutcomesandfutureHRpractices.ThisisthefirststudytoshowthatHRpracticesactuallyincreasefinancialperformance(.41correlation)insteadofinferringthatcompaniesthatmakemoremoneycanaffordbetterHRpractices(.19correlation).16第十六页，共二十九页。CriticalCompetenciesProduceResultsThe1998WatsonWyattstudy,CompetenciesandtheCompetitiveEdge,consistsofsurveyresponsesfrom1,020organizationsinNorthAmericaandin-depthcasestudiesof17companies.Themostcriticalemployeecompetenciesbyindustry:

Developmentofthecriticalcompetencieswaspositivelycorrelatedtothequalityofdevelopmentalsolutionsandtheemployee’smotivation.Successionplanning,promotionalopportunities,mentoringprograms,on-the-joblearningandcareerworkshopsallseemtobesignificantfactorsintheindividual’sperformanceandcontributionlevel.17第十七页，共二十九页。CriticalCompetenciesProduceResultsThe1998WatsonWyattstudy,CompetenciesandtheCompetitiveEdge,showedthatwhenanorganizationidentifiesandcommunicatesthecorecompetenciesthatitneedstobesuccessfulinthepresentandthefuture,ithasdevelopedapowerfultooltohelpmeetitsgoals.Competenciesdefineandcommunicateanorganization’sstrategyandhelpemployeestounderstandthatstrategyandachieveitsgoals.Themanyrolesthatcompetenciescanplayinanorganizationinclude:ArticulatingwhattheorganizationvaluesProvidingacommonlanguageforemployeesandmanagerstodescribevaluecreationEstablishinganewparadigmforhumanresourceprograms(organizationallevers)FocusingonthedevelopmentoftheindividualinsteadofanorganizationalstructureLinkingpay,promotionsandgrowthdirectlytowhattheorganizationvaluestobesuccessfulGuidingemployeesandmanagerstowhatisexpectedandhowvalueisdefinedevenintimesofdramaticchangeandrestructuringCompetenciesserveasapowerfulcommunicationvehicletofocusallmembersoftheorganizationontheskillsandactivitiesthatwillcreatebothvalueandwealth.Competency-basedprogramscanmakeadifferencetothebottomline.Analysisofthefinancialdataclearlyshowsthatcompanieswithcompetency-basedprogramsperformbetterinthemarketplace.Suchprogramshelpfocustheorganizationandalltheindividualsinitonwhattheycandotoaddvaluetotheorganization.Contributionsarerole-relatedratherthanposition-related.Adoptingthisviewofcontributiontovaluewillhelporganizationsthinkdifferentlyabouttheirhumanresourceanddevelopmentprograms.Organizationscanfocusoncompetenciesneededforthefutureandidentifytherolesthatemployeesdoandmustplay.Programsthatbuildemployeecommitmentcanbringgreatreturns.DatafromthisandotherWatsonWyattstudiesclearlydemonstratethatbothindividualandorganizationalperformanceincreasewhenemployeesarecommittedtotheircompanies.Ensuringthatorganizationalleversthatbuildemployeecommitmentareinplaceandworkingwillaffectthebottomline.Trainingisimportant,butitisnosubstituteforgoodmanagement.Alargemajorityoftheorganizationsparticipatinginthisstudyidentifiedtraininganddevelopmentasthedriveroffuturecorporatesuccess.Thehigh-performingcompaniesidentifieditslightlymoreoftenthantheothers.

