As technology and artificial intelligence play increasingly large roles in the economy and as the global population increases, the question of how to manage people effectively becomes more critical. Companies evaluate their assets, refine their budgets, and audit their ROIs. Many implement premier software to manage accounting, product systems processes, customer relations, and even human resources needs. But what about managing the productivity of the greatest (and most expensive) cost of doing business—human capital?

Human capital management (HCM) is becoming more prominent as companies seek to manage assets and to allocate resources better, and business software companies, such as Asure Software, are going beyond time card tracking to do so. Through HCM, master employee records can be kept in one place. With all the data logged, managers can better allocate their workplace talent in a cost-effective way. A company can even break down the overhead cost of each employee, down to how much electricity every office uses. When streamlining systems, this kind of detail makes efficient business sense.

Eric Garton, a Harvard Business Review contributor, discussed HCM in his 2017 article “What If Companies Managed People as Carefully as They Manage Money?”, which used talent productivity statistics to demonstrate how and why companies should manage people better. According to the article, only 15 percent of employees make a tangible difference in their workplaces. It also noted inspired employees are three times more productive than dissatisfied employees, but only one out of eight employees is inspired. Garton argues businesses should measure, invest in, monitor, and reward employees in order to improve each employee’s contribution. Essentially, Garton is lobbying for a metrics aspect to every annual review.

Asure Software offers a cloud-based system that does this. The software helps organizations measure, monitor, and analyze employee interactions and performances, providing the information necessary for managers to make strong, evidence-based decisions about everything from promotions to raises. When applicable, the software can even track compliance with government regulations (e.g., required job training). Asure Software offers expansive insights and tools in the following areas: asset and move management, benefits administration, full-service meeting room scheduling, hoteling and mobile workforce management, human capital management, payroll and tax management, talent management, time and attendance management, and workplace usage and occupancy sensors.

Asure Software won a Bronze Stevie® Award for Best New Product or Service of the Year in the Human Capital Management category of The American Business Awards®. Asure Software also took the People’s Choice Stevie Award for Favorite New Products.

The analytics provided by companies like Asure Software do more than just track time, though. By measuring employee productivity and seeing where different team members excel, a company can capitalize on strengths and improve areas that need more attention. This streamlines employee deliverables and product lines. It can even provide opportunities to improve customer relations and to reduce costly time spent in meetings.

When managers can identify star talent, that star talent can be rewarded. This motivates standout employees and, ideally, inspires other team members to achieve that status. It fosters a rewarding cycle that can resonate positively throughout the business culture.

The bottom line is this: HCM affects every organization’s bottom line. It makes practical, financial, and system-based sense to get real metrics and to manage people well because the organization and individual employees both benefit.

Mona Andrews is many things: a California, USA, resident; an entrepreneur; and the operator of a business process outsourcing firm since the early 1990s. She notes she had the flexibility to balance the demands of raising young children, but when her kids reached preschool, she noticed other moms didn’t have that same luxury.

“Either they stayed employed and missed many of the important moments of being a mother, or they dropped out of the workforce altogether,” recalls Andrews.

Many of her female friends continued working after their first child was born, she says, but when the second son or daughter came along, the financial and emotional toll became too much.

“It’s an impossible situation,” says Andrews.

With her latest venture, Stay In The Game, she attempts to eliminate the dichotomy between being a mother and having a career. The company, launched in 2017 in Los Angeles, California, United States, offers “downshifting” opportunities, where women can work part time or remotely. This allows mothers to be home with their children either all day or at least more each day. The company also works with individual employers to reintegrate a mom into the workforce after a prolonged absence.

“As the children of these women grew, I noticed a surprising phenomenon,” says Andrews. “Over and over again, I met highly educated women who previously had important careers, and now they were telling me they wanted to get back into the workforce but didn’t know how.

The most jarring realization was their lack of confidence. They had not been in the workforce for a while and felt insecure regarding their relevance, their ability to compete, and their skill levels.”

At the same time, she noticed employers were reluctant to interview any woman who had taken an extended leave. To Andrews, this seemed a regrettable waste of talent and energy.

