Question

• Do a cost-benefit analysis of the selected healthcare organization.

Explain your analysis of the cost-benefit ratio and how it helps an organization.

• Explain the impact of the cost-benefit ratio on recruitment and retention strategies of a healthcare organization.

• Outline ways to improve the cost-benefit ratio of the selected healthcare organization.

• Explain the role of HRM in ensuring the most competitive compensation package for employees.

• Describe methods of improving the compensation package of the selected healthcare organization.

Explain how your recommendations could enhance recruitment and retention strategies of the organization.

• Discuss how you would address competitive compensation, benefits packages, career development, and succession planning in working towards the selected healthcare organization's strategic goals.

Answer 1

Answer: Cost Benefit Analysis. Cost-benefit analysis (CBA) is a technique used to compare the total costs of a programme/project with its benefits, using a common metric (most commonly monetary units). This enables the calculation of the net cost or benefit associated with the programme. A cost benefit analysis (also known as a benefit cost analysis) is a process by which organizations can analyze decisions, systems or projects, or determine a value for intangibles. The model is built by identifying the benefits of an action as well as the associated costs, and subtracting the costs from benefits.

Effective recruitment and selection are key to employee retention. An important measure of the effectiveness of these functions is the extent to which the organization is able to attract committed employees who remain with the organization. Many factors affect retention and, as discussed later, recruitment and selection procedures can have an impact on retention.