The Investor Metrics standard, which had gone through a second public comment and review period that ended in November 2012, has been withdrawn for consideration as an HR standard.
This standard was to consist of a series of metrics intended to show the value of human capital in a manner that would be compelling to investors in publicly traded companies, according to Lee S. Webster, SPHR, HR standards director for the Society for Human Resource Management.
However, feedback from stakeholders in the business community during the public review and comment period prompted the task force that drafted the proposal to withdraw it from the American National Standards Institute (ANSI) standards-setting process, Webster said. “It became clear that there wasn’t sufficient support from the business community to proceed with this effort. After seriously considering all relevant views, the task force decided to discontinue work,” Webster told SHRM Online in an e-mail.
In 2009, ANSI accredited SHRM as a standards developing organization with a scope focused on national-level operating standards in 11 HR functional areas. Once a standard has passed through public review and has been approved by ANSI as an American National Standard, it becomes available and downloadable for free to the public on the SHRM website, with a fee for printed copies.
The Investor Metrics standard task force is one of many working under SHRM’s oversight, and work continues on other HR standards. In October 2011, ANSI approved the Workplace Violence and Intervention standard. Additionally, the deadline is approaching for the second public review and comment period on the draft of the Workforce Planning standard.
The standards provide consistent methodologies and a common approach that HR professionals can voluntarily adopt. Businesses are not required to follow these standards, which are not limited to HR practices. The Cost-Per-Hire standard that ANSI approved in April 2012, for example, can be used by organizations to determine employee recruitment costs.
Webster also has pointed out that HR standards differ from HR certifications; standards are business tools, whereas HR certifications are designations of an individual’s mastery of knowledge areas. The introduction of the standards does not affect HR certification, according to Webster.
More information about HR standards can be found at www.shrm.org/hrstandards/Pages/default.aspx.
New Standards on Horizon for 2012, HR News, June 2012
New HR Standard Addresses Cost-per-Hire, HR News, February 2012
Volunteers Sought to Help Develop HR Standards, HR News, December 2011
SHRM Bid to Lead Global HR Standards Effort Ratified, HR News, February 2011
Technical Advisory Group Formed to Create HR Standards and Act as Standards Advocate, About SHRM, March 2011
SHRM to Craft U.S., Global HR Standards, HR News, February 2009