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7/27/2019 Measure the Value of your Human Capital with Human Capital Financial Statements
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April 19, 2011
Human Capital Management Institute
Presents:
Human Capital Financial Statements
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About Human Capital Management Institute
HCMI Background:
Specialized in HR analysis &measurement
Deep expertise in Workforce Analytics &
Planning
Board made up of CFOs and HR heads
Over 40 years of experience
What We Do:
Measure the immeasurable in humancapital
Transform workforce data into business
intelligence
Provide Tools and Training so HR can
Partner with Finance
2
Workforce Assessment w Strategic Consulting w Training
Best Practices w Workforce Analytics and Planning w Benchmarking
The Human Capital Management Institute (HCMI) was founded on the belief that organizations can and
must, find better ways of measuring their investments in human capital. Our vision of the future is one in
which human capital measurement and information is as integral to business decision making as
financial information is today.
We Bring Financial Discipline, Standards and Rigor to the HR Function
Human Capital Management Institute
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The Average FORTUNE 500 Company makes a $3
billion annual investment in Human Capital itcannot measure.
- Hewitt Associates
Human Capital Management Institute 3
In most organizations, including large companiessuch as the Fortune 500, total human capital costs,also known as Total Cost of Workforce, average
nearly 70% of operating expenses.- A 2006 SHRM survey of over 700companies including a significant
number of Fortune 500 companies
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History of Accounting and Financial Statements
Human Capital Management Institute 4
mid 1800s
Statements of cash
and balance sheets
were relatively
common
1934
Modern financial
reporting and the
development of
Generally AcceptedAccounting
Principles (GAAP)
started with the
Securities and
Exchange
Commission (SEC)
Act of 1934
1938
American Institute of
Certified Public
Accountants (AICPA)
gave the Committee
on Accounting
Procedure (CAP)
responsibility to
issue accounting
standards
1973
Financial Accounting
Standards Board (FASB)
established to improve
standards of financialaccounting and reporting
for the guidance and
education of the public
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Purpose of the Traditional Financial Statement
Financial statements are used by many different stakeholders
Human Capital Management Institute 5
But they leave out the company's most valuable asset: the workforce.
Stakeholder Use
Company Leadership
Tool for business decision making that may affect an
organizations continued operations and annual report
to stockholders
Prospective Investors Assess the success and viability of investing in a businessFinancial Institutions(banks and other lending companies)
Decision to lend to a company or extend debt securities
Government Entities(tax authorities)
Ascertain the propriety and accuracy of information for
legal, tax and audit purposes
Vendors who extend credit Assess the creditworthiness of the business
Media and the General Public Variety of reasons
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Human Capital Measures Linked to Financial
Performance
How do we go from Human Capital to Financials with actionable data?
Revenue
Expenses
Profits
Assets
Liabilities
Operations
&
Business
Financials
Recruiting
Training
Mobility
Engagement
Lead/Manage
Retention
Human
Capital
Customer
Days Worked
Cycle Time
Quantity
Quality
Satisfaction
Net Promoters
Price/Margin
Retention
Return rate
Data Integration ModelQuantifying the Talent
Management Life Cycle+
6 Human Capital Management Institute
Recruiting &Hiring
Training
(L & D)
Performance&
Engagement
MobilityCareer Path
Turnover &Retention
Leadership &
Management
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Human Capital Financial Statements (HCF$)
Greater Transparency into an organizations greatest asset: The Workforce
Method to Value Knowledge Capital by measuring the 81% of MarketCapitalization not on traditional financial statements, Intangible/Knowledge Capital
Improved Investment Decisions providing key information, investors can makeinformed investment decisions
Standards in Human Capital Measurement and Reporting Leads to industry andgeographic based Benchmarking capabilities
True Linkage of Human Capital to Financial Results
A Supplement to Traditional Financial Statements, not a substitute
Human Capital Management Institute 7
Delivering Value with Human Capital Financial Statements:
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Human Capital Financial Statements (HCF$)
Human Capital Management Institute 8
Human Capital Financial Statements answer the following questions:
