The Chartered Institute of Personnel and Development (CIPD) are encouraging other organisations to share best practice to gain benefits from ‘crowd-sourced wisdom’.
Human capital valuation is too important to silo it within HR, which is why the CIPD has called on HR and learning and development professionals as well as members of other professional bodies including CIMA and CMI to contribute their experiences of managing talent.
The institute has called for these experiences to be uploaded onto its ‘Valuing Your Talent Challenge’ – a joint initiative with the Royal Society for the encouragement of Arts (RSA).
The challenge aims to create a ‘Valuing Your Talent Framework’ which will ultimately comprise principles leaders from any sector (and with any size of company) can use, and apply back in their own organisations.
The Valuing Your Talent initiative was formerly launched last November, but today sees a two-pronged, three-month long challenge.
Phase one, (the insight phase), seeks as many examples and observations as possible about what helps and hinders good human capital measurement. This runs until the 31st of March, after which the challenge moves into its 'innovation phase', where ideas are being sought for what new, and better ways exist for HR to value its talent.
As well as a £10,000 cash prize as an incentive, participants and the wider HR community will be able to benefit from the output of the framework, as well as the debate and discussion entries will provoke.
Julian Thompson, director of enterprise at RSA, said:
“Human capital management is too important, too complex and too sensitive to local context for any one group of specialists to develop or determine good approaches. Previous attempts have failed to catch on because models have been developed in isolation from each other and on a closed, proprietary basis. This experimental challenge hopes to be the start of an ongoing open innovation community on the topic of better human capital valuation.”
As well as seeking the views of HR professionals the challenge specifically wants the views of what Thompson calls “outsiders” – such as designers, developers, innovators, and analysts – to be involved in the process. He said: “Diverse collaboration is only possible when there is a shared foundation. The framework provides a common focus for innovation around human capital value, but one that we expect to be continuously enriched and improved.”
Peter Cheese, chief executive at the CIPD, said:
“The need to understand workforce capabilities, engagement and alignment has never been more recognised or important. Yet we still don’t have common definitions or reporting practices. We must harness the wisdom of the crowd so that we can establish a commonly understood and accepted framework and tap into the widest possible range of experiences.”
Cheese and Dr. Anthony Hesketh, lead researcher on the Valuing Your Talent project, will be discussing the principles of the framework at the CIPD’s HR Analytics Conference in London on 12 March 2014.