By Keith Bedingham, Chairman, Verax International
In the Sunday Times 27.1.13 Hannah Prevett claimed that HR needs to make itself as relevant as Finance or Marketing. We agree.
The problem expressed by KPMG’s Robert Bolton is that HR needs to be more evidence based, get under the skin of specific business challenges and prove its value. We agree.
Staff are recruited to add value, i.e. make a contribution to business results. Organisations are changed and staff are trained, developed to make a bigger contribution. HR has so far not been able to prove the added value of those contributions.
HR departments have been able to show cost savings in recruitment as a result of reducing staff turnover. They have not been able to prove the value to the organisation of those they have recruited.
Learning & Development, including coaching and change programmes, may have been well costed, and anecdotal evidence provided to prove results. It has been difficult if not impossible to put a financial value on these activities! Based on various research studies, some 75% of change initiatives apparently fail.
Now all that has changed.
Verax International has developed a Human Capital Measurement tool which calculates the financial value of the contribution staff make to business results. This enables HR to prove the financial value to the organisational results of recruitment, engagement and other HR led activities.
It also identifies organisational and/or individual issues that help or hinder.
An application of the product also enables the calculation of a Financial ROI on any training, e-learning, coaching or change management programme.
This makes HR relevant, able to deal with real business/organisational issues, and so prove its value.
For further information please contact Keith Bedingham, Verax International, www.verax.co.uk
<a href=”mailto:email@example.com”>firstname.lastname@example.org</a> +44 (0)1252 849300
or Paul Whitehead, Western Associates PR, <a href=”mailto:email@example.com”>firstname.lastname@example.org</a>
+44 (0)1403 711177