People Data: How To Use And Apply Human Capital Metrics In Your Company (palgrave Pocket Consultants)

People are an organizations' biggest asset and easily amount to 30% of company costs so even small improvements can have a bottom-line impact. A unique toolkit to an important new trend, People Data demystifies and simplifies the process of understanding and working with human capital metrics. People are an organizations' biggest asset and easily amount to 30% of company costs so even small improvements can have a bottom-line impact. People Data demystifies and simplifies the process of understanding and working with human capital metrics, a vital and growing idea within HR. It is not about Big Data systems; it is about the capability of identifying your business-specific people challenges, starting to measure them, and moving on to making data-supported, informed, and future-proof people decisions. With an easy-to-apply set of key metrics that managers can use in their daily leadership and management tasks, as well as examples of how to understand, share, and act on human capital metrics Cover 1 Contents 8 Preface 12 1 Why Bother about Human Capital Metrics? 14 Human capital and human capital metrics 15 The value proposition 17 Combining art and science 19 Beyond data: training a probing mind 20 The process from data to action 21 It is a matter of urgency 22 Analytical culture as differentiator 22 It starts with you 24 2 Working Strategically with Human Capital 26 How human capital metrics can support your business strategy 27 People data considerations 28 Usage and application depend on organization maturity 31 Drawing on concepts from economics 34 Efficiency + effectiveness + impact 37 Human capital measurement equals talent management 38 Benefits of working strategically with human capital 40 3 The Machine Room 41 Getting to grips with the principles behind human capital metrics 41 Types of metrics 43 Examples of rate metric types 44 Examples of ratio metric types 47 Examples of composition metric types 49 Examples of index metric types 52 Examples of qualitative input metric types 55 Benchmarking and target setting 58 Interpretation as foundation for driving change 62 Interplay of quantitative and qualitative data 62 The organization’s approach to sharing human capital metrics 63 4 Determining What Measures You Need 65 Measuring the employee life cycle 65 Strategic choice and people fit 67 Applying supply-chain thinking 68 Johari window 70 Bottom-line impact of people processes 72 Global drivers of employee engagement 73 People analytics and big data 75 5 A Toolbox for Managers 78 Investigating who is accountable for talent management 79 Talent management questions to be answered 80 Data sources 81 Inside the toolbox 83 What is in it for managers 105 6 Making It Happen 106 How to apply people data 106 Measure to manage 107 Post-data process 109 Go or no go for employee engagement at your company 110 Yes, we go for employee engagement 116 The three steps in the survey follow-up process 121 Taking right action by right stakeholder from right data 129 Tracking progress 130 Keeping it alive 132 7 Limitations and Obstacles 135 Looking at availability and quality of data 136 Eating the elephant one piece at a time 137 Resistance to measurement 138 Inability to work with the metrics 139 Inability to take action from people data 141 Lack of feedback facilitation skills 143 The status quo trap 146 Missing accountability in the organization 148 Being analytical and/or action-oriented as the situation requires 150 8 Metrics for Skeptics 152 The kinds of skeptics you may encounter 152 Context for scenarios 154 The CEO who already knows it all 154 The division or country leader who feels it does not apply here 156 The busy manager 158 The overwhelmed new manager 160 The employee who provides feedback again and again and never sees any action or change happening 162 The employee who is scared of numbers 164 The process-driven HR professional 165 The software-obsessed IT expert 166 The social-media mad communications expert chasing the magic metric 167 The customer who just wants to buy 168 9 Calls to Action 170 Your company starts with measurement 171 Your company evolves measurement and management 173 Running an innovation process to boost application 174 Taking the prescribed medicine 176 Replicating internal best practice 177 Appendix 1: Alphabetical List of Human Capital Metrics 181 Appendix 2: List of Illustrations 187 Notes 191 Front Matter....Pages i-xii Why Bother about Human Capital Metrics?....Pages 1-12 Working Strategically with Human Capital....Pages 13-27 The Machine Room....Pages 28-51 Determining What Measures You Need....Pages 52-64 A Toolbox for Managers....Pages 65-92 Making It Happen....Pages 93-121 Limitations and Obstacles....Pages 122-138 Metrics for Skeptics....Pages 139-156 Calls to Action....Pages 157-167 Back Matter....Pages 168-182