Those of you who work as HR certainly often face this condition. Conditions that require you to convince the executive leadership and management team regarding the value obtained from the Learning and Development Program.
Sometimes, they doubt that this activity will bring profits so they are reluctant to invest. That's why, you as HRD must provide some data that can help build and develop the business. One way is to increase Employee Lifetime Value (ELTV).
However, before knowing how to increase Employee Lifetime Value, you must first understand its meaning. This is so that you don't make a wrong move in determining the value of each employee.
What is Employee Lifetime Value? You often hear this term in business. However, so far we have not understood the meaning. Reporting from the Oyster HR page, Employee Lifetime Value is a metric that measures and calculates the total value of an employee's expected contribution to the company during their tenure at that place.
ELTV is also related to the marketing concept of Customer Lifetime Value. This concept measures the total value that a customer will provide to your business over the life of the relationship.
Reporting from the Forbes page, this assessment concept was first used by Maia Josebachvili. He is the Founder and CEO of Urban Escapes. This concept was implemented because many companies were competing to get good human resources during the pandemic.
Thus, your company must optimize the human resources that exist in the current workplace. That's why, you as HR must measure the contribution that the company can get from these employees.
Uniquely, ELTV does not focus on the value that current employees can provide. However, the concept takes a long-term approach to provide additional input. Employee Lifetime Value starts when the employee first works and the last day he works at your company.
By now, you must have understood Employee Lifetime Value. It's time for you to know how to increase that ELTV. One of them is by providing workforce training programs to employees. Here are some other ways you need to know.
Believe me, companies that invest in employee training do not have high turnover. This is because employees feel there is an opportunity to learn other things, thereby giving birth to new skills.
You can propose a regular training program for employees in each division. You can create a schedule and search for topics through questionnaires given at work. Provide training that suits the skills and needs of each division. Take turns.
One of the reasons employees leave or resign is because they feel there is no opportunity to develop or advance in position. Moreover, companies often choose to look for people from outside to become leaders rather than giving subordinates the opportunity to become superiors.
So that you can increase Employee Lifetime Value, it is a good idea for HR to provide a trial program for higher positions for existing employees in the company. Of course, this is one way for employees to become loyal and discover new potential. Don't forget to also give rewards to those who have good performance.
As HR, you are also responsible for improving and improving company culture. It's a good idea to start involving employees in decision making. Give them the opportunity to provide opinions and ideas for the company's progress.
In this way, they will feel appreciated and indirectly instill ownership of the company. To increase ELTV, you as HR can implement monthly happy hours, retreats, and hold intensives when the year-end holiday season occurs.
What other ways can be done to increase Employee Lifetime Value? One of them is by improving your company's orientation or onboarding program. For example, providing a clear and precise company introduction, clarifying each job desk, and making it easier to communicate directly with HR.
With the right orientation process, employees will feel comfortable and of course feel accepted in the company environment. You as HR can also instill loyalty during the onboarding period.
Those are some ways to increase Employee Lifetime Value. With this metric, the HR team can get valuable input for long-term business progress.
Those of you who work as HR certainly often face this condition. Conditions that require you to convince the executive leadership and management team regarding the value obtained from the Learning and Development Program.
Sometimes, they doubt that this activity will bring profits so they are reluctant to invest. That's why, you as HRD must provide some data that can help build and develop the business. One way is to increase Employee Lifetime Value (ELTV).
However, before knowing how to increase Employee Lifetime Value, you must first understand its meaning. This is so that you don't make a wrong move in determining the value of each employee.
What is Employee Lifetime Value? You often hear this term in business. However, so far we have not understood the meaning. Reporting from the Oyster HR page, Employee Lifetime Value is a metric that measures and calculates the total value of an employee's expected contribution to the company during their tenure at that place.
ELTV is also related to the marketing concept of Customer Lifetime Value. This concept measures the total value that a customer will provide to your business over the life of the relationship.
Reporting from the Forbes page, this assessment concept was first used by Maia Josebachvili. He is the Founder and CEO of Urban Escapes. This concept was implemented because many companies were competing to get good human resources during the pandemic.
Thus, your company must optimize the human resources that exist in the current workplace. That's why, you as HR must measure the contribution that the company can get from these employees.
Uniquely, ELTV does not focus on the value that current employees can provide. However, the concept takes a long-term approach to provide additional input. Employee Lifetime Value starts when the employee first works and the last day he works at your company.
By now, you must have understood Employee Lifetime Value. It's time for you to know how to increase that ELTV. One of them is by providing workforce training programs to employees. Here are some other ways you need to know.
Believe me, companies that invest in employee training do not have high turnover. This is because employees feel there is an opportunity to learn other things, thereby giving birth to new skills.
You can propose a regular training program for employees in each division. You can create a schedule and search for topics through questionnaires given at work. Provide training that suits the skills and needs of each division. Take turns.
One of the reasons employees leave or resign is because they feel there is no opportunity to develop or advance in position. Moreover, companies often choose to look for people from outside to become leaders rather than giving subordinates the opportunity to become superiors.
So that you can increase Employee Lifetime Value, it is a good idea for HR to provide a trial program for higher positions for existing employees in the company. Of course, this is one way for employees to become loyal and discover new potential. Don't forget to also give rewards to those who have good performance.
As HR, you are also responsible for improving and improving company culture. It's a good idea to start involving employees in decision making. Give them the opportunity to provide opinions and ideas for the company's progress.
In this way, they will feel appreciated and indirectly instill ownership of the company. To increase ELTV, you as HR can implement monthly happy hours, retreats, and hold intensives when the year-end holiday season occurs.
What other ways can be done to increase Employee Lifetime Value? One of them is by improving your company's orientation or onboarding program. For example, providing a clear and precise company introduction, clarifying each job desk, and making it easier to communicate directly with HR.
With the right orientation process, employees will feel comfortable and of course feel accepted in the company environment. You as HR can also instill loyalty during the onboarding period.
Those are some ways to increase Employee Lifetime Value. With this metric, the HR team can get valuable input for long-term business progress.
