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Management, Pages: 3

Staffing Metrics Evaluation – The Home Depot

Staffing Metrics Evaluation – The Home Depot

Enter the name of the organization you selected for this assignment (cannot be military or government)  

The Home Depot
What is the name of the metric? Is this a qualitative or quantitative metric? What does this metric measure? If quantitative, what is the formula for the metric? How is it calculated? If qualitative, then what are the standards needed for success? Describe how the metric is used to determine how well the staffing process meets the strategic needs of the organization. You must include peer-reviewed research to support your position.
 Dr. K’s Example Class Pass Rate Quantitative The metric describes how many employees completed the new orientation class in full. Number of Employees that Completed Training / Total Number of Individuals at the Start of Orientation
HR Metric 1 of 3 Hire cost Quantitative The metric analyzes the amount of money the company uses in recruitment. The above entails all costs invested in bringing in new recruits. The metric is significant to the organization since it enables the company to assess the success of its process of hiring in relation to the finances used in the process. The cost per hire is derived by dividing the total finances spent by the organization by the cumulative number of recruits. For example, if the total amount of money used during the recruitment process is $ 1,000,000 and the total number of recruits is 250, then the cost per hire is $ 4,000. Recruitment is a critical factor in the success of any organization. The company tries its best to bring in qualified individuals and top talents to enhance the company’s effectiveness and productivity. Tracking the cost per hire enables the organization to compare the recruitment expenses year after year to evaluate if there are any notable changes. Crafty yet expensive practices incur costs that people may disregard. The recruitment process entails various exercises that utilize the company’s finances and time. For instance, hiring requires interviews whereby managers take their time to interview a person. In addition, an organization uses finances in paid ads to advertise openings in the organization.

Furthermore, some companies hire recruiting agencies to do the recruitment exercise for them. The cost-per-hire metric gives a company applicable insights by predicting the amount of money a company is likely to use or use to bring in a new recruit (Phillips & Gully, 2012). A company must regard all the costs incurred during the process of recruitment as an investment for the organization to be on the frontline of acquiring top talent. The cost-per-hire metric helps an organization substantiate the results of its recruitment exercise. A company’s insights from a cost-per-hire metric enable the organization to determine what works or does not in its recruitment exercise.

Consequently, the company can maximize and enhance the next hiring techniques and budget planning to make better and data-driven choices (Phillips & Gully, 2012). In the US, the mean cost per hire is over $ 4,000. Thus, an organization can use the above as an appropriate standard to evaluate its cost-per-hire deviation from the mean average cost per hire in the US.
HR Metric 2 of 3 Turnover Quantitative The above metrics analyze the rate at which workers leave the company in a given period. In many firms, the rate of turnover is calculated yearly. The metric gives the possibility of a worker exiting the organization. For example, if the firm has a turnover rate of 50%, there is a 50% probability of an employee exiting the company unless the appropriate measures are employed. The turnover rate is analyzed in relation to the rate of worker retention, which evaluates the number of workers a company sustains from the start of a given period till the end (Heneman III, Judge, & Kammeyer-Mueller, 2019). For example, a company may determine the turnover rate at the end of every year. The turnover rate offers insights concerning the probability of a worker staying or exiting the company. A high rate of turnover in a company may be costly since exiting workers need to be replaced. Replacing the positions can be an expensive and time-consuming exercise (Heneman III, Judge, & Kammeyer-Mueller, 2019). The above may leave significant positions open for a long, adversely affecting the organization’s productivity. As a result, the turnover metric assists a company in comprehending the rate at which employees are exiting the company and the causes of the turnover that require improvement to alleviate turnover. In addition, turnover offers more information regarding the company. For example, some of the factors that may make employees exit a company may entail poor pay, an unconducive working environment causing reduced motivation, lack of opportunities to grow their careers, and many others. The turnover metrics are essential for a firm since it portrays the company’s health. If the organization keeps replacing employees following high rates of turnover, the firm is likely to incur more hiring expenses and reduced productivity. The company further consumes a lot of valuable time while recruiting and training new recruits. To avoid all of the above, the turnover metric offers the foundation for comprehending why workers exit the organization and devising techniques to help minimize the turnover (Heneman III, Judge, & Kammeyer-Mueller, 2019). Home Depot performs surveys within the company to assess the rate of worker satisfaction, which serves as a crucial determinant for turnover. Unsatisfied workers offer recommendations on what they believe should be implemented to enhance satisfaction within the company.
HR Metric 3 of 3 Employee compensation Quantitative The above metric evaluates the total amount paid to workers in terms of salaries, rewards, wages, and any other monetary benefits. Compensation is calculated and grounded on several aspects that influence the amount of value a worker brings to a company. For example, an organization might calculate a worker’s value based on their productivity (Phillips & Gully, 2012). If an employee’s productivity is lower than their compensation, then the company may reduce their remuneration to sustain their profits. Compensation is a critical metric that an organization utilizes to evaluate whether or not it fulfills its organizational strategic goals (Phillips & Gully, 2012). Compensation is also a delicate aspect of a company because of several factors. First, under-compensated workers are more likely to be less productive or less motivated and can exit the firm. Second, if the company overpays the workers, it may be unable to maintain the business and might even go bankrupt. There are various elements companies consider before evaluating the amount they can remunerate a worker. For instance, an organization considers the education level, skills, and experience needed for a particular job to decide on an employee’s pay.

Additionally, the company must consider its financial resources and the money it incurs from a certain role (Heneman III, Judge, & Kammeyer-Mueller, 2019). Consequently, the compensation metric assists the firm in assessing whether the remuneration offered to workers matches the productivity and value they bring to the organization. An organization cannot remunerate workers amounts beyond its revenue. The company must ascertain that it gives rational remuneration to workers grounded on their value to the company to incur profits and remain in business (Phillips & Gully, 2012).
2 Peer-Reviewed References in APA Format
1 Heneman III, H. G., Judge, T. A., & Kammeyer-Mueller, J. D. (2019). Staffing organizations, 9th.
2 Phillips, J., & Gully, S. M. (2012). Strategic staffing. Upper Saddle River, NJ: Pearson Prentice Hall.

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Question 

Step 1 ) Review the following documents:

Step 2) Staffing metrics can be short-term or long-term and efficiency- or effectiveness-oriented. Short-term metrics can be used as leading indicators to gauge a company’s ability to place the right people in the right jobs at the right time. Long-term metrics are best for evaluating the effectiveness of a staffing system because they drive the financial impact of staffing for the organization.

Staffing Metrics Evaluation - The Home Depot

Staffing Metrics Evaluation – The Home Depot

Step 3) Choose an organization with which you are familiar except government or military.

Step 4) Complete the chart called W6- Chart of 3 HR Metrics for Staffing Effectiveness & Grading Rubric with at least 700 words using a minimum of 2 different peer-reviewed sources. You must address the following topics in the designated cells in the template.

Metric 1 of 3- Identify and describe a metric that could be used to determine how well the staffing process meets the needs of the organization. Explain how it can help the organization determine effectiveness. If the metric is quantitative, explain how the metric is calculated.

Metric 2 of 3- Identify and describe 2nd metric that could be used to determine how well the staffing process meets the needs of the organization. Explain how it can help the organization determine effectiveness. If the metric is quantitative, explain how the metric is calculated.

Metric 3 of 3- Identify and describe a 3rd metric that could be used to determine how well the staffing process meets the needs of the organization. Explain how it can help the organization determine effectiveness. If the metric is quantitative, explain how the metric is calculated.

References- Your paper incorporates two (2) peer-reviewed references via in-text citation in APA format. The references are also cited in full APA format in this list reference list.