There’s a New ROI in Town and It’s Called Return on Individuals
There is a saying in business that goes “You can’t manage what you can’t measure”.
I would also add, “You can’t manage what you cannot define”.
Are people valuable? Are not your employees people?
And yet the fact is we manage people, but what is their measurement?
What number do you put on an employee that determines if they are valuable or not valuable?
But can you run your business without employees? What’s the cost of losing an employee? What’s the cost of a great employee to your business?
There is much to be said that “engaged” employees create more profit…but how do we define “engaged” employees?
Then it has been said that “happy” employees are more productive, but this too begs the question…how do we define a “happy” employee?
If we want to measure employee “happiness” or “engagement” we must do it is such away that the average person off the street can come into any office and say, “ah, that’s a happy employee” or “that’s an engaged employee.
So, it still begs the question…what is the ROI of your employees?
Clearly there is a lot of work to do, and there are some answers we need to try to define.
In this episode of A New Direction Business Valuation Expert and Corporate Financial Executive Dave Bookbinder joins us to take us on a journey of the many experts he has interviewed to help us find the elusive ROI…and help us define these elusive yet important terms.
Return On Individuals
The book is an eclectic culmination of different perspectives of quantifying the importance of human capital.
The fact is we all know the people in our business are fundamental to success, but how do we go about measuring that in a way that is clear, standardized and makes sense.
Further how do go about defining operationally terms like “engagement” and “happy” when it comes to employees.
The book really has some strong key themes, such as the importance of culture and it’s effect on employees, the impact of leadership on employees, the employee environment, and philosophies from business owners on how to get the most of employees and keep them.
All in all, The New ROI is a very solid book that understands the importance of employee contribution but opens of the door to a ton of questions of how to define it and measure it.
And it is having those thoughts and discussions that make the book very provoking.
The New ROI is a starting point and catalyst for change. Great read!
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