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HOW TO CALCULATE AND ENHANCE HUMAN ECONOMIC VALUE ADDED IN TRADITIONAL COMPANIES

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...
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COMPETENCY SERIES: INNOVATION

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” different solutions in a way that maintains a safe environment.

- Actively contributes to brainstorming sessions in his/her work area.

- Works with peers or colleagues to test the viability of a new approach before applying it.

3. Proposes innovative ideas

- When looking at information, generates new ideas and innovative solutions to problems by importing ideas from outside the organization.

- Pulls together ideas, issues and observations to create and/or introduce innovative solutions or suggestions.

- Suggests approaches and methods from other sources as alternative solutions to conventional

approaches when there is evidence or sound thinking substantiating the viability of this approach.

- Is not overly influenced by current thinking or methodologies.

- Seeks out and incorporates new suggestions and ideas.

4. Takes action to innovate

- Uses diverse perspectives to improve the effectiveness of organizational processes, practices or programs.

- Modifies practices or methodologies that have been used elsewhere.

- Enhances performance by doing something that may be new and different for the organization.

- Is agile and draws upon experiences in relevant and/or unrelated areas to create breakthrough solutions.

5. Encourages others to innovate

- Leads others by demonstrating innovations that advance the efficiency and effectiveness of the organization.

- Acts in ways that help others to generate breakthrough ideas, fresh perspectives and new opportunities.

- Uses proactive methods and tactics to foster creativity by creating an environment that inspires new ideas, and provides the necessary resources to realize them.

6. Drives innovation forward

- Enhances performance by strategically positioning the organization to introduce leading edge technologies, services, programs and processes new to the municipal services sector.

- Takes calculated risks in trying something new.

- Commits personal investment to innovation in the face of uncertain outcomes.

- Seeks out and develops revolutionary technologies 

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