What is employee lifetime value (ELTV)?

Employee lifetime value (ELTV) is a metric organizations use to evaluate the financial value of a team member throughout the employee lifecycle.

Why is it important to measure ELTV?

ELTV gives HR professionals insight into what could be inhibiting their people from reaching their full productive potential. This kind of insight helps HR leaders put initiatives in place that create incentives for team members to engage more with their work, therefore maximizing the contributions of team members to the company.

HR Glossary: Every term you need to know | Page 2 of 13

What is job rotation?

Job rotation is a form of internal mobility where team members move between different roles…

What is HR operations?

HR operations is the backbone of the HR department, ensuring various HR processes and systems…

What is performance management?

Performance management is a comprehensive method of tracking employees' work performances and developing their skills…

What is PTO?

Paid time off (PTO) is a valuable employee benefit that allows people to take leaves…

What is a learning management system?

A learning management system (LMS) is a type of software that companies use to train…

What is predictive HR analytics?

Predictive HR analytics is a tech tool that HR uses to analyze past and present…

What is HR transformation?

Human resources transformation is when an organization makes significant changes to its people management approach.…

What are salary bands?

Salary bands, also known as pay ranges or pay scales, are ranges of salaries for…

What is job pricing?

Job pricing is how you establish the right compensation or salary for a specific job…

What is an employee assistance program (EAP)?

Employee assistance programs, or EAPs for short, are work-based programs designed to identify and assist…

What is an HRIS analyst?

In essence, an HRIS analyst is the logistical superhero who manages, maintains, and supports this…

What are employee files?

Employee files, also known as employee personnel files, are detailed records that contain essential job-related…

What is job enrichment?

Job enrichment is a motivational strategy that focuses on making the work people do more…

What is employee enablement?

Employee enablement means empowering employees with the tools, resources, and knowledge they need to do…

What is a hiring freeze?

A hiring freeze is when a company stops hiring new employees. During a hiring freeze,…