Question

Business metrics are different ways to measure outcomes in a variety of ways for a variety of things. There are metrics to measure internal communications as well as external communications. According to Manzoor, "there are four simple metrics that internal communications should be measuring. The four metrics she suggests are 1) employee engagement, 2) open and click-through rates, 3) responses and feedback, and 4) turnover rate" (Manzoor, 2018). It is important to measure these employee metrics because employees can be choosy which jobs they take in this economy.

Every area of business has specific performance metrics that should be followed (Klipfolio, Inc., n.d.). One of the main reasons for metrics on internal communications is to make sure employees are engaged and more informed. When employees are more informed and engaged, they tend to be more productive. Another metric that can be used is the number of shares. For example, if the company has a blog, it would be great to know how many of your employees share the post on their social media accounts with their friends and family. The reach could be exponential.

As to external communications, there really isn't much difference in the metrics that you would measure. The company would want to monitor open and click rates and responses and feedback. There are several companies that sell software that sets up "dashboards" to help measure both internal and external metrics.

The business environment does impact internal communications metrics. An example introduced in the article "Measuring Communication Effectiveness Across Diverse Backgrounds and Missions" says that a "climate survey" at IBM shows that there is considerable ambiguity in views of what IBM is and that lower-level employees tend to report that they have more information about IBM than the managers do; whereas, in the Air Force, lower-level employees do not know as much about the Air Force as the "higher-ups".

Measuring internal and external communications through business metrics is just as important, if not more important, as the metrics for the financials such as the quick ratio and the debt to equity ratio. If the employees are not happy, then they will not recommend the products to their friends and family. Because of this, it is important to make sure your employees are engaged and informed. In most cases, the employees are the company.

Required

Identify two quantifiable business metrics that could be used to measure the ROI associated with the key considerations in the above post. How do those metrics measure what is intended? How might they inform decision making or next steps? Support your reasoning with examples, if possible.

Answer 1

There are various matrics which help in measuring return on investment or success.

First is employee satisfaction employees are the important y6assets of the organisation ,So we must ensure they have a positive and comfortable work environment that let them to do their jobs with ease and pride.

Appreciation, recognition and initiative will create a sense of belongingness which will increase customers satisfaction and customer retention..

Second increasing customer base.it means targeting the customers by understanding their needs and meeting up the needs of current customer because happy customer will refer others.

Third net income ratio.it means operating expenses are subtracted from revenue what left is profit.One should aim to grow profit if we are losing money it means we have to cut down our expenses or cost.

These metrics help in decision making as we will be able to find better alternatives and techniques to achieve company goals and objectives.

It leads to better allocation of resources

Better planning

Helps in making timely decisions

Example: Financial metrics

Quick ratio ,debt equity ratio, current ratio etc helps a company on generating revenue and properly managing your finances. No control on finance can turn stakeholders off your organisation it helps in monitoring the health of your business.