18第十八页，共二十九页。MarketCapitalizationofTalentWhereasatthestartofthe1990sacompany'sstockmarketvaluationwasinvariablygaugedbystudyingitsearningsandfixedassetsandaddingatokenamountforgoodwill,bytheendofthedecadeaseismicshifthadtakenplace.WhenaccountantsErnst&Youngcametolookattheissue,theyfoundthatthelargestsliceofmostcompanies'marketcapitalizationwasheldinintangibles-primarily,thetalent,knowledgeandteamworkofitsstaff.Inhigh-techcompanieslikeNokia,thepercentagewasashighas95percent;buteven'oldeconomy'stalwartslikeBP,despiteitshugeinvestmentsinoilplatformsandexplorationequipment,notchedupasignificant74percent.Theupshotwasthatevencompaniesoperatinginthesamesectorwithsimilarearningscouldexperiencewidelydifferingstockvaluations.Thoseignoringthenewemphasison'intangibles'invariablyfoundthemselvespenalizedbythemarkets.19第十九页，共二十九页。ShiftingValues,ShiftingRewardsTheshocksofSeptember11anddramaticchangesinemployees'valuesystemsaresendingcompaniesscramblingtofindnewwaysofattractingandmotivatingworkers.Amassivesurveymeasuringthevaluesandbeliefsoverthelastthreedecadesin60nationsshowsanunmistakableshifttoapost-materialistvaluesystem.Peopleinthedevelopedcountriesarelessconcernedwithmaterialgainsandmoreinterestedinselfexpression,theirpersonalwell-beingandimprovingthequalityoftheirlives.AnewbookshowshowMicrosoft,Intel,Nokia,Starbucks,SingaporeAirlinesand20otherworld-classorganizationsareluringandholdinghigh-qualityemployees.Thecompaniesstudiedstresstheimportanceoftrusting,unleashingandlisteningtotheiremployees.Virtuallyallofthemalsoinvestheavilyinnewtechnology,trainingandemployeebenefitsandrecognizetheimportanceofincreasingtheiremployees'businessknowledge."Microsofthasamarketcapitalizationof$450billion,thelargestintheworld.Ifyouaddupeverydeskandchair,everycomputer,everybuilding,everypieceofland,everythingweown,includingthe$17billionorsowehaveinthebank,itcomestoabout$30billion.Ifyouthenaddinthingslikegoodwillandotherfinancialassets,maybeyou'llcomeupwithanother$70billion,ifyoureallystruggle.Butthatmeansthatthereis$350billionmorethatpeoplehavegivenuscreditforthatisnotthere.Whatisit?Well,it'sthestuffinsmartpeople'sheads."20第二十页，共二十九页。HRFactorsAffectProfit15%ofprofitperformanceisdrivenby:ManagementparticipationOpenmanagementstyleTakingsomerisks,butnottoomanyTopmanagersspending20%oftimewithcustomersAround20%oftopmanagementshouldbeoutsidersManagementtrainingisdeemedimportantTopmanagersareeffectivelyincentivizedSuccessionplanningisdoneAgoodappraisalsystemisinplaceEmployeesgetfeedback21第二十一页，共二十九页。HRFactorsAffectMarketValue26%increaseinmarketvaluein2000wasdrivenby:UseofknowledgeandcontractworkersRecruitingexcellenceConsistentpan-EuropeanHRpracticesGoodunion-managementrelationsLackofhierarchy,clearleadershipTeamworkand360°feedbackCustomer-focusedenvironmentRemunerationSharinginformationwithemployees22第二十二页，共二十九页。EmployeeEngagement26%ofemployeesareengagedintheirjobs55%ofemployeesarenotengagedintheirjobs19%ofemployeesareactivelydisengagedintheirjobs-GallupManagementJournal,200123第二十三页，共二十九页。Attract&RetainorLosetoResignationWhatattractsandretainshighperformers?79%staybecauseofopportunitiesforadvancement69%staybecausetheirjobisredesigned65%staybecausetheyarelearningnewskillsintheircurrentjobWhydohighperformersresign?56%leavebecausetheyaredissatisfiedwithcompanymanagement56%leaveduetoinadequateopportunityforpromotion50%leaveduetodissatisfactionwithpay-“StrategicRewards”byWatsonWyatt,199924第二十四页，共二十九页。Non-FinancialCorporateValue35%ofaninstitutionalinvestor’svaluationofacompanyisattributabletonon-financialinformation.-MavrinacandSiesfield,1997Tobin’sq

Afuture-orientedandrisk-adjustedcapitalmarketmeasureofperformancethatreflectsbothcurrentandanticipatedprofitabilitybydividi