What are 3 ways you can communicate the ROI of workforce intelligence?
The Reejig Reckons series
Building a business case for more investment into your HR technology can be hard for any leader to do.
People leaders need to understand the impact workforce intelligence platforms can have and how to communicate the return on investment to get buy-in from stakeholders.
Let's dive into 3 key examples of how you can give a specific value and ROI to the technology you want to bring onboard.
Dive into more like this
.svg)
There isn't any recommended Videos
Nothing to see here
We couldn’t find any content related to the theme you are searching for. Here is some recent pieces that you might enjoy.
.svg)
Read the transcript:
I just left a pitch that we were doing for a really large global company who are moving towards workforce optimization.
Parts of their business have been super busy, but other parts of their businesses haven't been so busy, whilst they've also been hiring 1000s of people at the same time — and they know that's not sustainable.
So what they've been doing is putting in a business case around do optimize their workforce to bring in a company like Reejig, that's going to cost them money, and what's the return on investment?
Some of the companies that we're seeing could save anything between 30 to 50 million a year on pure profit just by having their workforce optimized.
My background was in professional services, and we used to look at folks and make sure that our workforce had to be over 80% utilized so that they weren't spending time without working on billable work with their customers. When you have folks topped up to that 80% and they are actively working on meaningful work, you can see that returning an investment straight into your bottom line.
The other sort of return on investment, which is really hard to put a price on, is visibility. And that's a really interesting proposition to put back to your leaders.
What would you pay to know who your people are so that if anything happened in our organization we could respond?
I can tell you, every CEO will want that. That's a safety net.
The other really important part is employees and retention. When you create Zero Wasted Potential in your workforce, and you unlock all of your people, even just the retention of your workforce and keeping your high performers, the cost alone is huge.
Calculate what your high performers cost you and the rate of your turnover, and how much that costs the business. And imagine just having a small percentage of decrease in your retention and what that will do for your business.
These are just three examples of the return of investment you can put a monetary value to, that any CEO or any leader will think 'that makes sense, and I'm super comfortable with that'.
.svg)