A Changing Workforce

While society has progressively abandoned the idea of strict gender roles, women continue to sacrifice their careers for family to a much greater degree than men. A 2015 study by the Pew Research Center, for instance, found 42 percent of women reduced their work hours after the birth of a child, which compared to 28 percent of men.

Even more telling was the fact that 27 percent of women left their jobs to handle child-rearing duties, according to the Pew study. Only 10 percent of men did so.

Stay In The Game provides its services as a way for businesses to leverage the talent of experienced, skilled workers, who are often less expensive than lower-level temporary employees. Candidates work in a range of fields, from data entry and customer service to IT and accounting.

At the same time, employers can demonstrate their social responsibility by providing continuity for caregiving parents. For Andrews, the service is also a means to retain talented employees who might otherwise drop out of the workforce completely after having children.

“There will be an exponential increase in the demand employees have for remote and flexible work, and companies will be forced to change in order to successfully retain great employees,” says Andrews.

As her firm grows, she sees it as a way for more employers to manage that challenge.

“We can offer employers a solution that includes a talented, dispersed workforce,” the entrepreneur says.

Though the company is still in its infancy, Andrews says it’s not having any trouble finding female job candidates. In the case of one advertisement she placed for a remote position, she received 240 applications in just three hours.

“The demand for our service is huge,” she says.

For its innovative approach to helping skilled, professional mothers achieve greater work-life balance, Stay In The Game won two Bronze Stevie Awards at the 15th annual Stevie® Awards for Women in Business in November. It earned one for Best New Product or Service of the Year in the Business Services category and another for Start-Up of the Year.

“This has really reinforced the value of what we offer, and it shows our business concept resonates with many other people,” says Andrews.

Fourth Annual Awards Honoring Employers and HR Professionals is Accepting Nominations

The Stevie Awards has issued the call for entries for the fourth annual Stevie® Awards for Great Employers, which honor the world’s best companies to work for and the human resources teams, professionals, suppliers, and new products and services that help to create and drive great places to work.

All individuals and organizations worldwide—public and private, for-profit, and non-profit, large and small—may submit nominations to the Stevie Awards for Great Employers. The early-bird entry deadline, with reduced entry fees, is May 1. The final entry deadline is June 5, but late entries will be accepted through July 17 with payment of a late fee. Entry details are available at www.StevieAwards.com/HR.

REVIEW THE ENTRY KIT HERE.

An international judging panel of more than 50 executives will determine the Stevie Award winners. Finalists will be announced on August 15. Gold, Silver, and Bronze Stevie Award winners will be revealed and presented their awards at a gala event in New York City on September 20.

The Stevie Awards for Great Employers recognize achievement in many facets of the workplace. Categories include:

• Employer of the Year Awards
• HR Achievement Awards
• HR Individual Awards
• HR Team Categories
• Solution Provider Awards
• New Product & Service Categories
  • Software
  • Training Programs or Media
  • Curated Training Platform of the Year

There are many new categories in 2019 for HR achievements including Best CSR Strategy, Best Leadership Development Program, Best Learning & Development Strategy, Best Reward & Recognition Strategy, Best Talent Management Strategy, Best Use of People Analytics, and more. Under the HR Individual Awards the new category is Rising HR Star of the Year.

Winners in the 35 industry-specific Employer of the Year categories will be determined by a unique blend of public votes and professional ratings. Public voting will take place from July 23–August 12.

Stevie Award winners in 2018 included Allianz Partners, AstraZeneca / MedImmune, Benefax, Ceridian, Citizens Bank, Daimler AG, Deutche Telekom Services Europe GmbH, ej4, Gamelearn, Globe Telecom, Smile Brands, SweetRush, TaskUs, VESTEL, and many more.

It’s a conference room typically reserved for regimented business meetings, but on this winter day, the space transformed into a playground for a small group of sales associates. Each carefully bends and conjoins pipe cleaners in order to build a menagerie of animal figures and trees.

The undertaking isn’t simply an opportunity for distraction, however. In this case, the participants, who are taking part in a workshop by the sales training firm PJ Nisbet & Associates, are getting a lesson in kinesthetic learning. The idea is to help sellers use tactile experiences in future presentations with would-be buyers.

