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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.

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SOURCE Best Practices, LLC
Copyright©2008 PR Newswire.
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