SHRM Senior Certified Professional SCP: Review of Employment Formulas and Study Guide, Exams of Human Resource Management

Download SHRM Senior Certified Professional SCP: Review of Employment Formulas and Study Guide and more Exams Human Resource Management in PDF only on Docsity! SHRM Senior Certified Professional SCP Revie of Employment Formulas and SHRM Must Know Study Guide 100% Pass | Graded A+ David Mungai [Date] [Course title] SHRM Senior Certified Professional SCP Revie of Employment Formulas and SHRM Must Know Study Guide 100% Pass | Graded A+ How do you calculate the HR metric "Absence rate" and what is it best used to evaluate? - Answer>> Lost days / Number of employees Use: To reflect benefits of a change in workplace conditions How do you calculate the HR metric "Accruals" and what is it best used to evaluate? - Answer>> Comparison of budget to actual assignee costs Use: To monitor expense accruals and make sure that assignment budget and financial goals are met How do you calculate the HR metric "Applicant yield ratio" and what is it best used to evaluate? - Answer>> Percentage of applicants who proceed to the next step of the selection process Use: To demonstrate effectiveness of recruiting methods How do you calculate the HR metric "Cost per hire" and what is it best used to evaluate? - Answer>> Total costs of hiring / number hired Use: To demonstrate increased efficiencies in recruitment and hiring process How do you calculate the HR metric "human capital return on investment" and what is it best used to evaluate? - Answer>> Ratio of employment-related expenses to revenue minus non- employment expenses Use: To demonstrate value of HR programs What is the role of HR specialists and what are they also sometimes referred to as? - Answer>> Use their expertise in a specific HR area (i.e., compensation and benefits design, talent management, metrics, IT, occupational health and safety, organizational development, and workforce relations) to apply best practices in their discipline to advance the HR strategy. Also known as functional experts. What is the role of HR generalists and what are they also sometimes referred to as? - Answer>> Use their general proficiency in all of HR's areas to provide sound advice and direction to employees and mangers and work closely with their specialist coworkers to ensure that the information and programs they are providing to their employees are accurate and complete. Also known as HR practitioners. What is the role of HR business partners and how are they related to HR generalists? - Answer>> HR business partners use a deeper understanding of the business—both the organization and the function—to find ways that HR can help functions achieve their goals. HR business partners are more experienced generalists who are assigned to represent HR services directly to other business functions. Cost of hire - Answer>> Total costs Number of new hires Cost per hire - Answer>> (External costs) + (Internal costs) ___________________________________________________ Total number of hires in a time period Employee absence rate - Answer>> Number of days in month ____________________________________________________ ____________________________ Average number of employees during month Number of days Human capital return on investment - Answer>> Employment-related expenses/ Revenue - Nonemployment expenses Human capital value added - Answer>> Revenue - Nonemployment expenses/ Number of full-time employees Labor productivity - Answer>> Sales/ Number of employees Recruitment cost ratio (RCR) - Answer>> External costs + Internal costs/ 100 Total first-year compensation of hires in a time period Turnover rate - Answer>> Number of separations for the year/ Average number of employees per month Revenue per employee - Answer>> Total revenue/ Total number of employees Vacancy costs - Answer>> Costs of substitute labor (temporary workers, contractors, outsourcing partners) - Wages and benefits not paid because vacant Yield ratios - Answer>> 1- (Qualified applicant/s)/ Total applicants 2 - Minority applicants/ Total applicants 3- Female applicants/ Total applicants 4 - Offers extended/ Qualified applicants 5 - Offers extended/ Final interviews Offers accepted 6 - Offers accepted/ Offers extended Benefits costs as percentage of total payroll costs - Answer>> Total benefit costs/ Total payroll costs Compa-ratio - Answer>> Pay rate/ Midpoint Compensation ratio - Answer>> Employee's pay rate/ Pay range midpoint Health-care expense per employee - Answer>> Total health-care expenses/ Number of employees enrolled in a health-care plan Total company compensation expense - Answer>> Salaries + Overtime + Benefits + Bonuses/ Total costs Workers' compensation