Laura Kellers Queen - People Economics: Defining and Measuring the True Value of Human Capital

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Table of Contents

Copyright 2021 Laura Kellers Queen and Middle Market Press

ISBN: 978-1-09839-095-2 (print)

ISBN: 978-1-09839-096-9 (eBook)

Table of Contents

Preface

Its exciting to live in a time when we are finally seeing a new awareness of how to measure business success. After decades of thoughtful discussion and recommendations, investors, business leaders, economists and policymakers are finally taking concrete steps to include people in the measures of what does and does not make a successful company. To date, we have used an incomplete calculus, and I am inspired to share the new world that is taking shape.

To be honest, for those of us who are U.S.-based, that change has been significantly slower than in many other countries. Our country, despite being formed on the powerful words We the People , has not stepped up to the leadership plate to define and measure the true value of human capital. My decision to write this book was driven by a need to synthesize the many conversations about human capital measurement and to demonstrate that we can find and apply meaningful and understandable metrics to measure the worth of employees in financial terms, especially when making decisions relating to acquisition, valuation and investment.

Because my career has spanned both the financial and human resources spectrum, I have a unique perspective of where systems in organizations break down and fail to communicate with each other. The result is often stagnation, the failure of workers to thrive and even the demise of companies. My global experience with businesses large and small has allowed me to see the real-life daily impact of decision-making in a way that is not always crystal-clear to academics, investors and policymakers. As a dedicated life-long learner, I have also been on a constant road to discovery, talking with experts across disciplines from around the world.

I have chosen the title and term People Economics because thats what we are talking about: putting people front and center in the development and application of economic models. Like any terminology, it has flaws, and I truly wanted to get the big picture out there that economics is not about numbers but rather, how those numbers create a sustainable and equitable life for people who make things, provide services, share their creativity and affect our lives every day.

I hope this book will bring some clarity and different perspectives to both decision-makers in companies and investors. I hope it will help frame new ways of thinking for students pursuing degrees in business, human resources and economics so they bring fresh, evidence-based ideas to the table. I hope anyone who is concerned about how work and social values interact will find these ideas stimulating.

Since my intention is to inspire dialogue, I have tried writing this book at a level that will be understandable for people who are not currently involved in the issues of human capital. To that end, I spend time early in the book on defining both highly used and new terms, as well as talking about the players in this new approach to economics. Defining the language sets a common baseline for discussion. Do feel free to refine and add other terms as well as players. Nobody has been left out intentionally.

Let me tell you a bit about how the book is organized.

In the first section, I make a case for People Economics and define the issues and history. The second section offers perspectives from experts whom I believe bring interesting ideas to the table. Section Three provides real stories from my consulting experience. Finally, I have added an appendix that includes calculations that marry two of the most-important standards in the field. The other appendix shows examples of how companies are currently disclosing information in ways that have never been done before.

While this book is of interest to traditional publishers, I have chosen to self-publish because of timing. (It can take almost two years from accepted proposal to distribution for a book to reach the market with traditional publishing.) The world of human capital is changing so rapidly, and I did not want information to be obsolete before it hit my readers libraries. I also want it to have an impact on the current debate.

I am looking forward to a dialogue with those reading my book. Please send your thoughts and ideas to me at laura.queen@29bison.com and lend your voice to the conversation via social media on Twitter and Instagram @peopleecon.

Acknowledgments

I owe mountains of gratitude to the many people and organizations who have inspired this exploration. I might overlook people in this list and for that you have my most sincere apologies; know your contribution lives in my heart and on these pages. For your deft hand, candor and amazing support, Kathy Palokoff (goFirestarter), my book coach. To Dave Bookbinder for inspiring this conversation, allowing serendipity to be a guide and your constant friendship. To Katie Desiderio for your enthusiasm, joy and magic we are dreaming a bigger dream, together. To my companions and other direct contributors to this book Doug Claffey, John Dumay, Karen Fenner, David Griffith, Rick Joi, Sarah Kim, J. Renay Loper, Aeisha Mastagni and Amit Mohindra. You have each contributed more than you can imagine and enriched this work beyond measure.

To the many generous souls who have opened their emails, phone lines and Zoom meetings to me, leading me down this path; among you are Mary Adams (IIRC), Amy Armitage (HC IRC), Sonya Aronowitz (Juniper Agency), Jeff Cohen (SASB), Jennifer Fondrevay (Day1Ready), Stathis Gould (IFAC), Jeff Higgins (HCMI), Denise Logan (Chase What Matters), Bob Nolan (Halyard Capital) and Kelli Okuji-Wilson (SASB). For your partnership and creativity before the world was ready: Mare Rosenbaum. To all the leaders of businesses and organizations who have committed your efforts and lent your voices to sustainable organizations, positive work environments and inclusive capitalism this work is built upon the foundations you have laid. My humble hope is it will advance your cause.

To Jason A. Wood for not hating the idea, believing that nothing is impossible and then actually making it possible. To Kevin Dougherty for lending your ear and your skills with stickie notes. To all our children and their partners, our friends, and family members for being by my side as I embarked on yet another expedition. To Tim, the love of my life, for allowing me space and providing tireless support and encouragement as I follow my passions. Finally, to Otis and Izzy for your unconditional love and affection, constant companionship and warmth both literal and figurative.

THE CASE FOR PEOPLE ECONOMICS

CHAPTER 1

The Human Cost

The phone rang at 9:30 p.m. on a bitter tuesday evening in late January, and I could hardly understand Dottie as she sobbed. Shaking my head in sadness and bewilderment, I listened for a few minutes, handed the phone to my husband and headed up the stairs to tuck our toddler into bed. Now I stood cold and numb in a graveside chapel. Laid out before us was a shattered life, so beautiful and vibrant only weeks before. I was alone since Bob, my husband, had been summoned by his new employer to a mandatory meeting, so I represented our family, heartbroken and disillusioned, with tears streaming down my face.

Here is how it all began. The previous Friday, Bob and the team he managed at our local bank was told their department was being eliminated, as the result of an acquisition by a large regional bank. Dottie was a member of his team. While my husband was offered a new role with the bank, everybody else lost their jobs. Bob and I were relieved that he still had a job because with a large mortgage and small child we needed the security, yet we felt terrible about the impact on his colleagues since many were personal friends and neighbors. At the time, I was the site administrator for a government-funded county agency charged with helping dislocated workers retrain and search for new jobs. Many of the bank employees affected by these job eliminations would be coming to me for career transition services.

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