In today's competitive business landscape, companies are constantly searching for ways to maximize their efficiency and profitability. One often overlooked aspect of this quest is the value that human capital brings to an organization. Human Economic Value Added (HEVA) is a concept that sheds light on this crucial element, allowing companies to understand and enhance the true worth of their employees. Human Economic Value Added (HEVA) measures the economic contribution of human capital to a company. It goes beyond the traditional financial metrics and recognizes the impact that employees have on the organization's overall performance. HEVA takes into account factors such as skills, knowledge, experience, and productivity, providing a more comprehensive evaluation of the value employees bring to the table. Calculating and enhancing Human Economic Value Added is crucial for several reasons. Firstly, it allows companies to accurately evaluate the contribution of their employees, e
Innovation is the willingness and ability to take a creative approach to problems or issues, to “think outside the box”, to go beyond the conventional, and to explore creative uses of resources (e.g., doing more with less). It involves the ability to develop, adopt and apply new and unique approaches and ideas with clear impact on improving business outcomes. It also includes using intuition, experimentation and fresh perspectives to enhance performance by developing or promoting new processes, services and/or programs. The main elements of innovation are: 1. Is open to new ideas - Is open minded when presented with a new perspective. - Applies new information to work problems and situations. - Recognizes when a situation calls for or can be improved by an approach different from the usual. 2. Questions conventional work methods - Questions/challenges conventional approaches and/or current thinking. - Uses new information to offer realistic alternatives. - Is prepared to “try out” diff