Posted: March 7th, 2023
One of the most important aspects for any healthcare organization in terms of recruitment and retention strategies is the cost-benefit ratio. This ratio looks at the costs associated with hiring and retaining employees versus the benefits or value that these employees bring to the organization. The cost-benefit ratio can have a major impact on how organizations approach recruitment, training, compensation and other human resource management strategies.
This ratio can also influence how organizations design their training programs since higher costs are often required when providing more comprehensive training. Employers must consider not only the initial outlay but also ongoing maintenance fees along with potential lost productivity from having staff away from work while being trained (Kirkpatrick 2020). Additionally, employers must factor in whether or not investing in employee development will lead to greater financial returns over time due to increased efficiency or quality improvements.
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