Can happiness be converted to money? Guest blog by Patti P. Phillips Ph.D.
How exciting – a guest blog post! Thanks to Patti Phillips from the ROI Institute for sharing her perspective. It’s a fascinating concept – can happiness be converted to money? If you’d like to hear more from Patti, sign up for our webinar on May 8/9 2019.
In a world of managerial questioning, there is often one request that gets a lot of attention: Show Me the Money. It’s a phrase used when leaders want to see the actual monetary value of a measure or concept. This issue is vital to individuals conducting ROI studies. After all, it’s the monetary benefits (which come from specific measures that have been converted to money) that must be compared to costs in the ROI calculation. Some measures are easy to convert to money, such as productivity, quality, and time. Other measures are more difficult. For example, some programs are designed to make employees, the community, or members happy. The key question becomes, Can happiness be converted to money? As you might suspect, the answer is yes. For an interesting example of converting happiness to money, click here.
Happiness is only one of many classic intangibles that are often connected to projects. For example, many soft skills projects, such as leadership development, often foster networking. This then asks the question, Can networking be converted to money? As you might expect, the answer is yes. It can be, and it has been. For an interesting example of how networking has been converted to money, click here.
We see important trends in these measures, and this is good news as some of these monetary conversions become routine. In another example, team-building programs focused on reducing conflicts, which raised the question, Can conflict be converted to money? As you might expect, the answer to this question is a resounding yes. For an interesting example of how conflicts have been converted to money, click here.
These examples illustrate the important trend of converting classic intangibles to tangibles. Intangibles are defined as those measures which cannot be credibly converted to money within a reasonable amount of time. Tangibles are those measures which can be credibly converted. The good news is that, with many individuals working on this, there are often credible values and credible techniques available. For more information on tangible and intangible measures, the ROI Methodology, and ROI Certification, click here.
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Join us on May 8/9 for a webinar with Patti Phillips, PhD, from the ROI Institute:
The Business Case for Learning. Discover the eight steps to building the case for investing in people and techniques to seamlessly integrate measurement, evaluation and analytics into your programs, projects and practices.
Patti Phillips PHD, ROI Institute®ROI Institute, Inc., founded in 1992 as a service-driven organization, assists professionals in improving programs and processes using the ROI Methodology® developed by Dr. Jack J. Phillips and Dr. Patti P.Phillips. This Methodology is the global leader in measurement and evaluation including the use of return on investment (ROI) in non-traditional applications. ROI Institute regularly offers workshops, provides consulting services, publishes books and case studies, and conducts research on the use of measurement and ROI. This makes ROI Institute the leading source of content, tools, and services in measurement, evaluation, and analytics. Working with more than one hundred ROI consultants, ROI Institute applies the ROI Methodology in 20 fields in over 70 countries. ROI Institute authors have written or edited over 100 books, translated into 38 languages. Organizations build internal capability with the help of ROI Institute and its ROI Certification process. By successfully completing this process, individuals are awarded the Certified ROI Professional® (CRP) designation, which is respected by executives in organizations worldwide. For more information on ROI Institute, please contact info@roiinstitute.net or visit www.roiinstitute.net.