1. How do you quantify the impact human capital has on financial performance?
2. How do human capital metrics integrate with commonly accepted financial metrics?
3. How do you measure total workforce costs to drive workforce effectiveness and efficiency?
4. How do you quantify value creation across the talent management life cycle?
5. What is the impact of training on profit, productivity and total human capital value?
6. What is the differential human capital value creation of different job roles?
7. How do you measure workforce flow, changes, and growth like a cash flow statement?
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HCMI has developed three unique statements collectively known as Human Capital
Financial Statements for organizations to disclose human capital information:
Human Capital Impact Statement
Workforce Productivity Impact Summary
Total Cost of Workforce Sub-Schedule
Talent Management Impact Schedule
Human Capital Asset Statement
Human Capital Headcount Summary
Human Capital Asset Cost Schedule
Human Capital Training Value-add Schedule
Return on Human Capital Investment Schedule
Total Human Capital Value Schedule
Human Capital Flow Statement Talent and Headcount Flow Summary
Human Capital Job Value Schedule
The Human Capital Financial Statements (HCF$)
9 Human Capital Management Institute
Prior Year New Current Year
W or kfo r ce P r im ary C ateg or y H eadcoun t Hires1
%Chg Turnover2%Chg Retirement
3%Chg Subtotal %Chg Promotions
4%Chg Transfers
5%Chg Headcount %Chg
Employees 13,300 1,745 13.1% -510 -3.8% -140 -1.1% 14,395 8.2% 50 0.4% 5 0.0% 14,450 8.6%
-Management & SeniorLeadership 1,250 50 4.0% -10 -0.8% -15 -1.2% 1,275 2.0% 20 1.6% 5 0.4% 1,300 4.0%
- Professional Staff 2,300 292 12.7% -70 -3.0% -50 -2.2% 2,472 7.5% 30 1.3% -2 -0.1% 2,500 8.7%
- Sales Staff 3,000 560 18.7% -150 -5.0% 0 0.0% 3,410 13.7% -25 -0.8% 15 0.5% 3,400 13.3%
- S pe ci a li st s a nd T ec h ni ci a ns 9 0 0 100 11.1% -25 -2.8% -30 -3.3% 945 5.0% 68 7.6% -13 -1.4% 1,000 11.1%
- Skilled Trade Staff 250 25 10.0% -10 -4.0% 0 0.0% 265 6.0% -25 -10.0% 10 4.0% 250 0.0%
- Operations Staff 1,450 225 15.5% -80 -5.5% -20 -1.4% 1,575 8.6% 20 1.4% 5 0.3% 1,600 10.3%
- Service Staff 2,750 308 11.2% -120 -4.4% -25 -0.9% 2,913 5.9% -8 -0.3% -5 -0.2% 2,900 5.5%
- A dm in is t ra ti v e S u pp or t S t af f 9 5 0 110 11.6% -20 -2.1% 0 0.0% 1,040 9.5% -40 -4.2% 0 0.0% 1,000 5.3%
- Laborers and Helpers 450 75 16.7% -25 -5.6% 0 0.0% 500 11.1% 10 2.2% -10 -2.2% 500 11.1%
Contingent Staff 1,700 455 26.8% -150 -8.8% 0 0.0% 2,005 17.9% -50 -2.9% -5 -0.3% 1,950 ####
- Temporary 1,100 235 21.4% -100 -9.1% 0 0.0% 1,235 12.3% -30 -2.7% -5 -0.5% 1,200 9.1%
- Contractors 600 220 36.7% -50 -8.3% 0 0.0% 770 28.3% -20 -3.3% 0 0.0% 750 25.0%
Tot al or Av er ag e W or kfor ce 1 5, 00 0 2 ,2 00 14.7% -660 -4.4% -140 -0.9% 16,400 9.3% 0 0.0% 0 0.0% 16,400 9.3%
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The Human Capital Impact StatementQuantifying Workforce Productivity
Key Metrics: Revenue per FTE
Profit per FTE
Avg. Market Cap. per FTE
Total Cost of Workforce
Human Capital ROI Ratio Return on Human Capital
Investment
10 Human Capital Management Institute
Human Capital Impact Statement Summary
Revenue Prior Year Current Year Variance % ChgNet Operating Revenue $1,400,000,000 $1,540,000,000 $140,000,000 10.0%
Total Workforce Headcount (FTE) 15,000 16,400 1,400 9.3%
Revenue per FTE $93,333 $93,902 $569 0.6%
Costs
Total Expenses $1,170,000,000 $1,285,000,000 $115,000,000 9.8%
Total Operating Expense $725,000,000 $795,000,000 $70,000,000 9.7%
