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Measuring Business Impact

Measuring Business Impact. National Fund for Workforce Solutions June 11, 2013. Starter Questions. What kind of evaluations are you doing? What does business value mean in your work?. Starting Place. What sort of business value are you trying to achieve?

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Measuring Business Impact

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  1. Measuring Business Impact National Fund for Workforce Solutions June 11, 2013

  2. Starter Questions • What kind of evaluations are you doing? • What does business value mean in your work?

  3. Starting Place • What sort of business value are you trying to achieve? • What are the mechanisms (programs and services) that target those outcomes for your business partners?

  4. Evaluation Process • Map logic model • Derive research questions • Create data plan and timeline • Frame implementation plan and timeline • Develop the mechanics – collection tools, databases, data portals, websites, data user agreements • Coach the organizations involved • Implement

  5. Business Value – Three Ways to Do It • Benchmarking • Employer self report • Econometric case study

  6. Benchmarking • Example: Massachusetts Building Essential Skills through Training (BEST) • Met Employer Expectations • Was Valuable to the Companies • Employers Valued Participation with Other Companies • Was Valuable to Employees • Value of Career Ladder Efforts • Return on Investment • Improved Profitability • Cost Reductions • Participation in Future Rounds of BEST • Future Participation in Workforce Development • Pros: Easy to complete and provides basic feedback about value • Cons: No detail; hard to do continuous improvement with this data alone

  7. Employer Self-Report • Example: Workforce Strategies Initiative, Business Value Assessment Tool • Sets up comparisons on key factors, Program Participants vs. Non-Participants • Attempts to monetize many factors, but not all • Employers Report • Remember that these are just examples • Example: MAGNET (Manufacturing Growth Network), Impact Survey • Series of yes/ no questions on key factors • Each question is followed by a blank that asks employers to estimate a dollar value for the factor • Pros: Can be used for continuous improvements such as curriculum improvements, recruiting/ screening improvements, employer services improvements • Cons: Harder to fill out, requires employers time and data

  8. Econometric Case Study • Example: Health Careers Collaborative of Greater Cincinnati, ROI 2011 • Estimates costs/ benefits for key factors • Comparison analysis of program participants vs. similar non-participants • Attempts to mitigate threats to validity • Small number of employers provide deep data on several hundred program participants and a comparison • Pros: Produces hard numbers estimating business value. Can be used for sales, fundraising, and policy advocacy. • Cons: Takes time to get to scale. Someone has to provide the data.

  9. Recommendations • Decide on a few (3-5) key metrics that the employer value work can be built around • Develop a benchmarking tool immediately and roll it out • Develop an employer-self report tool immediately and set expectations for completing it with new employers. Roll out in the 12-18 month timeframe • Econometric case study only makes sense if there are a smaller number of employers who hire a larger number of people. Need at least 100 people, prefer more.

  10. Benefits Discussion • What are the benefits of being in a partnership as opposed to doing this on your own? • What workforce problem(s) will this (or could this) solve for you? • What business value does this (or could this) provide to you?

  11. Return-On-Investment • Can be viewed from several perspectives • Implies items that can be monetized

  12. Good Resources • Aspen Institute’sWorkforceStrategiesInitiative • http://www.aspenwsi.org/resource/bva-toolkit/Moving towards solutions • Commonwealth Corporation’s Measuring Business Impact: A Workforce Development Practitioner’s Guide • http://www.commcorp.org/resources/detail.cfm?ID=899 • New Growth Group’s Greater Cincinnati Health Careers Collaborative: Return-On-Investment Report • http://www.healthcareerscollaborative.com/resources/articles-publications/

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