How can companies measure non-monetary value?
Well this is a very generalistic question and needs breaking down somewhat. Companies are a collection of individuals. Most companies answer not only to these individuals but to their shareholders. The values of these company stakeholders will form the basis of their requirements unless there is a specific company culture that has been adopted by them.
So the first step would be to define what non-monetary value is with specific regard to the company in question. What does the company, or what do the stakeholders value?
Which of the following would score high on their list?
- Employee satisfaction?
- Social interaction?
- Career progression?
- Awareness?
- Motivation?
- Growth?
- Recognition?
- Engagement?
- Knowledge and spiritual fulfillment?
Explain the purpose of the enquiry, articulate your objective to the employees. Are you doing this so you know how to increase it, or is this a cost cutting exercise… big difference!
Next, determine your performance indicators. Happy on a scale of 1 to 10? And compared to what?
Then establish your benchmarks. Employee retention is always a good one here. Specify a time limit (is it 1 month, 8 months or 5 years).
Then get talking… because, as the saying goes ‘You never know the worth of water ’til the well is dry’.
