Yesterday at the CIPD annual conference a new initiative was launched: Valuing Your Talent (VyT).
The RSA has always been about helping people develop and apply the skills they need to find decent employment. So we're pleased to be a partner in the scheme and I wanted to share the news.
Valuing Your Talent is a major employment research and engagement programme being led by the UK Commission for Employment and Skills (UKCES) and CIPD and supported by the RSA, the Chartered Management Institute (CMI) and the Chartered Institute of Management Accountants (CIMA).
The aim is to help employers gauge the organisational value of their people’s knowledge and skills, and encourage them to invest in their workforce.
All this comes at a time when productivity is still below its pre-recession level and follows the publication of an OECD Skills Survey which showed the importance of improving the country’s skills base.
This animation will give you more of a flavour of why we think this matters...
The programme aims to create the practical tools and meaningful indicators business leaders, investors and stakeholders need to objectively assess the value of an organisation’s talent and people management practices.
The primary objectives are:
1. To better understand how developing and managing people releases and drives value.
2. To clearly define the basic metrics for valuing talent and to promote agreement and consistency in how such measures are used.
3. To develop a broad framework against which executives, employees, investors and others can assess how businesses of all kinds are developing their people and organisations to enable sustained and higher levels of performance.
4. To support the development of openly accessible HR tools and applications to help organisations better value and invest in their people
The ultimate goal is to develop an open framework for the measurement of human capital that will make good people management and HR practices more visible, and encourage businesses to invest more strategically in their workforces.
We want to create a movement to change business behaviour, so that employers are incentivised to view developing their staff, via skills and training, as a long term investment rather than a cost.
Key insights and project milestones will be shared via a dedicated web hub, which can be found here. A newly published research insight paper written for VyT by Dr. Anthony Hesketh, explores why, after extensive academic research, consulting interventions and even a major government task force, agreement on how to quantify the value of our people still remains elusive. It also sets out the guiding principles for the working group’s research.
I'll be writing more another time about the RSA's particular (and rather exciting) role in this partnership, but for now I just wanted to spread the word!