Welcome to the world of sales performance improvement, where clients look for whatever edge they can get in order to gain an advantage over the competition. For the consultancy, which is based in Cambridge, England, United Kingdom, raising top-line numbers is mission number one.

That companies are looking to give their sales teams a leg up is, perhaps, no big surprise. The ability to generate leads and to convince customers to buy a product or service is the lifeblood of most businesses.

“It doesn’t matter how good the rest of the organization is. If the sales team is not functional, you are not generating revenue, so the rest is irrelevant,” says Nisbet, who founded the company more than a decade ago.

Often, the heart of the sales process is an interpersonal relationship between seller and potential buyer. Through workshops and e-learning modules, Nisbet’s firm tries to help professionals understand how to identify their best prospects and to get those individuals to buy into their offerings.

The company, which recently earned a Bronze Stevie® Award for Sales Training Practice of the Year, offers what it says is an easy-to-use, repeatable sales method. Clients can use this to secure more prospects at the top of the sales funnel, to qualify them in or out, and, ultimately, to close more purchases with higher profit margins.

One of the program’s core objectives is to help participants articulate their organizations’ strengths so they don’t have to put in rock-bottom quotes to seal deals.

“We enable salespeople to sell on value—not price,” says Nisbet.

New Challenges in the Selling Process

A seasoned business executive with a degree in organizational behavior, Nisbet launched the eponymous sales training firm in his native South Africa in 2006. He eventually relocated it to the United Kingdom, but he still does a lot of business back home. Presently, 50 percent of his clients are in the United Kingdom, and 10–15 percent are in Africa, with the remainder spread throughout Europe and the rest of the globe.

The company has taken on some big-name clients over the years, including Dunlop, Deloitte, and the investment giant J.P. Morgan. Instilling a companywide training philosophy at a global business presents certain logistical difficulties, but Nisbet seems to relish the challenge.

“Last year, over a nine-month period, we trained one thousand five hundred salespeople for one company at fifty-three events in twenty countries using materials in fourteen different languages,” the entrepreneur says. “The best part is that the company’s share price was the highest it’s ever been, which they attribute, in large part, to the implementation we spearheaded.”

In an age when most big companies are using one or more software platforms to manage the sales funnel, Nisbet says the flexibility of his company’s approach is a key to its success.

“When we start an engagement, we go through a discovery phase, and we learn about the automation tools our client is using,” he says. “We then methodically adapt our program to make sure we are using a common language.”

His team is also willing to use a shared risk–reward model, which reduces up-front fees in exchange for a share of the client’s future profits.

“Most sales training organizations wouldn’t do this,” Nisbet adds, “but we’re confident in our methods and enjoy having a little skin in the game, so to speak.”

In a couple of important ways, Nisbet suggests the stakes are higher than ever when it comes to training salespeople. For one, more customers are doing preliminary research online. This means they’re more knowledgeable when they first engage with sales reps. Secondly, purchase decisions have become more complex in the wake of the Great Recession, with stakeholders from finance, quality, compliance, and other parts of the organization getting more involved.

For PJ Nisbet & Associates, though, that’s also an opportunity to help those professionals adapt to a different selling climate.

“Today’s salesperson must be more consultative and better informed to guide buyers and influencers through the process and to help them to ask the right questions. It’s no longer about just showing up with a great product and pitching its attributes,” says Nisbet.

Worldwide research shows that gender bias in the workplace is improving, but there’s still a long way to go. Although perceptions of gender roles naturally change over time, many organizations and individuals want to do their part to make current conditions as fair as possible for everyone at work.

 2A Consulting is just one example of a company doing what it can to promote equality in the workplace. The marketing agency focuses on storytelling for business, striving to blend strategic and creative efforts to create assets that captivate customers. From the top down, the leadership team at 2A Consulting puts best practices in place that help improve gender equality across the company.

Using All the Talent Available to You

Having diverse sources of talent and ideas can help a company take full advantage of significant changes happening in your market. Understanding this, Abby Breckenridge, partner at 2A Consulting, has made a point to recognize and advance women who do great work.

