Building An Evp 2010 10 26
- 1. Building an EVP for a Differentiated Workforce: An in-progress strategic staffing “workbench project” Rob Orr, SPHR, MHCS Nicola Hayward, SPHR Garvin Whitfield, PHR Tonya Weston November 2, 8:00 AM, Garfield Room 2010 Garden State Council SHRM Conference – Ocean Place Resort & Spa, Long Branch, NJ
- 2. Agenda • What We Do • Framing the Business Case • Building the Strategic Brand • In-Process Inspection Report • Questions & Discussion
- 3. What We Do We help businesses measure, evaluate, and navigate risk
- 4. Employment Value Proposition • The value or benefit an employee obtains through employment – The value of an organization’s employment experience • All companies have an EVP – Some actively manage it – Most don’t…
- 5. Framing the Business Case • Creating the Opportunity – Targeting a specific business unit; one of the Verisk “Growth Pistons” – Connecting with the Business Unit Head • Raising the Case – Learned about the business plan and strategy – Developed a business case & detailed project plan – Got buy-in from business unit Executive Team
- 6. Foundation Work • HCI’s Human Capital Strategist Curriculum • HR Leadership Council Resources • HC BRidge Framework – Understanding the business from the business side
- 7. Who is iiA? • Products: Cutting edge risk and decision analytics • Industries: P&C Insurance, Healthcare, and Mortgage • Strategic position: Growth piston, Center of analytics expertise for the Verisk Companies • We employ: Statisticians, Data Managers, Actuaries, Product Managers, IS&T experts
- 8. Building the Strategic Employment Brand • Segmenting the Jobs – Becker, Huselid, & Beatty’s “A-Position Assessment” Tool – Executive team evaluated all 28 jobs
- 9. The Tool
- 10. Selecting the Strategic Jobs • Output of “A-Position Assessment” Tool was the basis of discussion with the Executive Team • Executive Team selected the positions rated “A” & “B”
- 11. Developing the EVP: Survey • Web-based survey of the organization’s environment concerning” – The Opportunity – The Rewards – The Work – The Organization – The People • 12 factors influencing acceptance of offer • 40 attributes – importance & delivery
- 12. Sample EVP Attributes • Respect - The degree of respect that the organization shows employees • ‘Great Employer’ Recognition - Whether or not the organization’s reputation as an employer has been rated by a third party organization • Innovative Work - The opportunity provided by the job to work on innovative, ‘leading edge’ projects
- 13. Survey Results • Top Factors Influencing Acceptance of Employment Offer: – Personal/Professional Growth – Nature of Work – Technical Challenge • 12 Attributes rose to the top in importance • Delivered quantitative report to the executive team
- 14. Deep Dive: Employees • Follow-up interviews with a small sample to get qualitative data – What does the attribute mean to you? – Is it a strength of the organization? – What can we do to make it stronger? • This rounded out the view to help the Executive Team select the ‘vital few’ EVP attributes to focus upon
- 15. Deep Dive: External Talent • Finalists – What were the top three things that were most attractive about iiA as a potential employer? • “Lost” Talent – Why did you decline the offer? – What were the top three factors that led you to accept the other offer? – Are you satisfied with your current job? – Would you be interested in staying in touch?
- 16. Talent Competitor Review • Identified who the Business Unit competes with for talent – Current employee’s previous companies – Former employees’ current companies – Companies we lost candidates to – Companies in a similar niche • Focus is on the demographic that fills our strategically important jobs
- 17. Executive Team EVP Decision Making • Briefing Packet – iiA EVP Decision Matrix – iiA Strategy and Strategic Staffing Requirements – iiA EVP Themes – iiA EVP Survey Comments Report – iiA Competitor Employee Value Propositions – White Paper on “Shrinking Talent Pools”
- 18. EVP Decision Matrix Potential EVP Attribute Segmented Delivery Score Strength – Interviews Current Segmented ee’s Relevance to Strategic Objectives Opportunity for Competitor Differentiation Implementation Cost Innovative Work 4.22 High High High Low Location 4.22 High Low High (?) Low Coworker Quality 4.05 High High High Medium Stability 67% “Just Right” High High High Medium Ethics/Integrity 89% “Just Right” High High Low Low Work/Life Balance 78% “Just Right” High Medium Medium Low Personal/Professional Growth* NA* Medium High High Low -Medium Job-Interests Aligned 4 Medium High High Medium Level of Impact 3.94 Medium High High Medium Compensation 3.94 Medium Medium Medium High Future Career Opportunity 3.56 Low Medium Medium High Meritocracy 3.83 Low Medium Medium High
- 19. Strategic Employment Branding • Meet with Corporate Marketing to develop an employment brand that incorporates the EVP. Our challenge was to – Create a communication program using EVP attribute to promote iiA a preferred employer – Integrate EVP messages into the day-to-day activities of the business unit – Make sure the employment brand is consistent with the existing business unit/product branding
- 20. EVP Building Blocks • Innovative Work • Location • Stability • Work/Life Balance
- 21. Implementing the Strategic Recruiting Brand • Develop standard “overview language” for iiA postings • Posting the iiA Strategic EVP on their “micro-site” that currently exists • Create a new “Testimonial Page” on the micro-site • Employee e-mail signature campaign • Develop a flyer for trade show events • Enhance the Employee Referral Program for iiA jobs
- 22. Next Steps • Establish guidelines to ensure a positive candidate experience consistent with the Brand messaging through all the touch points in the staffing process • Establish an “onboarding program” to ensure that the EVP is delivered • Monitor and measure the impact of the iiA Employment Brand over time
- 23. Questions?
