Human Resource Management Assignment: Cost-Benefit Analysis

Assignment: Cost-Benefit Analysis
As strategic HR professionals, calculating the costs and benefits of their activities will be a function they perform on a regular basis. The cost-benefit analysis is a financial tool that has been used in organizations for decades to determine the potential value of an activity, such as training employees on new software tools. Based on the cost-benefit analysis, the difference indicates whether the planned action is advisable for the organization to pursue. HR professionals consider costs and benefits on a regular basis and you will have the opportunity to examine a case study using cost-benefit metrics in this Assignment.

To complete this Assignment, review Exercise 40: Evaluating the Recruiting Function on pages 123–126 in Nkomo, Fottler & McAfee, 2011. Then, using the Excel documents, the other Learning Resources for this week and additional resources you may find in the Walden Library or online, respond to the following in a 4- to 6-page paper
Using the data in Exhibit 2.9: Data on Recruitment Sources for Registered Nurses at St. Vincent’s Hospital, 2015 – 2016 (Excel document), complete the calculations on Form 2.5: Yield Ratios at Each Step in the Recruitment Process and Recruitment Cost per Nurse Hired, St. Vincent’s Hospital, 2015 – 2016 (Excel document). Include your answers to Form 2.5: Yield Ratios at Each Step in the Recruitment Process and Recruitment Cost per Nurse Hired, St. Vincent’s Hospital, 2015 – 2016 (Excel document attached please ensure numbers are correct) as an appendix to the paper. These calculations will influence your answers in this case.
Describe the use of metrics for a hospital recruiting strategy.
Explain the benefits of metrics in recruiting strategy development and execution
Evaluate the nurse recruiting strategy for a hospital
What are the metrics used in the case?
What was the process the hospital used to select these metrics? Is it effective? Why or why not?
Based on the data calculations you completed, is the hospital using effective recruiting sources? Please provide your rationale?
Which recruiting sources would you need to manage more effectively and why?
Assess the cost benefits of using HR metrics
How can HR metrics be used to lower costs?
Explain how HR metrics can be used to create value for an organization
How could the recruiting process be improved through effective use of HR metrics?
What stage or stages of the hospital recruiting process seem the most amenable to improvements?
Identify new specific metrics to support HR recruitment functions