Total Cost of Workforce (TCOW) $779,950,000 $861,000,000 $81,050,000 10.4%
TCOW Percent of Revenue 55.7% 55.9% 0.2% 0.4%TCOW Percent of Total Expenses 66.7% 67.0% 0.3% 0.5%
TCOW Percent of Operating Expenses 107.6% 108.3% 0.7% 0.7%
Profit
EBITDA(1) $310,000,000 $340,000,000 $30,000,000 9.7%
Net Operating Profit $143,750,000 $159,375,000 $15,625,000 10.9%
Profit per FTE $9,583 $9,718 $135 1.4%
Productivity and ROI of Human Capital
Total Market Capitalization (2) $2,156,250,000 $2,390,625,000 $234,375,000 10.9%
Average Market Capitalization Value per FTE $143,750 $145,770 $2,020 1.4%
Human Capital ROI Ratio 1.29 1.30 0.00 0.1%
Return on Human Capital Investment 18.4% 18.5% 0.1% 0.4%
TOTAL WORKFORCE PRODUCTIVITY IMPACT: $34,570,000 $41,294,200 $6,724,200 19.5%
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The Human Capital Impact Statement
Advanced metrics at each talent
management life cycle stage:
Workforce Productivity Impact Across
the Talent Management Life Cycle:
11
Recruiting &Hiring
Training
(L & D)
Performance&
Engagement
MobilityCareer Path
Turnover &Retention
Human Capital Management Institute
Leadership &Management
Talent Management Segment
Prior Year
Productivity
Impact
Current Year
Productivity
Impact
Recruiting and Hiring
Mobility
Leadership and Management
Training
Performance and Engagement
Turnover and Retention
Overall Productivity Impact
10%
# of Qualif ied
Applicants
SupervisorSurvey Score
EmployeeSurvey Score
Percent of Job
Requirements Met
New Hire
SatisfactionSurvey
New Hire High
Performer Rate
25% 20% 25% 20%
New Hire
Turnover
Example Quality of Hire Index
Quality of Hire Index
Internal + External
Best Hire Source
Percent of HighPerformers
Applicant Percent of JobRecommendationsMet
Applicant Percent ofJob RequirementsMet
90 Day New HireTurnover Rate
Total QualifiedApplicants
Total Cost of Workforce
Quantifying the Talent Management Life Cycle
Talent Management
Lifecycle:
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The Human Capital Asset Statement +
Human Capital Flow Statement
12 Human Capital Management Institute
Key Assumptions:
1. Workforce Value Increases Over Time Exceptions exist which is why differentiating workforce job roles #3 below is critical
2. The Workforce Create Value Far Greater than its Cost (See Human Capital ROI Ratio and Return on Human Capital Investment)
3. Certain Job Roles Create More Organizational Value than Others (See #1 above, differentiated workforce value is foundational to the Human Capital Asset Statement)
4. Training is More of an Investment than an Expense Therefore it is treated as a capital asset and depreciated in the Human Capital Asset Statement
5. Captures Workforce Total Value Add both annual and accumulated
6. Quantifies the Total Value of the Workforce
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The Human Capital Asset StatementMeasuring Human Capital: an Organizations Most Valuable Asset
13 Human Capital Management Institute
Human Capital Headcount Deployed Prior Period% of
Total Current Period% of
Total Variance
Employees 13,300 88.7% 14,450 88.1% 8.6%
- Management & Senior Leadership 1,250 8.3% 1,300 7.9% 4.0%
- Professional Staff 2,300 15.3% 2,500 15.2% 8.7%
- Sales Staff 3,000 20.0% 3,400 20.7% 13.3%
- Specialists and Technicians 900 6.0% 1,000 6.1% 11.1%
- Skilled Trade Staff 250 1.7% 250 1.5% 0.0%
- Operations Staff 1,450 9.7% 1,600 9.8% 10.3%
- Service Staff 2,750 18.3% 2,900 17.7% 5.5%
- Administrative Support Staff 950 6.3% 1,000 6.1% 5.3%
- Laborers and Helpers 450 3.0% 500 3.0% 11.1%
