What Metric of HR Effectiveness Is Calculated by "The Sum

question 8

Short Answer

What metric of HR effectiveness is calculated by "the sum of external costs (recruiting)and internal costs (training new employees)divided by the total number of new employees in a specific time period"?

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Definitions:

Explicit Costs

Direct payments made to others in the course of running a business, such as wage, rent, and materials.

Production Costs

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.

Accounting Profit

The total revenue of a business minus its explicit costs, not including opportunity costs.

Opportunity Cost

The opportunity cost of an alternative is the profit you give up to pursue it.