This week, we studied and discussed metrics relevant to compensation and benefits. For this assignment, you will demonstrate your understanding of these metrics by writing a short paper that addresses the following questions:
- What can each metric demonstrate? What is its importance to HRM and strategic decision-making?
- What would be learned from statistics derived from this metric?
- Where might one find (or collect) the raw data for this metric? How would you implement tracking this metric in an organizational dashboard/balanced scorecard?
- What, if any, potential difficulties might create challenges in tracking this metric?
- Compensation and Benefits Costing Factors (Quantitative)
- Satisfaction and Perceptions of Fairness Regarding Compensation and Benefits (Qualitative)
Metric 1: Health Benefits Costs Per Employee
Metric 2: Speed of Claims Resolution