【正文】 business knowledge. ? Microsoft has a market capitalization of $450 billion, the largest in the world. If you add up every desk and chair, every puter, every building, every piece of land, everything we own, including the $17 billion or so we have in the bank, it es to about $30 billion. If you then add in things like goodwill and other financial assets, maybe you39。s stock market valuation was invariably gauged by studying its earnings and fixed assets and adding a token amount for goodwill, by the end of the decade a seismic shift had taken place. When accountants Ernst Young came to look at the issue, they found that the largest slice of most panies39。 market capitalization was held in intangibles primarily, the talent, knowledge and teamwork of its staff. In hightech panies like Nokia, the percentage was as high as 95 per cent。ll e up with another $70 billion, if you really struggle. But that means that there is $350 billion more that people have given us credit for that is not there. What is it? Well, it39。 value systems are sending panies scrambling to find new ways of attracting and motivating workers. A massive survey measuring the values and beliefs over the last three decades in 60 nations shows an unmistakable shift to a postmaterialist value system. People in the developed countries are less concerned with material gains and more interested in self expression, their personal wellbeing and improving the quality of their lives. ? A new book shows how Microsoft, Intel, Nokia, Starbucks, Singapore Airlines and 20 other worldclass anizations are luring and holding highquality employees. The panies studied stress the importance of trusting, unleashing and listening to their employees. Virtually all of them also invest heavily in new technology, training and employee benefits and recognize the importance of increasing their employees39。s needs. 11 HR Adds Shareholder Value in Europe Watson Wyatt?s 2023 European Human Capital Index study shows that 36 key human capital variables (practices and policies) are associated with an almost 90% increase in value. These are grouped into six globally consistent dimensions, each contributing to the total as shown in the chart below. 12 Benefits of eHR Systems ? In the early stages of eHR just a few years ago, the vision was simple: implement as many eHR applications and make them available to as many employees as possible, using multiple channels such as , voic, IVR, VRS, the pany intra, the public Inter and HR service centers. The assumption was that the faster an anization moved its traditional HR services into an eHR environment, the more efficient HR would bee and the more satisfied employees would be with HR services. ? Watson Wyatt?s 2023 research shows that getting results has more to do with a properly focused eHR strategy implemented with excellence than with the speed or extent of an anization?s eHR progression. Those with a formal eHR strategy spent .5% of revenue on HR and had employees per HR person vs. .69% and employees. These anizations are already maximizing the impact and returns of the limited eHR investments they have made to date. It is possible that as they make new investments in eHR, their HR performance may decline until the return on those investments is realized. These anizations have made limited investments in eHR, and are not operating efficiently relative to their peers. These are the anizations that have properly focused eHR investments as they moved quickly along the eHR progression scale over the past few years. They have implemented their eHR initiatives with excellence, and have the opportunity to continue to be early adopters and maintain petitive advantage over their peers. These primarily large anizations have made significant investments in eHR initiatives, and have yet to realize the full performance payoffs. 13 Benefits of eHR in Europe ? According to Watson Wyatt’s 2023 research most European panies are planning to substantially enhance their B2E/eHR capabilities in the next two years. (B2E=Business to Employee) ? The shift is away from simply publishing information on an intra to more personalized and interactive capabilities. ? Where technology has been adopted, the web is the primary vehicle for delivery of HR services with telephone technology not being prevalent. This is in contrast to the US, where telephone technology is widely used. ? However, simply offering technology to employees may not be enough to engage them in using it. This has been demonstrated with a number of panies reporting low usage. ? The key drivers for investment in B2E/eHR are anizations recognizing the business benefits and responding to employee expectations. ? Continental European panies tend to focus on