First Standards for HR Management Released

The Society for Human Resource Management (SHRM) recently released documentation for the first American National Standards Institute (ANSI) standard for human resource management.

The cost-per-hire standard (in .pdf) is the first in a planned series of standards to support the HR profession and business and is available at: http://www.shrm.org

According to the document the Cost Per Hire (CPH) standard, although structured at a high level, is designed as a tool to allow an organization to determine accurate and comparable costs of recruitment through a standard algorithm to calculate the recruiting costs to be incorporated into cost-per-hire.

Applicable to organizations of all types the metric will provide valuable input to benchmarking, budgeting and strategic planning and help determine future costs associated with investment decisions.

HR professionals' needs for tools to help translate the impacts of the profession into financial contexts for business are beginning to be answered.

More to come!
Rod