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Title: The Human Capital Edge: 21 People Management Practices Your Company Must Implement (Or Avoid) To Maximize Shareholder Value by Bruce N. Pfau Phd, Ira T. Kay Phd ISBN: 0-07-137883-9 Publisher: McGraw-Hill Trade Pub. Date: 13 December, 2001 Format: Hardcover Volumes: 1 List Price(USD): $29.95

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Average Customer Rating: 4.71 (7 reviews)

Rating: 5
Summary: One of the Best Books Ever Written on Strategic HR...
Comment: The people at Watson Wyatt never stop amazing me. Recently, I purchased a copy of the Gallup Organization's "Follow This Path." Having read it, I was convinced that there was nothing left to say. Wrong. Pfau and Kay have written an amazing book that documents the correlation between Strategic HR practices and Shareholder Value growth. Well done. One reviewer complains that the book isn't comprehensive enough. I'm not sure this is a fair critisism. After all, the book details 21 HR practices and their impact on TSR (Total Shareholder Return). Certainly, one book cannot possibly provide a comprehensive treatment of all 21 HR practices. However, since when has any professional relied upon a single business book in any subject as their sole resource? This is a fantastic book. I strongly recommend that any senior executive (including CEO, COO, and board memebers) pick up a copy. I also recommend "Follow this Path," Gubman's "The Talent Solution," Risher's "Aligning Pay and Results," and Lawler's "Treat People Right." Overall grade: AAA+++

Rating: 5
Summary: Finally!
Comment: Having been in human resources for 20 years, I can finally report, with confidence, HR's direct link to the bottom line. Too many executives still think it is "touchy-feely" and this fact-based information proves otherwise.

"The Human Capital Edge" shows the measurable value of implementing solid HR practices! Great stuff!!

Rating: 3
Summary: Good numbers, weak advice
Comment: This book makes a valuable contribution to the growing body of evidence that human resources practices have a positive influence on business results. It gives solid numbers showing the relationship between 21 human capital practices and market value. It also provides evidence that these practices are a leading indicator of value creation. That's great stuff!

Then things fall apart quickly. The reason is because the authors over-reach by offering their suggestions for implementing the HR practices they identify as creating market value. That scope is simply much too large for a book of this size, resulting in shallow solutions. As an example, the authors show that "linking rewards to performance" is associated with a nine percent higher market value. They then share all of nine pages on how to implement pay-for-performance systems. That's hardly adequate, given there are a multitude of full-length books on that subject alone.

Some vexing findings are given short shrift, like the counterintuitive results that training and 360 degree feedback actually reduce market value. The authors waffle on the findings by suggesting the negative impact can be explained simply because these programs typically are ineffective. That kind of logic doesn't work since executing the other HR practices poorly would also have a negative impact on value creation.

In sum, this book does an excellent job demonstrating the relationship between human capital practices and market value. However, if you need help implementing those practices, you should look elsewhere.

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