12 May DISCUSS THE BENEFITS AND LIMITATIONS OF CONDUCTING A COST-BENEFIT ANALYSIS FOR AN HR INITIATIVE IN GENERAL.
To do a cost-benefit analysis, you must find, quantify, and add up all the positive factors or the benefits. Then, to find the costs, you must identify, quantify, and subtract all the negative factors or limitations, including missed opportunity costs. The difference between the two indicates whether the planned action is advisable or worth pursuing. The real challenge is to be able to not only determine the real benefits and the real costs, but also to properly quantify them. When managing people, that has and will continue to be a particular challenge for HR professionals.
Some calculations can be fairly straightforward. For example, should we hire an additional salesperson? If the total compensation of a salesperson is $100,000 per year, but the average sales of our current sales staff is only $80,000 on a good month, it may not be worth the cost at the present time. This seems fairly straightforward until the picture is complicated. Suppose there is a performance driver to build a more qualified sales department, and suppose that the marketing staff is projecting business to increase in the last 6 months of the year. Taking time in March through May to find highly talented salespeople might then make sense from a strategic perspective.
In this paper, you will consider cost-benefit analysis and how it can contribute to strategic decision making.
Write a cohesive and scholarly response based on course reading and research that addresses the following:
• Do you think it is necessary for HR professionals to have financial competency? Explain why or why not.
• Discuss the benefits and limitations of conducting a cost-benefit analysis for an HR initiative in general.
• Determine how a cost-benefit analysis and HR Scorecard might complement each other in strategic planning.
• Explain the organizational costs and benefits that are most critical for HR professionals to be familiar with, and why.
• Be specific, and provide examples with references to the literature.
Book: Becker, B., Huselid, M., & Ulrich, D. (2001). The HR scorecard: Linking people, strategy, and performance.
Place your order now for a similar paper and have exceptional work written by our team of experts to guarantee you A Results
Why Choose US
6+ years experience on custom writing
80% Return Client
Urgent 2 Hrs Delivery
Your Privacy Guaranteed
Unlimited Free Revisions
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.