In today's challenging economy, as companies seek ways to reduce labour costs while improving productivity and performance, many are struggling to find meaningful data and insights to support their human capital decisions. Although the business risks of making the wrong decisions are significant, there hasn't been a source of global, industry-specific data, benchmarks and analytics to support such decisions.
To help close this gap, Towers Perrin, a global professional services firm, is launching a global Human Capital Metrics Database. This database will provide benchmarks and metrics in such areas as talent, rewards and the HR function, as well as industry-specific productivity measures, such as sales per square foot for retailers and premiums per employee for insurers.
"Organizations are moving beyond the 'thousand points of data' approach that has traditionally been used to assess the efficiency of the HR function, and are now seeking sophisticated business tools to provide precise and reliable data to support strategic human capital decisions," said Keri Alletson, Towers Perrin. "People practices and investments are fundamental to business' long-term health and bottom-line. In this economic environment, more than ever, the provision of actionable data is critical."
The Human Capital Metrics Database will focus on four key areas to support enhanced decision making for participating companies:
- Human Capital Productivity - financial and industry-specific workforce
productivity measures
- Talent Management - talent measures for key industry-specific
workforce segments and the overall employee population, covering such
areas as attraction, retention, engagement, leadership development,
wellness and safety
- Total Labour Costs - efficiency of reward programs
- HR Function Performance - efficiency and effectiveness of HR service
delivery.
“Being able to more precisely quantify workforce cost and value relative to business outcomes can provide companies with a real competitive advantage," said Alletson.
"New technology and sources of data provide focused information to support short- and long-term business decision making. Companies are able to make more informed and strategic decisions to improve performance by understanding the real business value of human capital investments. In today's economy - this could provide a head start when the economy turns around."
Organizations interested in participating in the 2009 Human Capital Metrics database can learn more by visiting www.towersperrin.com downloading our brochure or emailing the firm at HCM@towersperrin.com.
About Towers Perrin
Towers Perrin is a global professional services firm that helps organizations improve performance through effective people, risk and financial management. The firm provides innovative solutions in the areas of human capital strategy, program design and management, and in the areas of risk and capital management, insurance and reinsurance intermediary services, and actuarial consulting. Towers Perrin has offices and alliance partners in the
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