Workforce analytics: Utilizing benchmarks to maximize performance

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1 Workforce analytics: Utilizing benchmarks to maximize performance Dallas April 9, 2014

2 Your facilitators G Shebani Patel is a Director with PwC in the Saratoga practice. Shebani is responsible for helping HR Executives establish and drive their workforce analytics initiatives. She partners with US and Global organizations to develop HR dashboards, execute and take action on employee surveys, and train HR professionals to use data to drive fact based decisions. During her tenure with Saratoga, Shebani has worked with organizations across a variety of industries in helping them understand how HR measurement can uncover opportunities for maximizing the investment in human capital and increasing HR s effectiveness and efficiency. She is focused on helping organizations utilize analytics that link HR achievements to the bottom line and that demonstrate Human Resources value to the organization. Jon Burton is Manager with PwC in the Saratoga practice. Jon acts as the primary US subject matter expert on developing metric programs and data standards. Jon has worked with many clients to help them measure, benchmark, and communicate the value of their workforce and HR function. Jon also project manages the annual production of PwC Saratoga's US, Latin America, Canada and Global benchmarking reports. Jon's expertise in human capital measurement has allowed him to be quoted in CNNMoney.com, publish an article in World at Work's Workspan magazine, and speak at regional and national conferences. Jon received his Bachelor of Science and Masters of Science in Industrial/Organizational Psychology from San Jose State University. 2

3 About PwC Saratoga Metrics & Benchmarking Employee Engagement & Workforce Surveys Advanced Analytics Worldwide leader in HR Benchmarking 350 workforce and HR metrics Global, Regional, and Industry Benchmarks Employee engagement New Hire assimilation Exit survey/ Turnover analysis HR Department: Voice of the Customer Upward and Peer Feedback Predictive Analytics for HR Deeper analytical and statistical capability to forecast flight risk, performance, etc. Workforce planning Dashboard and Analytic tool implementation 3

4 Our POV on workforce analytics in the market Automate and Globalize Build Process and Governance Pilot High What is likely to happen and how can we be better prepared? 4 Predictive solutions Predictive Analytics Workforce Planning Measurement Maturity Low What happened? 1 Why did it happen and how/where can we improve? What happened and how do we compare on a defined set of metrics? Ad hoc metrics and reports 2 3 Descriptive benchmarking & dashboards Linkage models & advanced survey analytics Workforce Surveys Executive Dashboards Reports/ Metrics/ Benchmarking Low Utilization of Workforce Data High 4

5 Analytics support CEOs on their people agenda 74% 7 in 10 65% 54% 68% Top 3 74% of US-based CEOs expect to change talent management strategies in but 54% point to the availability of key skills as a potential threat to growth 7 in 10 US-based CEOs anticipate making a change to their company org structure in and 68% anticipate undergoing M&A or related activity 65% of US CEOs plan to increase investment in creating and fostering a skilled workforce...and filling talent gaps is a top 3 investment priority for US CEOs 8 in 10 80% 60% 8 in 10 US CEOs state their employees have influence over company business strategy...and 80% of US CEOs plan to further strengthen employee engagement programs 60% of US CEOs deploy an executive development program to develop the leadership pipeline 24%...but only 24% believe that executive development program is effective *All stats from PwC 16 th Annual Global CEO Survey,

6 Getting Started with Metrics and Benchmarking 6

7 Metrics and benchmarking Automate and Globalize Build Process and Governance Pilot High What is likely to happen and how can we be better prepared? 4 Predictive solutions Predictive Analytics Workforce Planning Measurement Maturity Low What happened? 1 Why did it happen and how/where can we improve? What happened and how do we compare on a defined set of metrics? Ad hoc metrics and reports 2 3 Descriptive benchmarking & dashboards Linkage models & advanced survey analytics Workforce Surveys Executive Dashboards Reports/ Metrics/ Benchmarking Low Utilization of Workforce Data High 7

8 Why measure and benchmark Strategic Partner Speak the same language as the business Build Business Cases Evidenced Decision Making High Performer Voluntary Separation Rate % of Employees Within Three Years of Average Retirement Age HR Costs per EE Increase Credibility Seat at the table Communicate human capital insights 8

9 Data elements, metrics, and benchmarks Data element Single data point that is ideally consistently defined throughout the organization» Example headcount, total hires, voluntary terminations Metric Combination of one or more data point that allows for standardized comparison» Example Voluntary Separation Rate, Cost per Hire, Revenue per Employee Benchmark Metric results that are captured consistently across multiple organizations to allow for comparisons 9

10 Exercise part 1 Now that we ve talked about the importance of benchmarking, we want to provide you with an opportunity to practice analyzing data and utilizing comparisons to make an assessment. You re receiving an envelop with three pieces of paper each of which has a metric and result written on it. During this individual exercise, spend a few minutes assessing your results (don t share them with others at your table). In the worksheet provided, spend a few moments developing an answer to the following questions: What is your initial reaction to the metric result you are seeing? What would you tell senior leaders about your current metric results? What action or recommendations would you suggest based on your analysis? You will have ~ 10 minutes for this exercise 10