Two actions in particular have helped 2A Consulting nurture women as consultants and managers. The first: speaking up. Breckenridge realized that getting men and women alike to squelch gender inequality had to start with acknowledging unfair practices or mistreatment. Even a lack of information about women returning to work after pregnancy can lead to unintended bias.  

The second: being open to doing things differently. The flip side of speaking up, this best practice is all about listening and observing. Breckenridge leads by example at 2A Consulting. She shows her team how to acknowledge and accept when something isn’t working, and models a mature, collaborative path to a solution.

With advances in artificial intelligence, cloud computing, IT infrastructure, and more, companies across the globe are constantly seeking to modernize their ways of doing business. One of the best ways to ensure your company thrives during change, however, is to consider and nurture the talent at your disposal without bias. To maximize resources, a company must avoid preferential treatment and advance employees regardless of gender.

Sending the Right Message

Valuing team members has been one source of 2A Consulting’s success, while another has been the company’s approach to marketing. Many times, marketing agencies immediately jump to crafting campaigns with impactful words, but these efforts often lack broader context and, ultimately, fall flat for customers. A cohesive story, after all, is a strong framework for effective marketing.

Figuring out the best way to broadcast your core value to customers is no minor task. In competitive markets, something as simple as sending the right message can be the deciding factor in whether a customer chooses your business or someone else’s.

“We help businesses lock onto the stories they're trying to tell—whether it's for a product launch or a keynote presentation,” said Abby Breckenridge, partner at 2A Consulting. “Our consultants work with clients to formulate the message, distill it down, and then build it into assets in a way that resonates. This way, companies can make lasting connections with customers.”

As good marketers know, there’s often a large difference between what a company sells (the product) and what customers are really buying (the solution to their problem). That’s why it’s important to be as clear as possible with your messaging and to think about your audience when crafting that story.

Consider what you can do within your organization to encourage an environment that’s more inclusive, makes use of all its untapped talent, and, ultimately, brings in more successful prospects.

2A Consulting recently earned a Bronze Stevie® Award for being one of the fastest-growing companies in the United States.

The Stevie® Awards has opened entries for The 16th Annual International Business Awards, the world's premier business awards competition, which attracts nominations from organizations in more than 70 nations and territories each year.

All individuals and organizations worldwide—public and private, for-profit and non-profit, large and small—may submit nominations to The International Business Awards. The early-bird entry deadline, with reduced entry fees, is 10 April. The final entry deadline is 8 May, but late entries will be accepted through 12 June with payment of a late fee. Entry details are available at www.StevieAwards.com/IBA.

Juries featuring more than 150 executives will determine the Stevie Award winners. The Gold, Silver, and Bronze Stevie Award winners will be announced pm 13 August. Stevie Award winners will be presented their awards at a gala banquet in Vienna, Austria on 19 October.

The International Business Awards recognize achievement in every facet of the workplace. Categories include:

• Management Awards 
• Entrepreneur of the Year Awards
• Company of the Year Awards
• Customer Service Awards 
• Human Resources Awards 
• Information Technology Awards
• Marketing Awards 
• New Product Awards 
• Public Relations Awards 
• Web Site Awards, Smartphone and Tablet App, and other media awards

There are many new and revised features of the IBAs for 2019:

• A variety of new categories, including the IT categories Best Technical Support Strategy and Implementation and Best Technical Support Solution. In categories for business-related media, there are many new Live Event, Publication, and Video categories.
• Entry fees have been eliminated for nominations to the Company of the Year categories. Gold, Silver, and Bronze Stevie winners in these these 35 by-industry categories will again be included in the worldwide public vote called the People’s Choice Stevie Awards for Favorite Companies.
• In the Marketing, New Product & Service, and Public Relations categories, nominees may now submit a video of up to five minutes in length, instead of the traditional written Stevie Awards essay or case study.

Stevie Award winners in the 2018 IBAs included DHL Express (worldwide), Dubai Health Authority (United Arab Emirates), GXEVER (China), iFinance Canada, Kia Motors Corporation (South Korea), LLORENTE & CUENCA (Spain), Megaworld Foundation (Philippines), NBCUniversal (USA), Net World Sports (Wales), Shinhan Bank (South Korea), Telkom Indonesia, and many more.

