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Business and Human Capital Challenges: Research Report

Business and Human Capital Challenges Today and in the FutureA Research Report by the society for Human resource ManagementTable of ContentsIntroduction 1 Executive Summary 4 Business and Human Capital Challenges 9 Human Capital Challenges 10 Challenges Involving the HR Function 11 Financial Challenges

A Research Report by the Society for Human Resource Management. ... currently planning to make changes to their HR function to make it even more strategic and measurement-driven

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Transcription of Business and Human Capital Challenges: Research Report

1 Business and Human Capital Challenges Today and in the FutureA Research Report by the society for Human resource ManagementTable of ContentsIntroduction 1 Executive Summary 4 Business and Human Capital Challenges 9 Human Capital Challenges 10 Challenges Involving the HR Function 11 Financial Challenges 14 Perspectives.

2 Talent management and Engagement 17 Sustaining Employee Engagement and Job Satisfaction (by Karen Paul) 17 Modernizing the Employee-Employer Relationship (by John Jersin) 19 Tapping into the Global Talent Market (by Lynn Shotwell and Andrew Yewdell) 21 Flexibility Central to an Effective Workplace (by Ellen Galinsky) 23 Meeting the Challenges: HR Strategies, Competencies, Tactics and Tools 27 Tactics to Attract and Retain Talent 28 Organizational Design 28 Strategic HR.

3 Actions Organizations Are Taking 31 Critical HR Competencies, Knowledge and Resources 33 Perspectives: Business and HR Strategy 41HR Competencies: The Foundation Upon Which to Build Today s and Tomorrow s Business Leader (by Kari Strobel) 41 Certify This! The Role of Competency-Based Certification in HR (by Alex Alonso) 44 Beyond Data Analytics to Dialogue, Action and Results (by Theresa M Welbourne) 46 Developing the Next Generation of Leaders.

4 Trends and Truths About the Future of Leadership Development (by Ian Ziskin) 48 Aligning HR Tech to Strategy (by Sue Meisinger) 51 Non-HR C-suite Executives Views of the HR Function 53 How Non-HR Senior Executives View HR and Strategy 54 Human Capital Challenges According to Non-HR C-suite Executives 56 Challenges Involving the HR Function According to Non-HR C-suite Executives 59 Financial Challenges According to Non-HR

5 C-suite Executives 62 Perspectives: Business Environment 71Is HR Weakest in the Areas Most Likely to Impact Corporate Success? (by Steve Director) 71 What Is HR s Role in Managing Change? (by Deb Cohen) 74 The Regulatory Environment (by Elizabeth Owens Bille) 74 Don t Fear Prudent HR Risks (by Wayne Cascio) 76 Got Skills?

6 Closing the Gap on Opportunity and Prosperity (by Eva Sage Gavin) 78 Conclusion 82 Methodology 83 Appendix 91 Endnotes 99

7 Additional SHRM Resources 103 Acknowledgments 105 Introduction2 Business leaders across functional areas and a wide range of industries can agree that their organization s success will be determined by attracting, retaining and optimally managing a quality workforce But although working on these Human Capital success factors is now an essential part of every Business leader s role, for Human resource management professionals it is their role The challenges HR professionals face each day as they carry out their responsibilities give them a good insight into the broader Business and Human Capital challenges their organizations face now and in the future The 21st century workforce is complex Although the impact of the Great Recession is still being felt in the U S labor market long-term unemployment rates are still high and wages have yet to see significant increases employers also Report that filling many key jobs is grow-ing increasingly difficult The need for educated, skilled and technically savvy employees continues to ramp up and is no doubt driving these recruiting difficulties and highlighting the importance of Human Capital issues By asking HR professionals and non-HR C-suite executives about the most critical Business challenges.

8 Especially as they relate to Human Capital issues, we can uncover important insights into how the workforce is changing and how organizations will deal with these changes in order to succeed The society for Human resource management (SHRM) conducted a survey of HR professionals to learn more about what Human Capital issues and challenges they think will be the most important in shaping the workplace and the HR profession in the coming decade The survey included questions on the following topics: Business and Human Capital Challenges Their organizations greatest current and future Human Capital challenges The biggest financial challenges facing their organiza-tions in the coming decade Strategies, Tactics and Tools The key factors that will determine their organizations ability to meet these challenges The tactics they think will be most effective in attracting, retaining, and rewarding the best employees The type of employment models they expect their orga-nizations to use in the future How they expect their workforce to evolve in the future, including the size of their workforce.

9 Employment status and demographic makeup The Strategic Role of the HR Function The current and future actions they are taking in their organizations to make HR more strategic Which competencies they believe are most critical for the HR professional In a separate survey, non-HR C-suite executives were asked about Human Capital challenges today and in the future, along with their views on the HR function and how they work with HR in their organizations The sample comprised a range of organizational leaders, including presidents, CEOs, chairs, partners or principals, senior vice presidents/executive vice presidents as well as chief financial officers, chief technology officers, chief operat-ing officers and other C-suite executives These indi-viduals are well-positioned to have an insight into HR s role, strategies and objectives because for most of the individuals in this sample, the HR function either reported to them or was their peer This Report details the findings of both surveys and exam-ines the implications for the future of the HR profession In addition to the survey findings, this Report features the views of HR thought leaders on a wide range of key Business and Human Capital challenges clustered around three main topic areas: 1) talent management and engagement, 2) Business environment and 3) Business strategy These thought leader articles include the following.

10 Talent management and Engagement Sustaining Employee Engagement and Job Satisfaction Karen Paul, , leader of the Global Measurement Center of Expertise, 3M Modernizing the Employee-Employer Relationship John Jersin, CEO, Connectifier Tapping into the Global Talent Market Lynn Shotwell, executive director, and Andrew Yewdell, global immigration specialist, Council for Global Immi-grationIntroduction3 Flexibility Central to an Effective Workplace Ellen Galinsky, president and co-founder, Families and Work InstituteBusiness and HR Strategy HR Competencies: The Foundation Upon Which to Build Today s and Tomorrow s Business Leader Kari Strobel, , senior consultant, AvantGarde Certify This! The Role of Competency-Based Certifica-tion in HR Alex Alonso, , SHRM-SCP, VP, Research , SHRM Beyond Data Analytics to Dialogue, Action and Results Theresa M. Welbourne, Research professor, president and CEO, eePulse Inc.


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