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Making People Count

How to measure ROI on Human Capital

White Waves

Making People Count

How to Measure the ROI on Human Capital

"Making People Count: How to Measure the ROI on Human Capital" by Ramesh Ranjan is a groundbreaking book that explores the vital role of HR analytics in the modern business landscape. In an era where data-driven insights are paramount, this book serves as a comprehensive guide for organizations looking to optimize their human capital and achieve higher returns on investment (ROI) through informed decision-making.


The book begins by highlighting the transformative power of data, drawing a parallel between data and the new oil in today's digital age. It underscores the critical importance of measuring HR performance and establishing HR as a strategic partner within an organization.

About the book

Ramesh Ranjan provides valuable insights into the evolution of HR and how HR analytics has emerged as a pivotal discipline within the field. Readers are introduced to the various dimensions of HR analytics, exploring concepts like the Information Maturity Model, HR analytics processes, key performance indicators (KPIs), and business impact metrics.

One of the standout features of the book is its coverage of over 350 HR metrics that span the entire employee life cycle. Readers gain access to a wealth of metrics, enabling them to evaluate HR practices comprehensively—from recruitment and onboarding to talent development and retention.


The book also addresses the integration of artificial intelligence (AI) and algorithms into HR analytics. It not only explains the theoretical aspects but also provides sample algorithm code for better comprehension. Additionally, it explores predictive analytics, the correlation of HR variables, and the utilization of AI-powered tools like Chat GPT in HR analytics.


Throughout the book, the author emphasizes the significance of data visualization, employee experience, and the Total Employee Experience (TEE) metrics. This comprehensive approach enables organizations to understand and enhance their employees' journey, ultimately leading to improved HR practices and business outcomes.


Ramesh Ranjan delves into the practical aspects of HR analytics implementation, including the challenges and limitations that organizations may encounter. He highlights the importance of data quality, data privacy, and ethical considerations in HR analytics.


In conclusion, "Making People Count" is not just a resource but a game-changer for HR professionals, business leaders, and anyone interested in data-driven HR practices. It equips readers with the knowledge and tools needed to elevate HR practices, become strategic HR partners, and maximize their organization's ROI on human capital. Whether you're new to HR analytics or looking to refine your approach, this book is a must-read to revolutionize your HR journey in the digital age.

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Ramesh Ranjan 

A Professor, Startup Mentor, Business Consultant, Executive Coach, Content Manager & Editor

  1. Selected in the MG 25 India Coaches group by Dr Marshall Goldsmith.

  2. Selected by Silicon India Magazine as SI Top 10 Prominent Leadership Coach 2023

  3.  A Mentor at E-Cell, IIT Bombay for the 26th edition of Eureka! - Asia’s largest business model competition and help nurture startups and innovative ideas to build enterprises.

  4. 4 decades of experience in Human Resources Management

  5. Ex VPHR in Schneider Electric India, leadership positions in American Power Conversion (APC), Chevron Texaco/Caltex India, Praxair India, Co Systems India, Indian Herbs & ITI

  6. Mentor & Advisor to a couple of Startups, Executive Coach to CEO and CXO's

  7. Currently Professor (HR) at IFIM School of Management and visiting Professor at WE School, NMIMS, ISME, Jain University, XIME & Christ University in Bangalore. Visiting Professor @ Prague University of Economics & Business, Czech Republic.

  8. Ex Content Management Partner for IIM Bangalore-NAASCOM Leadership Resource Centre

  9. Founder & Editor of, an award winning HR Blog/Website

  10. Ex Vice President & Secretary of NHRD Bangalore Chapter, member of the India HR Council of the AMCHAM, New Delhi, Member of the Roundtable of HR Directors of Petroleum Companies, and Member of the India HR Council of Conference Board.

White Background

Global Leaders Speak

Dave Ulrich

Dave Ulrich RensisLikert Professor, Ross School of Business, University of Michigan, Partner, The RBL Group

"Ramesh's book advances analytics because he offers specific ideas, tools, and examples that confirms the value of analytics with discipline and accessibility. Ramesh's insights show the evolution of how analytics creates value to Business. As human capability (talent + leadership + organization + HR function) becomes more relevant for stakeholder value, analytics will become the means to make it happen. This outstanding book will enable this journey."

Dr. Marshall Goldsmith

Dr. Marshall Goldsmith is the Thinkers50 #1 Executive Coach and New York Times bestselling author of The Earned Life, Triggers, and What Got You Here Won’t Get You There.

“Making People Count is a groundbreaking work that underscores the critical role of HR analytics in the modern business landscape. In today's data-driven world, optimizing human capital is essential for achieving sustainable success, and this book provides a comprehensive roadmap to do just that. This is a must-read for those seeking to harness the power of data to drive organizational excellence."

