I did an episode on ROI in HR!!! That's return on investment. I found someone who knows a lot about it and it was a good opportunity to understand how we might do this in HR! Even HR can leverage standard financial techniques to analyze our projects and make our case.
This was the conversation I had with Evelyn McMullen from Nucleus research. She is NOT a finance, business or economics major and maybe this is why she is pretty good at explaining it! She says:
🔔 When you are thinking about the bells and whistles... remember there is no ROI on things we don't actually use.
∞ ROI is greatest when a task is repetitious and applies to a wide range
of people. Think payroll.
🤩 Often, we tend to rely on intangible benefits like "increased employee happiness" when promoting our projects. While these are valid considerations, but ROI is better.
Find Evelyn at Nucleus Research https://nucleusresearch.com/
She mentioned an ROI Tool (free!): nucleusresearch.com/research/single/nucleus-research-standard-roi-calculator/
She mentioned ROI University: https://nucleusresearch.com/roi-university/
Ian Campbell (her boss) published a book on called the Value Sale. Find it on Amazon.
You can also reach out to me for HR consulting in Western Canada! www.thehrhub.ca
