從人力資源轉變为人力资本(powerpoint 24页).pptVIP

After determining HCI scores for each company, we were able to break them into low-, medium- and high-HCI score groups and compare these groups to shareholder returns. As you can see, the high HCI score companies outperformed the low group by two times, when comparing 5-year TRS. Remember when looking at these returns that all shareholder returns from 1995-1999 are much higher than the past five years. Obviously, the state of the economy -- as well as many other factors -- affect shareholder returns, independent of HR practices. TRS is a snapshot of returns at a certain point in time, so