PeopleTalks: Human Capital Strategy
I recently attended the first installment of PeopleTalks, a Ted talk-style event coordinated by the MHRM student council open to all students in the Fisher College of Business. This event featured local HR professionals discussing current Human Capital trends and strategies. This session also included the opportunity to ask questions and network with the speakers. Companies in attendance ranged from startups to global organizations. Here are my top takeaways from the speakers.
Caren - Director of Talent Management, Honda Manufacturing
The labor market has changed dramatically over the years—the current demand for labor is high while the supply is low. Because of this, one of the most difficult issues employers experience is with sourcing and retaining quality talent. For Honda specifically, the technological change in the external environment has increased the need for more IT workers. Over the past few years, they have seen a lack of interest in manufacturing positions within their industry. To combat this, Honda has increased their investment in STEM programs and encourage students to co-op with their company in order to develop the talent they know they will need in the future.
Rachael - Director of Talent, HR, and Culture
Established in 2008, Updox is a startup that provides customer relationship management systems to reduce the amount of administrative work for healthcare providers. The speaker from this organization, Rachael, was brought in as the first HR Representative and has implemented many initiatives since she began with the company. Since much smaller, new companies can struggle to match the monetary compensation of larger organizations, part of her strategy to attract talent was to offer company stock and generous paid time off (PTO) benefits to their employees. Thus increasing the value of an employee's Total Rewards.
Craig -Senior Compensation & Benefits Analyst, MHRM Program Alumnus
Acquired by Berkshire Hathaway, NetJets is an aviation company that offers fractional ownership of small, private jets. Since they are a global operation with a mobile workforce, they continue to be challenged on how they can better connect with these employees. One of the projects they have been working on is transparency of pay, a hot topic in the HR industry right now. NetJets plans to implement a career framework for compensation that includes grouping each department by pay level called "bands." This allows for vertical and horizontal movement throughout the company and lets employees know exactly what to expect with each transition.
Samantha - HR Manager, MHRM Program Alumnus
One of the HR team's most recent projects was within their talent management function. More specifically, on measuring employee engagement at work in order to better understand what drives and motivates their workforce. By implementing a third-party survey vendor, they were able to collect and receive employee data, use it to influence their HR decisions, and better support their employee's needs. Measuring engagement has become an important aspect of crafting an organization's employee experience and is being adopted as a practice for many organizations.
Sami- Campus Recruiting Lead
CoverMyMeds is a healthcare software company that provides solutions to consumers regarding their health insurance coverage. Sami, the campus recruiting lead, has responsibility for the company's talent pipeline. This can consist of forecasting for the employees they will need in the future and creating learning and development opportunities so they have the right people in right place at the right time. They are currently focusing their efforts their high-potential employees and shaping them to become leaders in the company.
Overall, HR is a fast-paced, ever-changing field and attending events like this make me excited to be a part of it. I look forward to the next session of PeopleTalks and learning more about what both small and large organizations are doing to become more effective and efficient in the workplace. Thanks for reading, that is all for now!