Contingent Staff 1,700 11.3% 1,950 11.9% 14.7%
- Temporary 1,100 7.3% 1,200 7.3% 9.1%
- Contractors 600 4.0% 750 4.6% 25.0%Total Workforce 15,000 100.0% 16,400 100.0% 9.3%
Total Retained Human Capital Value Prior PeriodPercent
of Total Current PeriodPercent
of Total Variance- Management & Senior Leadership $114,085,191 33.5% $122,597,851 31.6% 7.5%
- Professional Staff $47,570,395.54 14.0% $51,871,882 13.4% 9.0%
- Sales Staff $95,688,967 28.1% $114,895,893 29.6% 20.1%
- Specialists and Technicians $3,200,000 0.9% $3,750,000 1.0% 17.2%
- Skilled Trade Staff -$820,000 -0.2% -$1,750,000 -0.5% 113.4%
- Operations Staff $18,141,980 5.3% $20,585,366 5.3% 13.5%- Service Staff $41,025,572 12.0% $45,733,106 11.8% 11.5%
- Administrative Staff -$9,325,500 -2.7% -$10,046,500 -2.6% 7.7%
- Laborers and Helpers -$3,550,000 -1.0% -$4,000,000 -1.0% 12.7%
- Contingent Staff $0 0.0% $0 0.0% 0.0%
Retained Human Capital Value Add (3) $306,016,607 89.8% $343,637,598 88.5% 12.3%
Annual Workforce Productiv ity Impact (4) $34,570,000 10.2% $44,666,667 11.5% 29.2%
TOTAL HUMAN CAPITAL VALUE ADDED (5) $340,586,607 100.0% $388,304,264 100.0% 14.0%
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Human Capital Flow Statement
Provides an exact report by category and critical role of workforce size,gains, losses, tenure and talent level
Breaks down workforce flows across the talent management lifecycle.
Human Capital Management Institute 14
2,000 1,626260350 29
547200 311
517
35 302169 426
0
500
1000
1500
2000
2500
3000
3500
4000
BeginningHeadcount
PromoIn
TransferIn
DemotionsIn
ExternalHire
Rehire
PromoOut
TransferOut
DemotionOut
TerminationsOther
InvoluntaryTerm
VoluntaryTerm
Endingheadcount
Human Capital Flow Statement Human Capital Flow Chart
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Case Study: BroadTek Communications
Human Capital Management Institute 15
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The Human Capital Impact StatementCase Study: BroadTek Communications
16 Human Capital Management Institute
Revenue Prior Year Current Year Variance % Chg
Net Operating Revenue $4,114,540,000 $4,444,560,000 $330,020,000 8.0%
Total Workforce Headcount (FTE) 4,645 4,750 105 2.3%
Revenue per FTE $885,800 $935,697 $49,897 5.6%
CostsTotal Expenses $2,788,752,921 $2,809,406,376 $20,653,455 0.7%
Total Operating Expense $2,262,997,000 $2,377,839,600 $114,842,600 5.1%
Total Cost of Workforce (TCOW) $447,661,952 $467,567,712 $19,905,760 4.4%
TCOW Percent of Revenue 10.9% 10.5% -0.4% -3.3%
TCOW Percent of Expenses 16.1% 16.6% 0.6% 3.7%TCOW Percent of Operating Expenses 19.8% 19.7% -0.1% -0.6%
Profit
EBITDA(1) $1,316,652,800 $1,511,150,400 $194,497,600 14.8%
Net Operating Profit $573,155,422 $680,017,680 $106,862,258 18.6%
Profit per FTE $123,392 $143,162 $19,770 16.0%
Productivity and ROI of Human Capital
Total Market Capitalization (2) $6,304,709,642 $6,800,176,800 $495,467,158 7.9%
Average Market Capitalization Value per FTE $1,357,311 $1,431,616 $74,305 5.5%
Human Capital ROI Ratio 3.96 4.50 0.54 13.5%
Return on Human Capital Investment 128.0% 145.4% 17.4% 13.6%
TOTAL WORKFORCE PRODUCTIVITY IMPACT: $355,630,545 $700,578,523 $344,947,978 97.0%
1
1
2
2
2
33
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17 Human Capital Management Institute
Note: All Dollars in Thousands Data for 2009 and 2010 Fiscal Years KPI = Key Performance Indicator FTE = Full Time Equivalents
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
ClearTel RayFi BroadTek
Revenue per FTE
Profit per FTETotal Cost of Workforce per FTE
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
