Hurconomics: HR Economincs

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Facilitated by: Dr. TV Rao

Facilitated by: Dr. TV Rao

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  • 1. TVR LS Hurconomics A Re-look at Economics of HR Interventions National HRD Network Virtual Learning session October 18, 2012 1
  • 2. TVR LS 2
  • 3. 85 Managers of a company were asked the following questionsTVR LS  To what extent did you have clearly set work plan for the last six months?  To what extent did your seniors with whom you work shared the same understanding of your work plan and priorities in the last six months?  To what extent are you able to put to use most of your capabilities in the last six months?  To what extent are you clear about the work plan and priorities for the next six months?  They were asked use the following scale: – 100% = fully, 75% = Mostly, 50% = somewhat, 25% = A Little, 0% = Not at all 3
  • 4. To what extent did you have clearly set work plan for the last six months?( n= 85)TVR LS  100% = 11 Managers  75% = 59 Managers  50% = 10 Managers  25% = 5 Managers  0% = None  Calculate the Percentage of un-planned work which may be a wastage. 4
  • 5. TVR LS 28% Unplanned work or time Wasted due to lack of clarity i.e. Nearly twenty four persons time wasted in last six months due to unplanned work or 12 person- years of unplanned work 5
  • 6. TVR LS If a manager’s boss does not share the same work plan and priorities as the manager what are the consequences to the individual, his boss and the organization? 6
  • 7. Extent seniors shared sameTVR LS understanding of work plan and priorities in last 6 months  100% = 20 Managers  75% = 32 managers  50% = 20 Managers  25% = 9 managers  0% = 1 Manager  Calculate the percentage of non congruence of work plans and the consequent damage to the organization.  In this case 31% non congruence 7
  • 8. Extent to which managers wereTVR LS able to put to use their capabilities in last 6 Months  100% = 11 Managers  75% = 39 Managers  50% = 28 Managers  25% = 5 Managers  0% = 0 Managers  Percentage of Unutilized competencies = 33 8
  • 9. Extent to which Clear aboutTVR LS their Priorities for the Next six months  100% = 26 Managers  75% = 38 Managers  50% = 16 Managers  25% = 3 Managers  0% = None  Level of Plan Congruence = 76%  If this is your data are you happy with this? 9
  • 10. TVR LS What do you think of this company’s PMS? 10
  • 11. TVR LS Do you know the following?  If you are paying ten thousand rupees a month to secretary in your department he/she is costing you one rupee a minute.  A thirty thousand rupee salary person costs rupees three a minute.  A manager with a CTC of 12 lakhs costs Rs. 600 an hour and Rs. 5,000 a day  What do you think is the ROI this manager is expected to give to the company? 11
  • 12. TVR LS Talent and Time  Talent has become scarce and it has become strategic  Hurconomics is a way of measuring talent through costing time  The concepts I have used in this context are: – COT = Cost Of Time – R- COT = Real Cost Of Time – O-COT = Opportunity Cost Of Time 12
  • 13. How much does a tea breakTVR LS cost to the company? 13
  • 14. TVR LS What should be the agenda of a meeting of the Board or a sales team or a daily production meeting? 14
  • 15. How much does it cost to have a PRD? What returns can you expect?TVR LS  Take the example of MRs and monthly meetings or their quarterly PRDs  How do you get the best out of these PRDs or meetings? 15
  • 16. How can you recover investments on recruitment if your retention rates areTVR LS low?  Induction?  Integration? 16
  • 17. How can you calculateTVR LS training investments and ensure returns to the full?  Five conditions for making training an investment  Estimate the time needed to recover the cost of training in conflict management between two Senior Managers who use about 120 e-mails a year due to differences of attitudes? 17
  • 18. TVR LS How much are you spending on your HR department? Are you getting the best from it? 18
  • 19. TVR LS How does HR contribute to your intellectual value addition and share holder value? 19
  • 20. TVR LS Open Forum Thank You tvrao@tvrao.com 20