SV Nathan

SV Nathan Partner, Deloitte South Asia

"Ramesh has brought out a very interesting book on the investment that is made in people and how that is to be measured and optimized. Normally there is a notion of return on investment or return on capital deployed for goods and services. This for the first time, perhaps, there is a comprehensive approach to looking at investment in people and the RO derived through rigorous and comprehensive metrics and data. Data to information, to analytics, insights that need to be actioned, is well delineated. A must read for CHROS and business leaders."


Sushanth Tharappan

Sushanth Tharappan HeadHuman Resources, Infosys Limited

"Making People Count provides a great insight into the world of HR analytics through pragmatic concepts and contemporary illustrations. Ramesh unpacks the wide spectrum of the HR analytics paradigm through its applications, tools, trends, and services in the workplace of today - a compelling read and guide for leaders looking for the HR analytics leverage. "

Delicate Fabric

Whether you're an HR professional, a business leader, or anyone interested in data-driven HR practices, this book is your key to success in the modern workplace.

Chapters in the book:

The book "Making People Count: How to measure the ROI on Human Capital" by Ramesh Ranjan is a comprehensive guide that delves into the world of HR analytics, showcasing its significance in the modern business landscape. The book emphasizes the importance of leveraging data-driven insights to optimize human capital and achieve higher returns on investment (ROI). HR analytics is positioned as a strategic tool that can transform traditional HR practices, leading to better decision-making and improved organizational performance.


It delves into the emerging field of HR analytics and how organizations can leverage data-driven insights to maximize the return on investment (ROI) of their human capital. The book explores various topics, including the rise of analytics, the evolution of HR, different dimensions of HR analytics, tools used in HR analytics, and the future and limitations of HR analytics.

What’s covered?

  1. Foreword: By Dave Ulrich, Rensis Likert Professor, Ross School of Business, University of Michigan, Partner, The RBL Group

  2. Acknowledgement:

  3. Data is the New Oil: This chapter explores the analogy between data and oil, highlighting the growing significance of data in the digital age.

  4. Is HR Measureable: Discusses the challenges and opportunities associated with measuring HR performance and its impact on an organization.

  5. HR at the Seat on the Board: Explores the evolving role of HR in organizations and how HR can become a strategic partner at the leadership level.

  6. The Rise of Analytics: Traces the rise of analytics in HR, emphasizing its transformational potential.

  7. Evolution of HR: Provides insights into the historical evolution of HR practices and their adaptation to contemporary business needs.

  8. What is HR Analytics: Defines HR analytics and its key components, setting the foundation for deeper exploration.

  9. Data-Driven HR for Business Impact: Explores how data-driven HR practices can lead to tangible business impact and improved decision-making.

  10. Why HR Analytics?: Discusses the motivations and benefits of incorporating HR analytics into organizational practices.

  11. VOICE: Voice of Internal Customer Experience: Introduces the concept of internal customer experience and its significance in HR analytics.

  12. Dimensions of HR Analytics: Examines various dimensions and facets of HR analytics, providing a comprehensive view of the field.

  13. Information Maturity Model: Discusses the Information Maturity Model as a framework for assessing an organization's data capabilities.

  14. HR Analytics Process: Describes the process of conducting HR analytics, from data collection to analysis and reporting.

  15. KPI's and Metrics: Explores the importance of key performance indicators (KPIs) and metrics in HR analytics.

  16. Business Impact Metrics: Discusses how HR analytics can be linked to business impact, demonstrating its strategic value.

  17. Tools used in HR Analytics: Provides an overview of the tools and technologies commonly used in HR analytics.

  18. HR Score Card: Introduces the concept of an HR scorecard as a tool for measuring and tracking HR performance.

  19. HR Story Telling: Emphasizes the art of storytelling in HR analytics to effectively communicate insights.

  20. Data Visualization: Explores data visualization techniques to make HR data more accessible and understandable.

  21. Employee Life Cycle: Focuses on the stages of the employee life cycle and how HR analytics can be applied at each stage.

  22. Total Employee Experience: Discusses the holistic approach to employee experience and its impact on HR analytics.

  23. TEE Metrics: Provides specific metrics and measures related to the Total Employee Experience.

  24. HR Metrics at each stage of Employee Experience: Explores HR metrics and analytics relevant to each phase of the employee journey.

  25. Business Challenges and HR Metrics: Discusses how HR metrics can address and help solve common business challenges.

  26. Artificial Intelligence (AI) in HR Analytics: Examines the role of AI in enhancing HR analytics capabilities.

  27. Algorithms in HR Analytics: Goes deeper into the use of algorithms and provides sample code for better understanding.

  28. Chat GPT in HR Analytics: Explores the use of conversational AI, such as Chat GPT, in HR analytics.

  29. Predictive Analytics: Discusses the application of predictive analytics in HR for forecasting future trends and outcomes.

  30. Correlation of HR Variables: Explores how different HR variables are interconnected and how this understanding can inform decision-making.