11 High Performer Voluntary Separation Rate Formula: Total High Performer Voluntary Separations / High Performer Headcount Key Definitional Consideration: High performers typically represent the top 20% of employees Purpose: Measures the rate of departure for high performing employees and provides insight into how well organizational practices reward and differentiate performance Trend: Increased more than 18% since

12 Percent of Employees Within Three Years of Average Retirement Age Formula: Employees Within Three Years of Average Retirement Age / Permanent Employees Key Definitional Consideration: Looks at actual retirement age for your organization and will change over time Purpose: Assess vulnerability to retirement and helps organizations plan for future talent needs Trend: Decreased more than 4% since

13 HR Costs per Employee Formula: HR Costs / Permanent Employees Key Definitional Consideration: How is HR defined (exclude L&D, payroll, safety, security, childcare, and/or cafeteria) Purpose: Provides insight into the amount invested directly in the HR department for each employee. This metric represents the investment in the Human Resource function. Trend: Increased about than 4% since

14 Exercise part 2 Now that you ve had a chance to review metric results individually and developed an initial assessment, you ll be working as a group. Use the large piece of paper and tape on your table, group the results for each metric from low to high. Look back at your assessment sheet. How would you change your initial assessment How would you change your recommendations? Draft up a new set of comments based on the comparisons you now have Group discussion How did having comparisons help you strengthen your assessment? Did you make assumptions that changed after you saw the comparisons? How can measurement and benchmarking help you tell a story? You will have 20 minutes for this exercise. 14

15 PwC Saratoga benchmarks 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 3.4% 4.6% 6.2% High Performer Voluntary Separation Rate 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 5.6% 8.0% 12.8% Percent of Employees Within Three Years of Average Retirement Age $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 $2,868 $1,995 $1,223 HR Costs per Employee *All results are based on PwC Saratoga s 2014 US Human Capital Effectiveness Report 15

16 Going Beyond Benchmarking 16

17 Communicating insights through a dashboard Automate and Globalize Build Process and Governance Pilot High What is likely to happen and how can we be better prepared? 4 Predictive solutions Predictive Analytics Workforce Planning Measurement Maturity Low What happened? 1 Why did it happen and how/where can we improve? What happened and how do we compare on a defined set of metrics? Ad hoc metrics and reports 2 3 Descriptive benchmarking & dashboards Linkage models & advanced survey analytics Workforce Surveys Executive Dashboards Reports/ Metrics/ Benchmarking Low Utilization of Workforce Data High 17

18 What is a leadership dashboard Purpose: Provides a summary level statement on HR and workforce ROI. Meant to be limited in content to allow for a quick assessment. Serves as the basis for further conversation and inquiry. Audience: Typically 1 of 4 audiences: Sr. Leadership, HR Leadership, Line/Operational Leadership, and Business Partners. Technology: Depends on the stage of its development (and availability within the organization). Can be created and delivered in excel or PowerPoint OR it can be automated and visualized through analytic tools as available. Frequency: Typically quarterly but can be more frequent based on automation. 18

19 Content and technology: Two important considerations The development of a dashboard encompasses two parallel work streams: The content e.g., decisions on metrics, benchmarks, trends, geographic coverage, etc. The technology e.g., interim tools or long-term analytic tools. In both cases, there is a need to develop requirements, consider parameters that have implications on lay-out, rollout, accessibility, etc. Content Selecting KPIs Formulas / Data dictionary Trends Benchmarks Targets Action Plans Interim Long-term Technology Enablement... and others Sample Enablers 19

20 Selecting the right metrics 20

21 Importance of data standards Allows users to operationally define key items and build consensus internally. Allows for conversations sharing results to focus on what the results are saying not what do we mean by the results? Recommend documenting data sources/systems/queries for pulling data. 21

22 Working Together 22

23 PwC Saratoga Airport Authority partnership Plan is to launch a human capital and HR focused data collection effort focused on ~40 metrics in January Will leverage existing PwC Saratoga metrics/data standards where possible to allow for broader industry comparisons Need to develop list of metrics and key job groups to assess. Saratoga s current measurement focus includes talent acquisition, workforce productivity, span of control, diversity of workforce, workforce costs, vulnerability to retirement, turnover, and HR department cost and size PwC will be looking for volunteers for a steering committee to establish the survey and metric content. 23

24 Contact information PricewaterhouseCoopers LLP 488 Almaden Boulevard San Jose, CA T: (408) Shebani Patel PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL T: (312) Jon Burton 2014 PricewaterhouseCoopers LLP. All rights reserved. PwC refers to the United States member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details. 24

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