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Using HR Performance Metrics to Drive Costs Down Across HR Functions
Date:4/15/2008

CHAPEL HILL, N.C., April 15 /PRNewswire/ -- With companies across all industries facing a year of belt-tightening, organizations are seeking savings from the largest part of their budget - Human Resources. The dilemma: How to trim costs across the myriad HR functions and yet retain high service quality for the company's most valuable asset: its work force.

To help executives and managers in pharma and other sectors evaluate their key HR functions, benchmarking leader Best Practices, LLC has published a comprehensive report that delivers more than 300 metrics across six key functions: Staffing, Benefits, Relocation, LOA/FMLA, Workers Compensation and Medical Services.

To review a complimentary excerpt and sample metrics of "HR Resourcing Excellence Series," go to http://www3.best-in-class.com/rr927.htm .

Some of the findings of the 350-page 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: Benchmarked companies spend an average of $126 for

medical services administration per employee supported.

Data was collected from surveys and interviews with HR professionals at 78 companies including: Abbott Labs, ALCOA, American Express, AT&T, Bank of America, Boeing, Bristol-Myers Squibb, Caterpillar, Cisco Systems, Convergys, 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 report, go to http://www3.best-in-class.com/rr927.htm .

The wealth of metrics across key HR function areas provides HR executives with a detailed evaluation of service offerings, organizational structures, staffing levels, functional costs, activities outsourced/shared and effectiveness measures.

For questions or additional information on this report and other Best Practices, LLC products and services, please call Cameron Tew at 919-767-9246 or email ctew@best-in-class.com.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.


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SOURCE Best Practices, LLC
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