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Human Capital Metrics
 

Human Capital Metrics

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The issues with insufficient Human Capital data and analytics and the ways of overcoming the problem

The issues with insufficient Human Capital data and analytics and the ways of overcoming the problem

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    Human Capital Metrics Human Capital Metrics Presentation Transcript

    • Human Capital MetricsStephanie Pittman, Director Global HR ServicesBoston Scientific Corporation March 2012
    • Agenda  Boston Scientific Company Overview  Problem Statement  Human Capital Metrics to gain competitive advantage  Global Roll out of Human Capital Metrics – 10 Keys to Success  Wrap Up/Q&A2 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • MISSION STATEMENT Boston Scientific’s mission is to improve the quality of patient care and the productivity of health care delivery through the development and advocacy of less-invasive medical devices and procedures. This is accomplished through the continuing refinement of existing products and procedures and the investigation and development of new technologies that can reduce risk, trauma, cost, procedure time and the need for aftercare. Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • BOSTON SCIENTIFIC IS A GLOBAL COMPANY FOCUSEDON INNOVATIVE MEDICAL DEVICES AND PROCEDURESBOSTON SCIENTIFIC CORPORATION PROFILE GENERAL FACTS: PRODUCT INNOVATION: • More than 15,000 Patents issued • Founded in 1979 with 38 employees and worldwide $2 million in sales • $1.0 Billion invested in R&D (’09) • Now one of the world’s largest medical device companies FINANCIALS: • Portfolio of more than 13,000 products • $8.2 Billion Revenue (’09) • Added Cardiac Rhythm Management • $1.2 Billion Net Income1 (’09) through acquisition of Guidant Corporation • 15% CAGR2 (’03-’09) in 2006 • NYSE: BSX • Corporate HQ: Natick, MA DEMOGRAPHICS: • Regional HQs: Paris, Tokyo • 25,000 Employees • Website: www.bostonscientific.com • Sales forces in more than 40 countries • 17 manufacturing facilities worldwide 1. Excluding acquisition, litigation, divestiture, restructuring and other charges 2. Compound Annual Growth Rate Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • OUR BUSINESS HAS 4 FOCUS AREAS CARDIOLOGY, RHYTHM AND VASCULAR ENDOSCOPY UROLOGY AND WOMEN’S HEALTH NUEUROMODULATION5 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • BOSTON SCIENTIFIC IS ADVANCING PATIENT CAREACROSS A BROAD RANGE OF MEDICAL SPECIALTIES INTERVENTIONAL RADIOLOGY INTERVENTIONAL NEUROVASCULAR RADIOLOGY CARDIAC RHYTHM INTERVENTIONAL MANAGEMENT CARDIOLOGY ELECTROPHYSIOLOGY PAIN MANAGEMENT INTERVENTIONAL GASTROENTEROLOGY BRONCHOSCOPY ONCOLOGY WOMEN’S HEALTH PERIPHERAL VASCULAR UROLOGY Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • THREE DECADES OF INNOVATION HAVE LED TO A BROAD AND DEEP PORTFOLIO OF MORE THAN 13,000 PRODUCTSSAMPLING OF BOSTON SCIENTIFIC’S PRODUCT PORTFOLIO STENTS BALLOONS CATHETERS/GUIDEWIRES EMBOLIC PROTECTION ULTRASOUND IMAGINGPACEMAKERS/ICDs/CRTs ABLATION PERIPHERAL DILATATION DETACHABLE COILS NEUROSTIMULATION BIOPSY SYSTEMS EMBOLICS STONE RETRIEVAL LITHOTRIPSY SYSTEMS PELVIC FLOOR REPAIR Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Agenda  Boston Scientific Company Overview  Business Problem Statement  Human Capital Metrics to gain competitive advantage  Global Roll out of Human Capital Metrics – 10 Keys to Success  Wrap Up/Q&A8 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • The Business Context - A Changing GlobalEconomy Economic Organizational Human Capital Landscape Challenges Challenges • Multi Speed Recovery • Adjusting to growth in • Focus on • Currency Wars developing markets Management adding • Emerging Customers • Coping with inflation value • Changing Customer and resource • Defining what attitudes in Developed constraints behaviours, systems, World • War for Talent processes create • Focus on Cost greatest ROI • Higher Inflation • Global and Diverse • Establishing measures • Information Technology Workforce • Linking to strategy • Multi Technology9 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Business Problem Statement We have insufficient Human Capital data and analytics to drive data based business decisions across a global organization potentially resulting in: • Increased costs from turnover • Increased costs due to lower productivity • Costs associated with interventions that may not have return on investment and may not result in desired business outcomes • Loss of revenue The root causes of our lack of sufficient data are: • Lack of integrated data model and data quality governance program • Inability to access data and analytics in efficient and effective manner • Lack of business focus and competency in HR analytics10 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Quick Audience Poll How many of you/your organizations identified the same/similar problem statement? Where is the business imperative coming from? Is HR positioned to take on this challenge? Is the business willing to invest money, effort and time? Is everyone aligned on critical metrics and data?11 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Agenda  Boston Scientific Company Overview  Problem Statement  Human Capital Metrics to gain competitive advantage  Global Roll out of Human Capital Metrics – 10 Keys to Success  Wrap Up/Q&A12 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • What is Human Capital Analytics?