Chris LeBrun here. Director of Professional Services for Performitiv. I'm so excited to be here working with our customers, and helping to advance the industry as a whole around measurement, analytics, and management reporting. I'll be leading this blog into the future and wanted to share a couple updates for you first.
New Faces. I'm excited to announce that we will begin having guest bloggers from time to time - industry experts or practitioners that have value to add on specific topics. Learning from others is so important, so why not hear from the best too?
Fresh Feel. We will have new content posted by every Wednesday and we will be doing more on various topics as a 'series' to provide a little bit more depth.If there are topics you are interested in or have feedback, my inbox is always open, so don't hesitate to email me at christopher.lebrun@performitiv.com. OK, you came here to learn so let's get on with it...
Getting to the Bottom of ROI
This begins a series we're starting on Getting to the Bottom of ROI (Return on Investment). Before we go too far down, let's level set on how ROI is defined. A recent article by Forbes (1) outlined it simply as, "ROI helps you understand how much profit or loss your investment has earned." Seems simple enough, but for anyone with experience doing this in HR, you know it can be much more ambiguous and complicated.To get started, let's look at a few things to make sure you know before you go down the path to ROI: Define the Return.
Before any type of ROI work, make sure to get clarity on what the return looks like. Another way to say this is, "what does success look like?" This is very important because what you think your stakeholders expect may be different from what they actually do. This level-setting is critical for ROI but also a general best practice from a measurement perspective.
Clarifying Reporting Expectations
What does your leader or sponsor expect you to produce in terms of ROI? Don't spend needless time on a study when a basic summary would have been acceptable. On the flip side, don't provide something less than they are expecting.Do the Work Early! To the extent possible, try to do as much work up front as you can before a program/course/initiative launches.
Setting up the measurement plan early provides the most opportunity to ensure the right data is being captured at the right time. Remember, this all aligns with the Return and Reporting Expectations mentioned above too. Next week, we'll explore the different ways to think about ROI and some of the considerations of each.
Happy Measuring!
Chris LeBrun
Director, Professional Services
(1) https://www.forbes.com/advisor/investing/roi-return-on-investment/
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