Cost-Benefit Analysis

Answer

Cost-Benefit Analysis

Yield Ratios

Human resources professionals are often tasked with the obligation of calculating the cost and benefits of the organization’s activities to ensure accurate and efficient yield ratios (Boardman, Greenberg, Vining & Weimer, 2017). This paper aims to evaluate the metrics of cost-benefit by reviewing the case study of St. Vincent Hospital. The paper will utilize St. Vincent Healthcare institutions' data to identify the best metrics to implement to ensure appropriate yield ratios. Also, suggestions will be made about the strategies that can be used to ensure effective recruitment and enhance job offer acceptance as calculating the yield ratios of St. Vincent Hospital. 

FORM 2.5 Yield Ratios at Each Step in the Recruitment Process and Recruitment Cost per Nurse Hired, St. Vincent's Hospital, 2007-2009

Question 1: Evaluating Existing Nurse Recruiting Strategy

The nurse recruiting approach assessment is performed by assessing the yield valuations of multiple recruitment procedures at St Vincent's Hospital, utilized in 2005- 2009. The yield rates correlate the number of candidates at one level of the recruiting course with another (Gavazza, Mongey & Violante, 2018). Other recruitment approaches, including the internet, worker referrals, and college programs, produce more applicants based on work acceptance. Moreover, journal ads, university programs, employee referrals, and the internet can be considered enhanced recruitment approaches based on the average payment per nurse.

 Recruitment specialists, including walks-in, produced only three acceptance. Newspaper ads yielded two acceptances. Private employment agency 2, Hospital-based schools only 1, direct mail, public employment agency, job affairs 1, and state nursing associated convergence yield 0. These statistics signify that St. Vincent Hospital is employing numerous recruitment sources and approaches. Thus, it could utilize improvements with the recruitment procedures as observed with the potential for hospital-based institutions (8 qualified, one approved), collegiate institution (13 qualified, two approved), newspaper ads (16 qualified, two approved), and walks-in (17 qualified, three acceptances).

Question 2: Recruitment Sources

Based on the data collected from exhibit 2.5, it appears that the institution has too many recruiting sources that yield less qualified workers and have increased recruiting expenses. Examples of these sources include junior educational collages, newspaper ads, and job affairs. However, this does not indicate that sources should be eliminated from the recruitment procedures. For instance, regarding job affairs, the best option will be recruiting at different institutions and narrowing to a distinct job affair for nurses qualified with the pharmaceutical profession (Gavazza, Mongey & Violante, 2018). According to the statistics from exhibit 2.5, essential nursing emergency meetings produced seven qualified applicants and 0 approved with a cost of $1150 per trainee. With these outcomes, it would be a reasonable evaluation to eradicate this recruitment procedure.

Private and public employment bureaus are some of the potential recruiting strategies that should be eradicated. According to the statistics, the private employment agency yielded nine qualified applicants, but only 2 accepted the job at $4000. On the other hand, the public employment agency yielded four qualified applicants and produced one accepted value of $600. Notwithstanding the hospital-based school recruiting sources having vulgar yield (1 taken at $ 800), the enhanced yield ratio reveals this recruitment approach's high potential.

Question 3: Amendable Improvements

Based on presentation 2.17, the two significant causes for applicant dismissal of work proposals are the recruiter's invalidating perspicacity and insufficient appropriate follow-up. These concerns may be managed concurrently, given that they involve the recruiter. Recruiters are essential in nurse staffing, given that they are the predominant people to meet with inherent applicants. Usually, they are obliged to set the applicant's standards and impressions about the organization (Gavazza, Mongey & Violante, 2018). For instance, if the recruiter is kind and welcoming, the applicant will develop the impression that the infirmary is friendly. If they are considered offensive, the candidates will view the hospital as an organization with a rude workforce. St. Vincent Hospital should consider employing recruiters fit for the rank and have a positive approach. By hiring such recruiters, candidates will have developed a different impression about the hospital than how they perceive the hospital as a non-friendly institution due to the existing recruiters' negative perception.

St. Vincent Hospital should include consecutive training for recruiters. This training is essential, given that it will help the recruiters develop effective and proper measures of recruiting and maintaining an accurate follow-up approach.  Moreover, the hospital should consider an assessment to estimate the effectiveness of the training programs are operating and whether they present significant and influential recruitment processes. Assessing if the training programs are effective will permit the organization to distinguish the more substantial approaches and produce higher yields at low expenses (Wolf, Perhats, Delao, Clark, & Moon, 2017). Additionally, another type of change that is likely to enhance St. Vincent's staffing ratios is alterations in pay structure. If the recruiters are often paid with a commission, they will be motivated to perfect their recruiting obligations; consequently, the applicants will accept job offers.

The other necessary change is an improvement in the working conditions. Based on exhibit 2.10, the working conditions at St. Vincent Hospital contribute significantly to the turndown of job offers. Perhaps, the best approach to address this concern will be revising the current work condition and assessing significant elements that impact the work condition. Nevertheless, the healthcare organization should ensure that its staff is working in a safe and conducive environment (Gavazza, Mongey & Violante, 2018). The healthcare institution should also consider revising "job match." Exhibit 2.15 indicates that perceived poor job match contributes significantly to the candidates' rejection of job offers. Therefore, the hospital should consider implementing enhanced approaches effective in ensuring proper job matches. Implementing these alterations will guarantee a decrease in yield ratios.