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Essay / Research Paper Abstract
A 6 page paper that begins by commenting about the importance of human capital. The writer discusses the high costs of turnover and hiring, providing ides related to calculating these costs. Suggestions are also made about calculating the return on investment of training. Formulas for calculating the ROI of employees; revenue per employee; profit per employees; labor costs as a percentage of revenue, and turnover rate percentage. The paper ends with a brief sample HR Balanced Scorecard. 1 Table included. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGhrmv2.rtf
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Unformatted sample text from the term paper:
their knowledge, skills and abilities (Whizlabs, 2005). They bring revenue to the company, whether the employee is working on a manufacturing line or is a salesperson brining in new business
(Whizlabs, 2005). Fitzgerald commented: "People really do make a difference-to competitive advantage, ability to deliver maximum performance to shareholders, workplace culture, innovation and, most importantly, to the bottom line" (2004).
Because they are central to a profitable company, it makes sense to: hire the right people, build their skills through training, and provide good compensation and a work environment that
retains talented people (Whizlabs, 2005). Turnover is a very costly event for any company but most managers do not realize how high the cost of turnover really is (Fitzgerald, 2004).
The actual cost can easily total 150 to 300 percent of that employees annual salary (Fitzgerald, 2004). This means if the employees salary is $50,000 per year, the cost
of replacing that person will range between $75,000 and $150,000. That is just for one employee, multiply that times the actual number of employees who voluntarily leave and the total
cost to a company could be staggering. Hiring involves a myriad of activities, most of which managers do not consider when trying to determine the cost of turnover. For
instance, there are the costs related to the person leaving, such as the exit interview and other processing activities (Fitzgerald, 2004). There is lost productivity while the position is vacant,
recruiting costs, such as advertising, papers-screening of applicants, background checking of applicants, interviewing applicants and then, the orientation and initial training costs of the new hire (Fitzgerald, 2004). To compound
this, add the fact that the new person is not going to perform at maximum productivity for a period of time (Fitzgerald, 2004). The lower productivity of the new hire
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