Much has been written about the rise of the gig economy, i.e., the hiring of workers on short-notice, short-duration contracts or freelance jobs. Part of this narrative is how noticeably different it is from the labor market models of old. In the past, people either focused on: a) the miraculous rise of start-ups based entirely on gig economy business models, such as Uber, or b) how the gig economy is, for workers, often characterized by a lack of job security, pension, health care contributions, and other employment benefits once considered standard.

Either view misses the wider picture, though.

To start, job security and benefits were never as widespread or culturally ingrained in the United States as they were in Europe. And even there, they applied only to the working population, which in the most unionized industries was predominantly, if not exclusively, male.

Not only have workforce demographics since changed, but many of the industries in question began to decline or even to die out long before the rise of the gig economy. The perks afforded to the workers declined along with them. In the United States, a blue-collar job that included both health care and pension benefits was a rare thing, even in the last few years leading up to the financial crisis.

Furthermore, the gig economy, particularly when it involves jobs conducted entirely online, has enabled competition among a wider variety of qualified service providers in a huge range of sectors.

Increased competition holds especially true for international organizations, who can now easily hire, for example, translators or legal experts to process documents. These workers can be local to the company, or they can be specialized experts halfway across the world. It simply depends on the priorities and needs of the business – but an over-looked benefit of the gig economy is its lack of dependence on a shared geography.

It might surprise you then that the gig economy also benefits domestic labor market access – particularly professional women.

Online-only work relationships inherently favor white-collar work. That’s because in the gig economy, work that involves the processing and editing of data or documents is easier. These projects can be worked on and transferred between people, even those who have never met face to face.

As a result, gig economy work favors workers with at least secondary, preferably tertiary, levels of education who can self-organize, hold themselves accountable, and who are dedicated to advancing their skills.

In fact, such online professional work largely benefits women who have historically been excluded from the workforce, both in Western countries and in the developing world. There are at least two reasons for this:

1. Women still make up the majority of stay-at-home parents in developed countries;
2. Women also account for the majority of college-level qualifications achieved in developed countries and in developing countries with reputable education systems. This trend is seen even in countries where there is no expectation of women becoming a significant part of the workforce, such as Iran or Saudi Arabia.

By working online, women who have desirable qualifications but are constrained by social or family circumstances can find gainful employment with clients who require their expertise.

Their clients might not be looking for full-time employees who receive full benefits, but neither are these workers looking for the additional constraints of regular hours and physical attendance.

Instead, a working relationship can be formed around necessities and priorities, with both parties still inherently interested in a long-term working relationship on a good-pay-for-good-work basis.

Alysha Dominico and Vicky Marrack, co-founders of the inbound marketing agency Tangible Words, explain that they discovered the virtues of a long-term but flexible working relationship thanks to their first external copywriter. Her family responsibilities necessitated she stay at home, but allowed for remote work, and this win-win relationship became the blueprint for nine more subcontractors, most of them women. This model has even gained the company independent acclaim. Tangible Words was awarded a 2018 Gold Stevie® Award in the category of Achievement in Promoting Work-Life Balance for Women in Business.

“We feel good about being an office that offers flexibility and skills development to keep parents sharp for whatever kind of lives they want to lead—now or later,” said Marrack.

“The people we employ might not otherwise have access to the labor market. Our distributed office model, virtual work, and flexible work schedules are great for them and us. Creating a positive work culture focused on our staff leading healthy lives that balanced work and life priorities equally was always mission-critical to the success of Tangible Words,” said Dominico.

“We stumbled into the work limitations – yet incredible experience and expertise parents have at that stage of life. So we decided to empower parents. Helping them create the life they choose has become a real source of pride.”

Dominico points out that it’s also a strategy other companies will need to utilize  - particularly when employee availability is low. A 2017 briefing by McKinsey Global Institute called “Technology, Jobs, and the Future of Work” documented that “Almost 75 million youth are officially unemployed. Women represent one of the largest pools of untapped labour: globally, 655 million fewer women are economically active than men.”

