The first phase of developing the world’s first standardized taxonomy was a resounding success.
The groundwork has been laid. Now, The International Human Capital Standards Taxonomy Group (IHCSTG) is inviting professionals to collaborate for the second phase of developing HR standards including metrics.
Your invitation to establish HR standards
The first phase, attended by professionals from private and public sector organizations, defined the input human capital fields required for effective human capital management and investment.
The second phase is now about defining the output metrics required for reporting human capital activity and productivity. Since these metrics are likely to differ by industry, the IHCSTG is inviting participation spanning a broad range of industries. Current participants include: ABN AMRO, Capgemini, Coca-Cola Enterprises, Cisco, Deloitte, EDF, HSBC, Jaguar Land Rover, KPMG, MasterCard, PwC, Rolls-Royce, Royal Bank of Scotland, Sainsbury’s, Serco, SITA, Sky, Travis Perkins, The Home Office (UK), White & Case.
Co-ordinated by Rosslyn Data Technologies, the second phase of workshops will take place over the course of June, September. October and November 2017, facilitated by Dr Max Blumberg and supported by Mark T Lawrence. We will continue this important work in 2018, so get involved today.
Why is a standardized human capital taxonomy important?
- The lack of a single source for defining fields of data or metrics in the HR industry presents a problem for practitioners and leaders alike. Ultimately this places pressures on workforce management, as well as complicating communications between other functions of the business.
- The new taxonomy will identify and codify standardized metrics which decision-makers should be using; defining how these metrics are uniformly calculated, enabling consistency and comparability in data reporting and analysis, between organizations.
- The endeavour for a standardized taxonomy will bring together deeply experienced leaders from the field, the result of which will be a credible, user-driven and user-maintained asset to any organization seeking to leverage insight. Organizations the world over will be able to make the right decisions for their people both now, and in the future.
IHCSTG is an ongoing movement, with a lot of important work planned by the group in the coming months, including the creation of industry benchmarks, which requires a standardized taxonomy and standardized metrics (which is the group is also developing) in order to conduct like-for-like data analysis.
We’re entering an exciting, transformative time for the HR profession. Innovative new technologies, processes and best practices are being developed to aid decision-makers in leveraging data to better know and support the advancement of employees. The only question right now is - are you going to play a pivotal role in efforts to push the HR profession forward?
Get involved in shaping the future of HR - contact me directly at email@example.com.