ClearTel RayFi BroadTek
Revenue per FTE
Profit per FTETotal Cost of Workforce per FTEProductivity Gain(Loss) per FTE
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Human Capital ROIRatio
Return on HumanCapital Investment
ClearTel RayFi BroadTek
The Human Capital Impact StatementCase Study: BroadTek Communications
1
2
3
2010 Financial KPIs 2009 - 2010 KPI Variance
2009 2010 Productivity Variance
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The Human Capital Asset StatementCase Study: BroadTek Communications
18 Human Capital Management Institute
Human Capital Headcount Deployed Prior PeriodPercent
of Total Current PeriodPercent
of Total VarianceEmployees 4,395 94.6% 4,535 95.5% 3.2%
- Management & Senior Leadership 610 13.1% 615 12.9% 0.8%
- Professional Staff 1,310 28.2% 1,405 29.6% 7.3%
- Sales Staff 730 15.7% 805 16.9% 10.3%
- Specialists and Technicians 515 11.1% 530 11.2% 2.9%
- Skilled Trade Staff 115 2.5% 105 2.2% -8.7%- Operations Staff 210 4.5% 210 4.4% 0.0%
- Service Staff 550 11.8% 560 11.8% 1.8%
- Administrative Support Staff 250 5.4% 220 4.6% -12.0%
- Laborers and Helpers 105 2.3% 85 1.8% -19.0%
Contingent Staff 250 5.4% 215 4.5% -14.0%
Total Workforce 4,645 100.0% 4,750 100.0% 2.3%
Step #1: Measure Changes in Workforce Headcount Total Employees
Sales Staff and Service Staff = Core Workforce
Administrative + Laborers and Helpers = Non-Core Workforce
Step #2: Quantify Differential Value of High vs. Low Value Add Roles Core Job Roles add Greater Value
Critical Job Roles add Greater Value
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Measuring Critical Job RolesCase Study: BroadTek Communications
19
Low Value Add High Value Add
Roles that are administrative in
nature
Roles thatdo not make
decisions
Typically easier to outsource
Roles thatestablish strategy
Roles thatmake critical
decisions that impact the
business
Roles thatmanage a team or
key business processes
Non Core
Core
Roles that are revenue generating
Roles that are key to bringing in
future revenue
Roles that are customer facing
Roles thatdirectly support revenue
generation / or manage cost
Roles that indirectly supports
revenue generation
Roles that are notcustomer facing
22.5%
48.5% 23.5%
6.5%
Human Capital Management Institute
54.5%
2009 2010
18.5%
2009 2010
21.5% 4.5%
2009 20102009 2010
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Linking Productivity to FinancialsExample: Workforce Category and Job Group
Sales
Professional
Operations
Workforce
Category
Job Group
Sales Manager
Sales Engineer
Consultant
Developer
Call Center Rep
Workforce Metric
Revenue per FTE
Customer Satisfaction
Engagement, Billable
Days, TrainingInvestment per FTE
Engagement,
Performance Rating
% of 1st
Calls Resolved,Customer Satisfaction
Key Business
OutcomeRevenue
Revenue, Customer
Retention
Productivity, Profit,Cost
New Product ROI,
Cost
Unit VolumeOutput
20 Human Capital Management Institute
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Linking Performance and Productivity by Job Role
Performance Productivity
21
AlwaysNot Sure Typically
Sales Positions
Customer Service
Human Capital Management Institute
2X
Accountant 1X
3X+
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Human Capital ROI Ratio Impact MatrixX = Human Capital ROI Ratio Multiplier. Example 1.2 Human Capital Ratio * 1.0X = (1.0 * 1.2 or 1.2)
22
Typical Job Category Impact*
Job
Importance
Employee Performance Level
Critical
Low
Low High
3.0X
Stars
5.0-10.0X
4.0X
4.0X
Good
Average
High
3.0X
2.0X1.0X.5X.25X
1.0
1.0X
3.0 X
1.0
1.0
.5X
2.0X
1.0X
