Recognize to retain — Why VOI is the new ROI?
Retaining quality employees in today’s competitive labor landscape and motivating them to realize their full potential isn’t obvious.
While traditional methods of quantifying the impact of benefits and rewards on employees have often rested on ROI—assessing whether the cost of incentives outweighs the benefit—a major Sodexo study heralds a fresh perspective and calls on managers to look more closely at the added value of such rewards (VOI), rather than the return. An evermore pertinent consideration as business leaders worldwide notice the correlation between employee happiness and business performance.
While the advantages of VOI reasoning are undeniable, accurately measuring the impact of intangible assets such as knowledge building, increased employee morale and fostering a strong global corporate culture is swiftly becoming the next challenge businesses face. How do we assign a dollar value to improved communication and closer relationships in the workplace?