October 14, 2011
Resolution Economics Group announces the creation of its new business division, Resolution Workforce, to help companies get the most from their people. Resolution Workforces taps into the wealth of information companies already possess—both data and knowledge—to identify opportunities and increase business efficiency. We combine the science of labor economics with extensive experience in workforce analysis to determine the relevant questions – and answers – that will impact the bottom line through improvements in hiring, job placement, compensation, promotions, and other workforce decisions.
As part of the Resolution Economics family, our extensive work in employment disputes has provided us with a deep understanding of the economic and business aspects of virtually every kind of workforce decision. We have provided consulting and expert witness services in hundreds of employment-related class-action, multi-plaintiff and single-plaintiff matters. These projects require us to delve into the causal forces of observed outcomes, which is precisely the kind of analysis required for prospective workforce optimization. In both wage-and-hour and discrimination settings, we are national leaders and have provided our expertise in some of the most notable and important employment cases in the country. Resolution Workforce uses these same capabilities to help you make the best workforce decisions for your company.
For many companies, labor is their largest cost component. Consequently, increased workforce efficiency can lead to a meaningful increase in profits. And while most companies analyze their workforce data, few if any apply the analytical tools of labor economics. We apply the science of labor economics to workforce optimization, providing powerful forward looking business decision-making tools. The areas we focus on include hiring and job placement, compensation, promotions, employee turnover, and terminations. Companies periodically undertake assessments of employment outcomes as a reactive and retrospective measure – often in response to a lawsuit or to assess compliance with the myriad of labor regulations. Engaging in workforce optimization analysis instead provides management with the tools to best manage their employees going forward, to enhance productivity, profitability, and employee engagement.
To take another business process that has received much analytical attention in the past several decades, consider how the science of operations research has been applied to “supply chain” optimization. For businesses dependent on a supply of input materials or trying to manage inventories, optimizing input materials and inventory flows through the application of operations research and industrial engineering principles has had a big impact on profits. A similar focus on the workforce, utilizing the science of labor economics, will improve efficiencies in hiring, promoting, pay, and turnover, with a consequent increase in labor productivity and efficiency, and a positive impact on profits.
We start by bringing together the tools of labor economics and existing human resources data. Proper analysis of these data can uncover economic relationships that can be utilized to formulate business decisions. We are not talking about “data mining” or generating reports that present “HR metrics.” While these might be valuable, they are typically descriptive measures – they do not fully identify potential inefficiencies and their causes. And they may not provide much guidance with regard to what should be done next to increase workforce productivity. We propose to change that. We do not just study what is happening, but why and what to do next. While our work may be highly technical in nature, we are expert at translating results into terms which our clients understand, appreciate, and can act on.
If you are interested in learning more about Resolution Workforce and the services we provide, please visit us at www.resolutionworkforce.com