Where’s the evidence?
I had an enlightening Saturday at the CIPD Midlands Area Partnership Conference. Lots of great input, and one thing has stuck with me throughout the week since then.
Rob Briner presented a session referencing the CIPD’s New Profession Map – both Rob, with friends, and the map are pictured above. He talked about how decisions, especially in HR and Learning & Development, need to be evidence based, rather than on “CEO whim” or because they are “in fashion”, or even because “everyone else is doing it”.
Then we had a question from the audience “How can we discuss evidence base when the response I get is ‘I don’t understand these numbers’?”
Not everyone does. Some don’t get “numbers”, and some do not really understand what scientific evidence is, or what it may comprise.
We do not always need medical trial depth double blind, randomised, control group tested, peer reviewed research for everything. Rob mentioned how we can make simple decisions – where to go for dinner – using a tool like Trip Advisor, with all its fake reviews and shortcomings.
It’s a tool: if we are aware of its shortcomings, we can still use it, and choose whether or not to rely on it.
You will make some decisions today. Based on what?
Buzzword of the Week – Amortisation
Definition – Writing off an intangible asset investment, such as goodwill, over the projected life of the asset. Amortisation is the intangible equivalent of ‘depreciation’.
Alternate View –has other definitions in different contexts. Why we cannot depreciate intangible assets defeats me. Probably best known for being the ‘A’ in EBITDA (Earnings Before Interest, Tax, Depreciation & Amortisation –a previous Buzzword), and let’s admit, EBITD is really difficult to use.
Winning with Finance – this one day introduction to finance is ideal if you would like to better understand what your accounts mean, what your Finance Director is saying, and what the bank manager is really interested in. My next public programme is on Thursday 14th November at Warwick University, in association with Denny Training. More details here
https://www.denny.co.uk/training/winning-with-finance/