• HR Metrics are measures of performance• HR Analytics examines the effect of HR Metrics on performance• HR Analytics delivers insights from quantitative metric data to shape decisions and outcomes for organizations looking to maximize the value of every investment.• HR Analytics can help direct investments toward the people and programs most essential to driving high performance and improving business results.• Descriptive Analytics focus on the Past and the Present• Predictive Analytics focus on the Future Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Who cares about Human Capital Analytics?Internal Stakeholders have different roles and interests in Human CapitalAnalytics and will require different conversations Are the building blocks in place to support the strategy and ultimately deliver shareholder value? Do I have efficient processes that create value for the organization?Senior Leadership HR Specialists Am I making the right investments in people and HR processes to support the strategic HR Director goals Do I have access to the right data to enable me to make human capital decision that will impact Line Managers the business? Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Different organizations are at varyingstates of Analytical Maturity We need to be here We are currently here! Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • “Meaningful” Analytics There is significant work to do across the spectrum & it is a multi-year journey Accurate, harmonized data and human capital metrics Data availability Access to data and metrics Data integrity Standard reports & Use of Analytics Standard definitions metrics Trend analysis Harmonized views of Automation the business Root cause analysis Self service Global v. Local Action plans On demand Continuous Ad hoc improvement PS DQM Decision making Core HCM EE Data Mgmt Global HR Dashboard Core HCM Training for HRBPs & Local metrics & COEs data Skill & competency improvement VIPs & Targets16 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Effective HR Analytics….. • Sets out quantitative and qualitative information • Analyzes benchmarking data, ideally established targets • Identifies key performance drivers and demonstrates how HR programs are adding value • Reviews how well HR Strategy is contributing to business performance • Set out ROIs on investments in development programs • Draws conclusions on implications for HR Strategy and practice17 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • In Simpler Terms… •What does the data tell me? •How am I performing against competitors? •What do I need to improve? •What are the issues I need to watch? •Are there any major challenges ahead? •What investments in my human capital will generate the greatest return?18 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • HR Metrics v. Human Capital Metrics HR metrics measure efficiency Human capital metrics measure effectiveness19 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Agenda  Boston Scientific Company Overview  Problem Statement  Human Capital Metrics to gain competitive advantage  Global Roll out of Human Capital Metrics – 10 Keys to Success  Wrap Up/Q&A20 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Global Rollout – 10 Keys to Success 1. Have a well-defined problem statement • What problem do you need to solve? • What are the expected business benefits? 2. Establish buy-in early and often • Engage Senior Leadership Teams • Engage global stakeholders in requirements gathering • Establish a Steering Committee • Provide regular updates • Establish strong partnerships with IS and Finance 3. Ensure integrity of data • Conduct data quality assessment • Conduct data modeling exercise • Implement employee master data management program • Provide one version of the truth 4. Leverage technology • Utilize self service models • Automate as much as possible • Customize dashboards for different audiences 5. Tie Human Capital metrics and reporting to business results and outcomes • Develop scorecard with clear linkages and report monthly • Establish performance targets • Link to performance objectives21 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Global Rollout – 10 Keys to Success 6. Build Human Capital Analytics into the DNA of your organization • Educate HR and business leaders to access and utilize data effectively • Include analytics competency and skills into job profiles, competency models & performance evaluations • Incorporate HCM and analytics in business reviews, strategic planning, and other forums • Conduct robust change management exercises 7. Plan in phases to avoid stalling progress; let it evolve • Determine manageable phasing based on availability of data & metrics, scope complexity and change management required • Implement in phases to show progress, gain support, and evolve competency in the organization 8. Staff HR Analytics function appropriately • Embed within HR function • Support organization centrally • Invest in appropriate # and level of resources • Focus on analytical skills, consulting skills 9. Don’t measure everything simply because you can; align on key measures • Identify less than 10 key global measures – most impactful and predictive 10. Establish global standards but allow for local customization • Align on key global measures; enable additional measures to be tracked locally22 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally
    • Wrap Up/Q&A Stephanie Pittman Director, Global HR Services Boston Scientific Corporation One Boston Scientific Place Natick, MA 01760 Office: 508.650.8716 stephanie.pittman@bsci.com www.bostonscientific.com23 Boston Scientific Confidential -- For Internal Use Only. Do Not Copy, Display or Distribute Externally