Key strategies for managing human capital risk
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KEY STRATEGIES FOR MANAGING HUMAN CAPITAL RISK. Harold Morgan Senior Vice President Human Resources, CHRO White Lodging Services

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KEY STRATEGIES FOR MANAGING HUMAN CAPITAL RISK

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Key strategies for managing human capital risk

KEY STRATEGIES FOR MANAGING HUMAN CAPITAL RISK


Key strategies for managing human capital risk

  • Harold Morgan

  • Senior Vice President Human Resources, CHRO White Lodging Services

  • Former CHRO, CTA (Chicago Transit Authority), IDEX Corporation, Bally Total Fitness Corporation, Bally Manufacturing/Entertainment, Director of Employment and Labor Relations, Hyatt Hotels Corporation.

  • Jennifer Barton, SPHR

  • Chief Operating Officer | Willis Human Capital Practice

  • As COO of the Human Capital Practice for Willis North America, Jennifer has responsibility for 48 offices throughout the U.S. and Canada representing over $330 million in revenue. In this capacity she is responsible for defining, creating and deploying best-in-class client deliverables designed to address human capital risk. Under her leadership, the practice has grown to consult with over 3,000 clients across the U.S. in areas such as Human Resources, Communication, Compliance, Health Outcomes and Reporting and Analytics.


What to expect

What to Expect

  • Overview of Talent Management/Development

  • Best Practice Review

  • Five specific strategies for managing human capital risk within your organization

  • Key questions for getting started with your strategies


White lodging overview

Company Overview

White lodging overview


Introduction to white lodging

Introduction to White Lodging

  • Established in 1985 – Headquarters in Merrillville, Indiana (30 miles from downtown Chicago)

  • Owner, developer and operator of premium branded hotels

  • One of the largest independent hotel organizations in the U.S.

    • 170 branded hotels totaling more than 26,000 guestrooms in 21 states

    • Deep talent pool: 10,000 Associates – Full and Part Time

    • Manage leading brands: Marriott, Hilton, Starwood, Hyatt, InterContinental, Preferred, Carlson

  • Mission: Maximize the value of each and every hotel asset for our owners

  • The State of the Industry

  • The Brands

    • Own very few, if any hotels

    • Manage less than 50% of the hotels bearing their name

  • Independent Management Model

    • Work for the owner instead of the brand

    • Offer more accountability, flexibility and ROI versus brands


  • History

    Human Capital Risk Practical Implications

    History


    Overview

    Overview

    • No Chairman of Board / CEO has ever....

    • No CHRO has ever ….

    • CHRO Survey – major issue

    • Modify Talent Strategy All The Time

    3. Talent Changes All The Time

    Talent changes all the time


    Key strategies for managing human capital risk

    Source: HR Policy Association


    General philosophy talent development

    General Philosophy-Talent Development

    • Right people on bus (80%) + robust on-boarding

    • KISS

    • 50/50 – no hand holding

    • Develop those with most impact (more top of house)

    • 70-20-10 – rule of training


    Elements of great talent management

    Elements of Great Talent Management

    • Right people on bus

    • Business needs generate talent plan

    • Determine how to judge talent

      • Competencies

      • Testing

    • Assess Talent

    • Produce choices for key roles (outside > 30%)

    • Conduct STR ‘s of Key Leaders

    • Decide on development/coaching approach

    • Move plus manage talent-every move is scrutinized

    current performance

    against competencies

    future potential

    flight risk


    Key strategies for managing human capital risk

    Source: HR Policy Association


    5 specific strategies

    Willis

    5 Specific Strategies


    Specific human capital strategies

    Specific Human Capital Strategies


    Specific human capital strategies1

    Specific Human Capital Strategies


    What is your employee value proposition

    What is Your Employee Value Proposition?


    Total rewards gap assessment

    Total Rewards Gap Assessment

    Evaluate or Create a Total Rewards Strategy

    • Effectiveness of your rewards elements

    • Alignment to your business strategy

    • Competitive position

      Develop an Action Plan

    • Resources and recommendations

    • Prioritization and eligibility


    Specific human capital strategies2

    Specific Human Capital Strategies


    Pay for performance in theory

    Percent

    Increase

    Percent of

    Population

    High

    High

    Low

    Low

    Pay for Performance in Theory


    Pay for performance in reality

    Percent

    Increase

    Percent of

    Population

    High

    High

    Low

    Low

    Pay for Performance in Reality


    Merit matrix modeling

    Merit Matrix Modeling

    Distribution of Employees by BOTH Performance and Within Pay Range

    Largest increase to those who perform well and paid low in their range


    Specific human capital strategies3

    Specific Human Capital Strategies


    New ways to define when where and how work gets done

    New Ways to Define When, Where and How Work Gets Done

    • Why

    • 1 out of 5 cares for an elderly parent

    • Women comprise 60% of workforce

    • 80% of men would like fewer hours

    • Priority from Boomers to Millennials

    • In Practice

    • High-Performers

    • Teams establish blueprints

    • Establish and hit benchmarks**


    Specific human capital strategies4

    Specific Human Capital Strategies


    Identify behaviors and skills critical to success

    Identify Behaviors and Skills Critical to Success

    For Illustrative Purposes Only


    Specific human capital strategies5

    Specific Human Capital Strategies


    Identify high potential and high performing

    Identify High-Potential and High-Performing


    Create a plan to manage your human capital

    Create a Plan to Manage Your Human Capital

    • Remember 10% | 20%| 70%

    • Projects

    • Taskforce

    • Job Rotations

    • Temporary Accountability

    • Stretch Assignments

    • Fix-it / Turn-around

    • Development Plans

    • Cross-Functional moves

    • Internal and External Leadership Development

    • 360 Feedback


    Not everything at once

    Not Everything at Once

    • Action Tool

    • Delivering on this initiative would help achieve business objectives?

    • Line managers are likely to cooperate, if asked to support this initiative?

    • We have the capabilities within our HR team to deliver this initiative well?

    • We have the infrastructure (e.g., technology, tools) to deliver this initiative well?

    • Results from the initiative can be measured to validate its effectiveness? How?

    • Leadership buy-in has been obtained or is likely to be obtained?

    • Who will be accountable for the success / failure of the initiative?

    • What are the estimated direct and indirect costs associated with this tactic?

    • Can we secure the budget necessary to deliver this initiative well?


    Key take away

    Key Take Away

    Human Capital is an Asset … Manage it.

    Whether a company competes on the basis of productivity, innovation, customer loyalty, efficiency, speed, or agility, the workforce has a make-or-break impact on those results.

    It is important to have the right talent, with the right skills, in the right place, at the right time, and at the right cost.


    Questions final comments and contact information

    Questions, Final Comments and Contact Information

    Harold Morgan

    Senior Vice President Human Resources

    White Lodging Services

    [email protected]

    Jennifer Barton

    Chief Operating Officer

    Willis Human Capital Practice

    [email protected]


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