Editor's Notes
- #2: Welcome! I am happy to see so many faces at such an early hour! I am Rob Orr and along with my colleagues, Nicola, Garvin, and Tonya, I’ll be speaking to you about a project that began as a result of a professional development effort. While some of you may have downloaded the slides from the conference website, we have a comprehensive workbook for you to use during the presentation to follow along and have a place to take notes.
- #3: Let’s start by reviewing the agenda: First we’ll talk about Verisk Analytics under the first point, “What We Do” Then within the topic of “Framing the Business Case” we’ll explain how this project was conceptualized and how it got started. Then we'll walk through the process steps we took in “Building the Strategic Brand” We’ll tell you where we are now and what our next steps are in the In-Process Inspection Report section Questions & Discussion
- #4: Read from slide: We help businesses measure, evaluate, and navigate risk – We provide data, analytics, and decision support tools to three main industry verticals: Property & Casualty Insurers Health Care Mortgage industry We also provide risk related tools directly to Risk Managers in a variety of industries and sectors.
- #5: Read slide: The value or benefit an employee obtains through employment The value of an organization’s employment experience All companies have an EVP Some actively manage it Most don’t…
- #6: I mentioned earlier that this project started out as a result of a professional development program. I was participating in HCI’s Master Human Capital Strategist certification program and part of the requirements for the designation is to do a Practicum to apply the learning to a real world situation. We looked around the organization for an area that would be clearly able to benefit from an effort to focus on Human Capital Strategy. We identified one business unit, ISO Innovative Analytics, as being both innovative and open to looking at things in new ways. I approached the business unit head with “A Free Offer” to help them maximize the competitive advantage gained by looking at staffing issues through a strategic lens. The top guy was interested to hear what we had to say, so we learned as much as we could about their business plan and had the opportunity to sit down with him a couple of times. With all the information we collected, and based on the learning that I discuss on the next slide, we developed a business case & detailed project plan. We made our pitch to the Executive team and was able to get buy-in.
- #7: The Foundation work included the MHCS curriculum listed on page 6 of the workbook, several HR Leadership Council resources and Boudreau & Ramstad’s book, Beyond HR. Their HC Bridge framework was especially helpful to us to help us understand the business from the business’ perspective. You’ll see the Seven Key Questions the framework poses on Page 7 of the handout. I’m going to turn it over to Nicola now so that she can give us an overview of our client in this project.
- #8: Notes: Founded January 1, 2005 with a vision to utilize an independent modeling unit within ISO to enhance the value of existing products and services and to develop new analytic products and services based on market needs. ISO Innovative Analytics (iiA), a unit of Verisk Analytics (VRSK), specializes in applying advanced analytical techniques and data management skills to solve challenging problems related to risk and decision-making in a variety of verticals including P&C insurance, Healthcare, and Mortgage. We combine vast, and often unique and proprietary, data resources with cutting-edge predictive modeling techniques to create the most accurate models in the industry. Our clients use our risk assessment models for competitive gains in their marketing, underwriting and pricing strategies and our fraud detection and audit selection solutions to improve operational efficiencies. Our market position allows us to dedicate unparalleled time and talent to solving the analytic challenges in our target verticals. iiA is an equal opportunity employer. Strategic: Quick overview of how we fit within the enterprise. Our projected contribution over the next 3 years or so. We employ: Talk about the skillsets, experience, and degrees people bring to bear. What percentage of the population have Masters… PhD. Shared Services – IS&T, HR, Finance, etc.
- #9: I mentioned earlier that the goal was to help the business unit maximize their competitive advantage by looking at staffing issues through a strategic lens. As we were beginning this project, Becker, Huselid, & Beatty published their book, The Differentiated Workforce and it provided us with a tool to help determine which jobs had the greatest strategic impact. I want to point out that we are talking about JOBS, not people. So let me give you an example based on a company that you all know about, FedEx. A couple of years ago they looked at all their jobs to determine which ones had the greatest likelihood for having an impact, positively or negatively, on the firm’s performance. ASK: Which jobs do you think came up? As you’ll see in a moment, The “A-Position Assessment” Tool gives you a way to look at each job independently to determine Strategic Impact, Performance Variability, and the impact and scarcity of top talent. We had one of our technical support people create a web based delivery of the tool and asked the executive team to assess all 28 jobs independently.
- #10: The tool is reproduced on page 11 and you can see how the questions are segmented to help determine Strategic Impact, Performance Variability, and the impact and scarcity of top talent.
- #11: The output of the tool informed the discussion we had with the Executive Team to decide which jobs should get our attention. Nicola mentioned the “shared services” model in effect with this business unit, so many of the important but non-strategic jobs are not within the area. They decided that we should focus on the “A” & “B” positions, those that the assessment identified as having either Possible or Clear Strategic Impact. The list on page 10 is color coded to show you which jobs were identified as “strategic”