“You read this and compare it with other things you see, like research from RBC which urges people to start to talk about the future prediction that 2.4 million jobs will be added to the Canadian economy by 2021, and you wonder how long we can afford to not focus on prioritizing youth and women.”

Indeed RBC’s research team published in their 2018 report “Humans Wanted: How Canadian youth can thrive in the age of disruption” that  “Despite projected heavy job displacement in many sectors and occupations, the Canadian economy is expected to add 2.4 million jobs over the next four years, all of which will require this new mix of skills...…an increasing demand for foundational skills such as critical thinking, co-ordination, social perceptiveness, active listening and complex problem solving.”  

The Stevie® Awards, organizer of The American Business Awards®, announced today that the final entry deadline for the 17^th annual ABA competition has been extended to Wednesday, April 17.   Nominations submitted after the original final deadline of March 13 will not incur any additional late fees, and will not be penalized in the judging process in any way.

 “We’ve received so many requests for individual deadline extensions that we’ve decided to extend the deadline for everyone,” said Stevie Awards president Michael Gallagher. The original final deadline was March 13.

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The American Business Awards are widely considered to be the premier business awards program in the U.S.A. All organizations operating in the U.S.A. are eligible to submit nominations— public and private, for-profit and non-profit, large, and small. The 2019 awards will honor achievements since the beginning of 2018. Entry details are available at http://www.StevieAwards.com/ABA.

The American Business Awards recognize achievement in every facet of the workplace. Categories include:

• Entrepreneur Awards
• Management Awards
• Company of the Year Awards
• Customer Service Awards
• Human Resources Awards
• Information Technology Awards
• Marketing Awards
• New Product Awards
• Public Relations Awards
• Website Awards, Smartphone and Tablet Apps, and other Media Awards

In the Marketing, New Product & Service, and Public Relations categories, nominees may now submit a video of up to five minutes in length, instead of the traditional written Stevie Awards essay or case study.  In categories for business-related media, there are many new Live Event, Publication, and Video categories.

More than 200 executives on 13 juries have already begun the process of rating nominations to determine the Gold, Silver, and Bronze Stevie Award winners.

Stevie winners will be announced on May 1, and the awards will be presented at a gala banquet on June 11 at the Marriott Marquis Hotel in New York City. Attendance is not required to win.

The list of past Stevie Award winners in The American Business Awards reads like a who’s who of innovation and business success in the U.S.A. Explore the list of last year’s winners.

With day-to-day economic demands rapidly increasing, many households can simply no longer afford to have a stay-at-home parent. Many people, however, find childcare options either of uncertain quality or prohibitively expensive. To compound the problem, women today consistently find their earning potential exceeds that of their partners, but they are forced to choose between securing childcare they do not trust 100 percent or attempting to get by on a single salary—and foregoing their careers.

This problem is widely recognized in countries across the developed world, and many nations have state-run daycare or centers or subsidize private childcare. However, these measures continue to fall short. Even the most generous analysis of gender employment and income gaps must concede that while there is no outright discrimination, there is a persistent, discernible, and significant structural difference in employment rates and remuneration. This is almost entirely attributable to time women spend out of work because of the exclusive prioritization of childcare.

With that said, it’s evident that improving access to top-level quality childcare would have significant, indirect economic effects. As things stand, the slow but steady march toward income and employment equality will likely result in more men becoming stay-at-home parents, and the number of women almost exclusively dedicated to their careers will rise as well.

While the push toward equity is desirable, having one stay-at-home parent—of either gender—is far from the optimal outcome. It’s not ideal for the household itself or for the economy as one parent continues to all but give up a career, while the other misses out on a considerable part of family life.

The professionalization of childcare necessitates moving away from the existing model, where families secure childcare primarily based on personal, informal relationships. With no current standardized means of formalizing these relationships with service providers, such as nannies and au pairs, it’s clear that a certified, standardized, widely available service provider model would be a significant step toward optimizing the childcare situation.

Qualifications and a college-level education have traditionally only been required for high-level childcare positions. Elizabeth Malson is a single mother, entrepreneur, and founder of the Amslee Institute, which specializes in the certification of childcare professionals. She helps explain this model.

