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