HR Under the Microscope: Metrics to Drive Costs Down Across HR... ( CHAPEL HILL N.C. Oct. 9 /- Human ...)

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HR Under the Microscope: Metrics to Drive Costs Down Across HR Functions

Date:10/9/2007

CHAPEL HILL, N.C., Oct. 9 /PRNewswire/ -- Human Resources oversees an organization's biggest expense and most valuable asset: its staff. With HR involved in some of a company's biggest cost drivers, efficiencies in one area such as relocations or medical services can translate into significant savings.

To help executives and managers evaluate their HR function, Best Practices, LLC has published a comprehensive report containing more than 300 metrics across six key HR functions: Staffing, Benefits, Relocation, LOA, FMLA, Workers' Compensation and Medical Services. To download a complimentary summary of "HR Resourcing Excellence Series," go to http://www3.best-in- class.com/rr863.htm.

Some of the findings in the report include:

-- Staffing Costs: The cost per hire ranged from more than $30,000 in the

smallest company segment to $1,058 for the largest segment. The largest

companies are able to demonstrate economies of scale with lower costs

per hire.

-- Domestic Relocation: The average temporary assignment costs $3,798.

Employee relocations and new hire relocations, however, cost about 60

percent less, ranging between $1,535 and $1,622.

-- Medical Services: Total internal and external staff costs for all

benchmarked medical services programs range from $59 to $274 per

employee supported.

Data was collected from surveys and interviews with HR professionals at companies including: Abbott Labs, ALCOA, American Express, AT&T, Bank of America, Boeing, Bristol-Myers Squibb, Caterpillar, Cisco Systems, Convergys, DaimlerChrysler, Dell, Dow Chemical, DuPont, Fujifilm, General Electric, General Motors, Intel, Kraft Foods, Microsoft, Motorola, Pfizer, Texas Instruments, Toyota and more.

To view more metrics from this 350-page report, go to http://www3.best-in- class.com/r
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SOURCE Best Practices, LLC
Copyright©2007 PR Newswire.
All rights reserved

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