  31. HR Analytics Journey (Implementation): Provides guidance on the practical implementation of HR analytics within an organization.

  32. Using HR Analytics for Targeted Personalized HR Services: Discusses how HR analytics can be used to personalize HR services for employees.

  33. Limitations of HR Analytics: Addresses the limitations and challenges that organizations may face when implementing HR analytics.

  34. Data Doesn't Tell the Whole Story: Emphasizes that while data is crucial, it should be supplemented with qualitative insights.

  35. Data Quality: Explores the importance of data quality and accuracy in HR analytics.

  36. Data Privacy & Ethics: Discusses the ethical considerations and privacy concerns related to HR data.

  37. Future of HR Analytics: Provides insights into the future trends and developments in HR analytics.

  38. Conclusion: Summarizes key takeaways and the overall message of the book.

  39. References: Lists the sources and references used throughout the book, allowing readers to explore further.


What Business & HR Leaders have to Say

The book itself it appears very comprehensive and contemporary. It has around 36 chapters. In most chapters examples of many successful companies like Amazon, Toyota, and Google are quoted. The book largely involves embracing HR Analytics to amplify ROI on human capital. “Data is the New Oil” and “ what can’t be measured cannot be managed” are some of the persuasive chapters. I read the chapter on “ how do you quantify human capital” that presents HCVA, EVA, NPV and ROI concepts. The author made a good attempt, I was given the unexpected Privelege to speak and I added my perspective of “Hurconomics”published 15 years back converting CTC to calculate human capital costs and push for evaluating ROI on various HR systems. I indicated when you pay Rs. 10,000 per month to an employee the organization is paying one rupee a minute and expects in return 4 times in IT, 8 times in manufacturing and 20 times in oil sectors in India. Even this is an underestimate of human capital as an asset. Quantifying human capital is still in its nascent stages. The value add of HR is briefly presented in another chapter by Ramesh.


The book gives you a good glimpse of various matrices of significance to HR and values humans as assets. The chapter on evolution of HR focuses on HR automation and employee experience. I wish the author acknowledged how NHRDN itself contributing to competence building in HR and HR analytics. There are many more chapters that give lot of insights into the state of HR. Recommend you to grab your copy and familiarise with Ramesh’s work. Recommend this to be read by every one HR or non-HR. In later parts a lot of matrices are given. I look forward to discussing some of them in course of time. Congratulations Ramesh Ranjan for this great addition to HR and Management profession.....Dr TV Rao, HR Guru & Father of Indian HRD, Founder & Chairman of TV Rao Learning Systems


If you are looking for ways to develop and improve your HR and Business Analytics, Improve Decision Making, Achieve Better Alignment between HR and Business Goals, Improve your Workforce Management, Increase Efficiency, Better Manage your Talent, Improve the Impact of HR Initiatives, or just Drive an Enhance Data-Driven Culture then make sure to find time and read Ranjan's new work in this area Making People Count : How to Measure the ROI on Human Capital. 

Ranjan is not only now a Professor in Business and HR, but was one of the finest HR Operational and Strategic leaders which ever worked for me globally in the IT and Manufacturing industries. So he understands first hand the intersection between academia and what happens in business and across HR teams everyday. He has lead and driven some enormous HR programs and challenges in support of hyper business growth and profitability. Darren Cutts, ex 

Senior Vice President of Human Resources and Regional Management Board MemberSenior Vice President of Human Resources and Regional Management Board Member DHL


Making People Count book provides a comprehensive introduction to the world of HR. It covers a wide range of topics from role of HR and HR metrics to application of AI and ChatGPT in this domain. It is an engaging read also suitable for beginners. What sets this book apart is its unique focus on technical solutions to automate and improve processes within HR domain. It is a must-read for anyone seeking practical insights and innovative approaches in the field of human resources…… Adam Svorad, AVP, Barclays, Prague.


It’s awesome and the flow of topics with endorsements of Ulrich and Marshal Goldsmith are the icing on the cake. The topics covered are very relevant for today like chat GPT and the go forward vision  of ROI for HR driven by data, analytics and AI toolsBaskar Varadhan, CHRO & CTO @ Natural Remedies Pvt Ltd


Initial thoughts on the book 'MAKING PEOPLE COUNT' by Ramesh Ranjan is, it not just a book but a complete HR syllabus.

Founders and entrepreneurs like me who have not gone through formal education on #humancapital as a topic, have a basket, rather sack full of distilled knowledge packed here.

It is about data and analatics, but the beauty is, it takes us from where it started, what is happening and what more needs to be done.
Apart from authors own practical experience packed flow, it guides to use avaliable tools and softwares hence making the book an practically usable process guide.

Don't expect generic, every day motivational buzz words at all. #Entrepreneurs and #HR leaders who wants to give an robust platform to their organisation, it is a copy to pick up. Shashi Hegde, Founder & Director @ Hycons


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