Lifetime Value of an Employee(LVE)
"What is the LVE of this employee?"- My question to a hiring manager
Most of us in business like to think in terms of Lifetime Value of a Customer(LVC). Simply the LVC is the perceived value that doing business with that customer will contribute to your business. Some are very valuable and others are not.
No one talks about the lifetime value of an employee. So this is a concept that I am proposing. Why?
Many years ago I worked in a steel mill. While there I created many procedures and papers. I would predict that if I walked into my old office there will still be two three inch binders full of papers. So even though I left 13 years ago the value of what I worked on is still being utilized by my former employer. The same is true for my other employers.
How do you measure this? If you are an employer or manager you need to give your employees some time to create things that you might utilize over time. This requires vision from you as to what is important and will not change greatly in the next several years.
Even better, can you look at your current tasks and identify tasks that will increase your LVE.
Today's question is:
"What is your LVE?"
"What is the LVE of this employee?"- My question to a hiring manager
Most of us in business like to think in terms of Lifetime Value of a Customer(LVC). Simply the LVC is the perceived value that doing business with that customer will contribute to your business. Some are very valuable and others are not.
No one talks about the lifetime value of an employee. So this is a concept that I am proposing. Why?
Many years ago I worked in a steel mill. While there I created many procedures and papers. I would predict that if I walked into my old office there will still be two three inch binders full of papers. So even though I left 13 years ago the value of what I worked on is still being utilized by my former employer. The same is true for my other employers.
How do you measure this? If you are an employer or manager you need to give your employees some time to create things that you might utilize over time. This requires vision from you as to what is important and will not change greatly in the next several years.
Even better, can you look at your current tasks and identify tasks that will increase your LVE.
Today's question is:
"What is your LVE?"
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