Human Capital Risk Management
Human Capital Risk
Human Capital Risk is defined as the workforce factors and people practices impacting business performance, and span industrial relations, performance management, compensation, group benefits, health & safety, and workforce planning, training & development. Once identified, the risks to the business’ performance can be assessed for both likelihood of occurrence and impact. Risk mitigation strategies can be identified, developed and implemented to ensure the performance of the business is optimized.
Why Human Capital Risk is Important
As companies become more knowledge-driven, human capital expenses are increasing - on average 36% of revenues are spent on human capital costs. Human capital risks multiply as companies become more complex and undertake larger, more frequent business transformations including: mergers and acquisitions, outsourcing, shared service centers, restructuring, increased use of flexible labour and so on.
Human Capital Risk Ranks as a Significant Business Risk
The Conference Board of Canada ranks Human Capital Risk in four of the top five highest operational risks:
- Shortage of critical skills within company’s workforce
- Compliance/regulatory issues
- Succession planning
- Gap between talent capability and business goals
- Shortage of critical skills in external labour force
Examples of Other Human Capital Risks
- Low employee engagement causing declining productivity
- Organizational culture that does not support desired behaviours or encourages undesirable ones
- Misalignment of pay and performance causing excessive labour costs
- Poor alignment of HR strategy and activities with business strategy
- Ineffective selection processes resulting in poor hiring decisions
- Labour relations issues
The MEARIE Group (TMG) Advantage
- TMG knows the electricity sector the best as it’s owned, operated and managed by Members
- TMG has over 20 years of human capital experience in building HCR strategies
- TMG provides both strategic and transactional services across the many facets of business requirements
The MEARIE Group Extends Its Partnerships
The MEARIE Group provides a variety of products and services to help our clients with their human resource needs. In addition to our partnerships with Comprehensive Benefit Solutions, BFL Canada, Korn Ferry and our various training partners, we have expanded our partnerships to include Oakbridges Industrial Relations Strategists and The Self Management Group. Oakbridges specializes in the broader field of Industrial Relations, developing strategies that extend beyond traditional day-to-day Labour Relations and Collective Bargaining. The Self Management Group provides comprehensive talent selection and performance management services including individual and group psychometric evaluation tools.
Our services now span the following areas:
- Group Benefits
- Industrial Relations
- Talent Management
- Health, Safety & Wellness
With our expanded partnerships, we now offer an even broader array of services and enhanced Human Capital Risk Management support.
New Levels of Support
We have combined our HRIS and ELRS Programs into our new HCR Program, and now offer the following levels of support.
SELF-DIRECTED SERVICE $3,500 SUBSCRIPTION
Improved for 2020, our HCRM package includes enhanced information, quick access to generic and high-level trends, and industry specific resource material, including:
- Surveys (i.e. Management Salary Survey)
- Industrial and Labour Relations Report NEW
- Industry Wage/settlement/benefits database
- Collective Bargaining Agreements
- Metrics/Research/Benchmark Material
- Coaches Handbook
GUIDED ADVISORY SERVICE $5,750 (20 HOURS)
When you occasionally need access to an expert for additional support, guidance or expertise, you can take advantage of our Expert-on-Call packages of either 20 or 60 hours.
Industrial Relations Package
Access our experts anytime to better understand and resolve Labour Relations and Industrial Relations issues impacting your organization.
Talent Management Package
Access our experts anytime to better understand and resolve Talent Management issues impacting your organization.
CONSULTING SERVICES CALL FOR INFORMATION
Access to our expert consulting support for contracted assignments and projects as needed. Examples include:
• Industrial and Labour Relations strategic planning
• Situational and Cultural Assessments
• Collective Bargaining preparation
• Collective Bargaining Negotiation Support/Lead
• Recruitment and Terminations (Hiring, Assessments, Onboarding, Exit Interviews, Outplacement)
• Training (Training Strategy, Assessments, Learning Plans, Metrics)
• Talent Development (Career Mapping, Succession Planning, Performance Management, Coaching)
• Employee Engagement and Team Development Programs
Call us for a free consultation. Estimates provided on an individual basis.
ADDITIONAL SERVICES CALL FOR INFORMATION
We provide a number of products and services available on an individual basis, including:
• Comprehensive Group Benefits programs
• Energy Job Search™, and TalentNest Applicant Tracking System™
• Management Pro™ and Team Pro™ psychometric evaluation tools
• Onsite Training programs with customized options available
• Retiree Benefit actuarial reviews
• Workplace Absence and Disability Management
Call us for a free consultation or quote. Estimates provided on an individual basis.
Collective Agreements e-Library Portal
The Ministry of Labour is making it easier to access its collection of public and private sector collective agreements in Ontario via a self-serve, online portal
. The portal is part of Ontario’s Labour Relations Information Bureau and also supports its Open Government commitment to make government more open, transparent and accessible by improving access to data and information. Visit their new self-serve portal for collective agreements found in Ontario.
Check it out here
For further information on the Human Capital Risk Management Program, or to enroll call 1-800-668-9979 or e-mail email@example.com