HRM318 Human Capital Measurement Assignment SUSS Sample Singapore

The Human Capital Measurement course is a great introduction to the world of human resources and how they fit into an organization. It provides students with skills in understanding their own strengths, weaknesses as well as those around them which can contribute positively or negatively towards success at work.

HRM318 is an advanced course in human capital measurement for professionals who want to gain a deep understanding and practical application of how organizations use data analytics tools. The topics covered include:

• The Case for Human Capital Measurement
• Understanding Measurement
• Major Approaches for Measuring Human Capital
• Aligning Human Capital Measurement to Organisational Strategy
• Creating a Data Strategy for Effective Human Capital Measurement
• Using a HRIS For HC Measurement
• Descriptive Metrics
• Generating Insights from Descriptive Analytics
• Measuring Financial Costs and Benefits of HC initiatives
• Financial Analysis Tools for Assessing Value of Human Capital
• Predictive Analytics Concepts
• Applications of Predictive Analytics across HR disciplines

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Assignment Task 1: Appraise the importance and utility of human capital measurement in relation to current business and economic trends.

The importance and utility of human capital measurement is made evident by the increasing need for data on which to base business decisions. With regards to international trade, human capital becomes an important export as developing countries compete in the global economy. Further, as globalization brings into question access to resources such as oil, natural gas and water we come face-to-face with our own ability not only to determine who can afford food but also what kind of food will be available for those who might want it. 

Focusing on humans rather than just numbers reveals a multitude of nuances and dimensions that go far beyond talent or skill level and speaks volumes about education levels; industrialization; poverty; health care; infrastructure development; social mobility, economic stability not to mention political and cultural values.

When it comes to human capital, numbers can be deceiving. A country may have a large population but if most of the people are uneducated, live in poverty and lack access to health care, that country’s human capital is not very valuable. In order for a country to be successful in the global economy, it is not only important to have a large population, but also to have a population that is educated and healthy

Assignment Task 2: Apply concepts and theories on human capital measurement to develop strategies to improve organisational effectiveness and meet business needs.

There are many different human capital measurement tools which have been developed over the years, including both performance-based evaluations and diagnostic techniques. 

The most common way to measure ‘human capital’ is by looking at its cost—which is called the rate of return on investment in human capital–and examining what happens to this rate when various changes are made in the organisation. 

Employees also need to be encouraged with an appropriate reward system that is individually balanced with rewards for teams or groups they work for. 

Therefore, recognising that each person brings something unique to their job provides opportunities for development which will increase their contribution.

This recognition will make them motivated and more productive employees who are committed to long hours of dedicated service, making the company they work for more profitable.

Assignment Task 3: Examine data quality issues that affect the integrity of reported outcomes.

Data quality refers to a set of rules and standards dealing with the appropriate collection, storage, use and transmission of numeric values. Without going into too many specifics for this article, it’s fair to say that poor data quality can lead to wrong conclusions about important things like trends in cancer diagnoses or health care costs. Wrong conclusions can have dire consequences for public policy as well as medical treatment options.

Good data has an accurate description of what happened, how people were assigned to the group, and whether the results support the hypothesis. 

One common error is not accounting for sources of bias in collecting data. For example, if you don’t account for the potential influence of social desirability on respondents’ answers to questions about drug use or sexual behaviors, your study may produce misleading findings that lead you astray. When it comes to scientific research instruments like surveys or experiments, ensuring that an instrument is valid means that it produces reliable measurements on key issues with minimal variability-even if those measurements are used just as secondary measures. 

Assignment Task 4: Design a human capital measurement programme that links human capital to organisational outcomes and strategy.

Create a measurement programme that links human capital to organisational outcomes and strategy. If your organisation does not have a formal process in place, here are the steps you should take to get started. Choose one or two key business metrics that reflect organisational objectives. For example, key business metrics might be percentage of projects successfully completed by deadline within the project budget; average days-to-market for product launches; rate of new customer placement after sales/marketing campaigns, etc.

 It is important that these operational indicators are available in terms of how they will directly impact expected returns on investment in human capital. Define roles required for measuring your key business metric(s). This may include people who measure activities – either anecdotally or comprehensively, people who assess the correctness of measurements, and people who decide what to do with measurement data. You must ensure that there are appropriate processes in place to make sure everyone knows how to read, analyse, communicate and act on metrics information.

Assignment Task 5: Generate human capital insights with data obtained from organisational systems and information sources.

There are three main steps when it comes to using data obtained from organizational systems and information sources in order understand individual performance: analysis of expected values with their inner workings; comparative measurement of expected values–finding out where they fall with regard to expectations; analysis by studying both ends–placing them on one continuum or the other. Sure enough, with these three steps in play you will be able to learn more about your most important asset — your people.

The first step is to analyze the expected values by breaking them into elements. Each element exists as an individual number, label or a function that gives you a sense of how well it performs within the system. It’s important that you take notice of patterns and regularities in them because they will come in handy later on, when you try to understand what is going on with the system as a whole.

The second step is comparative measurement of expected values. This will help you determine how close the individual values are to meeting expectations and whether they need to be adjusted in order to improve overall system performance. As you might have guessed, this part of the process can be a bit tricky since there is always a chance that the expectations themselves might not be totally correct. If this happens, ask yourself what needs to be changed in order to optimize performance and meet the goals of the organization.

The third and final step is analyzing both ends–placing them on one continuum or another. This will give you a sense of where your entire system or organizational unit is headed, whether it’s headed in the right direction, and how well it can perform.

Assignment Task 6: Recommend strategies to address human capital issues with an analytical mind-set and sound application of human capital metrics and analytics.

All human capital metrics and analytics rely on sound data management and reporting. That means all analytics need to be backed-up by sound data management practices such as accurate recording of time, attendance, telecommunication logs, inventory counts, etc.

Additionally budgeting tools should be used to keep track of salary schedules and their associated wages so that payroll can be prepared accurately on a timely basis.

Lastly all potential hiring or new employees should complete a pre-employment assessment (such as the Myers-Briggs Type Indicator) to determine their skill set and personality abilities before investing in them; this will help you more quickly identify any gaps between their skillset and your needs.

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