Cost Analysis

Career development is the path taken by an employee, with support and encouragement from management and with the help of tools and resources provided by the healthcare organization, to build a lifelong career and achieve long-term work-life satisfaction. Succession planning is critical to any organization's future success and, as such, must be integrated with internal HR practices and clearly linked to business strategy.

In this assignment, you will review compensation packages in healthcare organizations.

Tasks:

Select one healthcare organization of interest to you and research the compensation package in the organization.

On the basis of your research and findings, write a 6- to 8-page paper addressing the following:

• Do a cost-benefit analysis of the selected healthcare organization. Explain your analysis of the cost-benefit ratio and how it helps an organization.
• Explain the impact of the cost-benefit ratio on recruitment and retention strategies of a healthcare organization.
• Outline ways to improve the cost-benefit ratio of the selected healthcare organization.
• Explain the role of HRM in ensuring the most competitive compensation package for employees.
• Describe methods of improving the compensation package of the selected healthcare organization. Explain how your recommendations could enhance recruitment and retention strategies of the organization.
• Discuss how you would address competitive compensation, benefits packages, career development, and succession planning in working towards the selected healthcare organization's strategic goals.