“Traditionally, nannies in the United States have been trained by other nannies and nanny agency owners through workshops because there are no government regulations or standards,” she says. “To qualify for top jobs, a nanny had to invest in an associate’s or bachelor’s degree. These options require a significant commitment to and investment in a two- or four-year college program, and because of the time and expense involved, college-level training for future childcare professionals, in many cases, is simply inaccessible.”

Through her company, based out of Sarasota, Florida, United States, Malson proposed to do something about this. A 2018 Gold Stevie® Award winner in the category of Best New Consumer Service, the Amslee Institute provides affordable online college-level classes. Despite adhering to high standards, the classes require a lower financial investment than traditional college courses, and they take no more than 12 weeks to complete. Malson acknowledges the economic necessity of two working parents in many households and adds that childcare can be made more affordable in several ways, such as by families sharing the expense of a childcare professional.

Professionalizing childcare and introducing certifications and standards can help boost workforce participation, create a thriving new market, and give parents peace of mind. Malson also points to a broader effect. Childcare professionals from all over the world aspire to come to the United States (Some even go into childcare merely for the opportunity to come to the country.) This means U.S. childcare standards will eventually be exported across the globe by the childcare professionals who return home, says Malson. Raising childcare standards in the United States, therefore, will mean raising childcare standards across the world.

Ask executives about their biggest priorities, and you might hear plans to grow sales, to generate efficient systems, or to develop new product lines.

Jillian Hamilton’s mission is to remind corporate leaders they should also focus on threats that seemingly come out of nowhere: an expensive fine from regulators, a large-scale cyberattack, or a costly workplace accident.

For Hamilton, founder and managing director of Australian risk advisory firm Manage Damage, organizations tend to be under-invested in certain areas. The reason? It’s hard to put a dollar amount on the potential damage an incident will produce.

A corporate safety officer and risk manager by background, Hamilton decided to change that dynamic. She launched Manage Damage in 2016 with what she calls a “risk dollarization” approach, in which nonfinancial risk is translated into a financial cost.

“Our method provides senior management members with risk information in language they understand,” says Hamilton. “It enables businesses to see where issues lie and where true associated costs are located.”

Monetizing Risk

By putting a dollar value on risk, she says leaders are more likely to act on the threats most likely to cripple a business. As an example, she points to a client whose workers’ compensation premiums were so high the entire business was on the brink of shutting down. In an industry where workers’ insurance normally accounts for 6.5 percent of an operating budget, the company was paying more than 16 percent.

After working with Manage Damage, which is based in Brisbane, Australia, the company was able to significantly curtail its expenses and improve profit margins.

“We often find the businesses we help are not even aware of how much they are paying,” Hamilton says. “More importantly, they are not aware that what they are paying is far too much.”

Hamilton will sometimes hear people object to putting a monetary value on a human life, but for her, there’s a simple way to think about this dilemma.

“Each person who works at a business is valued,” she says. “Today, you are costed at your business, and you are part of a line item in a budget.”

That number, she says, includes salary, taxes, retirement contributions, and insurance payments made on your behalf. However, she believes monetizing a potential accident only makes the workplace safer for workers.

“It’s vital we create this financially savvy safety approach precisely because I care deeply about minimizing work-induced harm,” she says. “A pragmatic approach that effectively translates safety risk into terms business and financial people can understand has the best possible chance of delivering that outcome.”

Though it only launched a couple of years ago, the company is quickly winning converts, and Manage Damage now has clients in five continents. At the 2018 Asia-Pacific Stevie® Awards, the company won a Gold award for Innovation in Human Resources Management, Planning, and Practice. They also won a Gold in The 2018 International Business Awards®.

The company is certainly benefiting from a rising tide concerning risk awareness. A 2017 survey by risk management association RIMS found that nearly three-quarters of businesses have either a complete or partially integrated enterprise risk management solution in place, up from about half in 2013. Hamilton, though, sees her company’s approach as a particularly effective solution.

“Money talks,” she says. “When you start talking about the costs of safety, people listen. They listen when it is in the newspaper—that is, when it's far too late. We aim to capture people’s attention before incidents and workplace disasters. Follow the money, and listen to where business risk truly lies.”