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People ROI
More and more, project managers are challenged by executives to measure and improve the ROI on their projects. Yet, rarely does anyone think about improving the ROI on one of the biggest line items in the budget -- the people. But you should.
Most of us don’t think about the salaries and associated costs of people as investments. They’re just treated as pure expense. And recently, with the drive to accomplish more while holding expenses down, the fashionable thing to do has been not to improve the efficiency of people, but to go overseas and find less expensive people. This may help temporarily, but it may not. The jury’s still out. When combined with the additional expenses and opportunity costs of remote teams, the economics are fuzzy. Additionally, over time, salaries overseas will rise with demand.
So the answer for improving ROI on investments in people is not just to drive down the investment, but also to boost the return. Too often, we just assume that 1 FTE (full time equivalent employee) is a constant figure. If we want to get more done, we’ve just got to hire more people. There’s nothing that can be done about improving the productivity of people.
According to management guru Peter Drucker: "The most important contribution that management needs to make in the 21st century is ... to increase the productivity of knowledge work and knowledge workers." In a recent …
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"I have never met a man so ignorant that I couldn't learn something from him." - Galileo Galilei |