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Ollie, yip yip!
Can u help me with the in-hand amount please?
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I believe many HR initiatives are not easily measurable in traditional ways. They might help with retention, but I doubt a lot of revenue is generated and if it is, it would be extremely hard to quantify. We don't even bother. If a program or initiative seems like a waste or financial sink, we just stop doing it.
I'm not sure some of those things could quantified or assessed for ROI. They tend to be overhead expenses, necessary functions but not profit generators.
Return on investment
Start with clear metrics. If HR goals don’t link to retention, performance, or business growth, they’ll always be seen as “extras.” HR needs a seat at the table and to speak the finance team’s language.
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I love that reference to speak their language, I’ll keep this in mind - thank you.
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Investing in employee training boosts productivity, which directly impacts revenue. Additionally, effective recruitment strategies reduce turnover costs and enhance company culture, leading to better performance. When HR and finance collaborate, it creates a more efficient, engaged workforce that drives profitability.
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Yes that’s a good one, training can have a lot of impact both on the individual and for the company. We do go overboard in that department.
I always ask.. how does this help productivity, retention, or performance?