Important
Okay
2.0X
.7X
.7X
.7X
1.0 1.0X
2.0X
1.0X
*Relative Impact and Importance of a job
role or job category varies considerably
by industry, region and business model
Primary Workforce Category
Top Management Important to Critical
Sales Staff Average to Critical
Service Staff Average to Critical
Professional or Executive Staff Average to Critical
Operations Staff Average to Critical
Specialist & Technicians Average to Critical
Administrative Support Staff Low to Average
Laborers & Helpers Low to Average
Typical Job Importance Level
Human Capital Management Institute
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Workforce Image Map (WIM)A Story of 2 Technology Companies (Software)
Human Capital Management Institute 23
Which Company has the most High Value Add Job Roles? Co. A vs. Co. B3,700 vs. 3,450
74% vs. 69%
Primary Workforce
Category
Total
Workforce
Tech Co. A
Total
Workforce
Tech Co. B
Top Management 50 50
Management 550 550
Sales & Marketing Staff 1,250 3,000
Product Research and
Development Staff850 100
Consulting, Training & Service
Staff1,200 300
Other Professional Staff 300 300
Call Center Staff 350 0
Administrative Support Staff 200 200
Contingent Workforce 250 500
Softwa re Tech Co
Comparison Total5,000 5,000
Tech Company A Headcount Tech Company B Headcount
Too much of any one Category Creates an Unsustainable Imbalance
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Introducing Workforce Intelligence Consortium
Human Capital Management Institute 24
Evaluate the financial impact of
workforce decisions
Identify ROI for Engagement, High
Performance, Internal Mobility,
Time to Productivity/ Profitability
and more
Utilize the advanced Cost of
Turnover calculator
Employ a comprehensive data
blueprint
Leverage defined standards andmetrics that create meaningful
output
Implement data disciplines to
ensure reliable metrics and
measures
Optimize the Total Cost of
Workforce by industry
Model Industry Specific Issues forProductivity, Skills, capabilities,
performance, tenure, and training
Evaluate your Organizations Most
Critical Job Roles: Measure and
Predict the Impact of Changes and
ROI
Identify and solveworkforce challenges that
impact bottom line results
Comprehensive integrationof workforce, customer, and
financial data
Optimize workforce costs
and conduct advanced
workforce analytics and
planning
Quantify Integrate Predict
A partner-driven organization dedicated to translating insights into
actionable workforce management technology with industry-specificcontent
www.workforceic.com
http://www.workforceic.com/http://www.workforceic.com/7/27/2019 Measure the Value of your Human Capital with Human Capital Financial Statements
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Next Steps:
Human Capital Management Institute 25
For more information about HCMI and the Human Capital
Metrics HandbookTM, visithttp://www.hcminst.com/hcmi.html
For inquiries about the Workforce Intelligence Consortium,
contact Cheryl Farley, Program Director [email protected]
Presenter information:
Jeff Higgins, CEO HCMI [email protected]
Workforce Intelligence Consortium
Group@HCMI
http://www.hcminst.com/hcmi.htmlmailto:[email protected]:[email protected]:[email protected]:[email protected]://www.hcminst.com/hcmi.html7/27/2019 Measure the Value of your Human Capital with Human Capital Financial Statements
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Question and Answer
Human Capital Management Institute 26
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Thank you
Human Capital Management Institute 27