Exercise #$1-$ HR Metrics

Information Provided:

In $2021,$ Company A had a total of $1,000$ salaried employees. Workers in Company A have a $5$day work week and a standard $8-$hour workday. The annual worker compensation for an employee is $$110,000-$ which includes benefits.

In the following year $(2022),$ Company A hired an additional $200$ people, which cost them $$60,000.$ During that recruitment drive, $500$ people were offered jobs but only $200$ joined the company.

During the last month of $2022,$ there were $215$ reported absences$.$ Additionally, $100$ employees quit the company during the year.

Questions:

Calculate the following HR Metrics for year $2023$ with the information given above. Show all steps in your calculation.

Workers' compensation cost per employee

$($Total annual workers' compensation cost$/$Average number of employees$)$

Cost per hire

$($Recruitment costs$/$total cost of compensation and benefits$)$

Job offer acceptance rate

$($number of job offers accepted$/$number of job offers extended$)$

Absence rate $($number of employee absences$/($average number of employees during the period $x$ the number of workdays$)$

Turnover rate $($number of employees leaving$/$average number of employees during the same period$)$

Use a $30-$day work period per month, and show calculations for January $2023.$

Note: The 'average' number of employees for year $2023$ can be calculated in several different ways, depending on criteria set by the organization $($e$.$g$.$ number of employees at end$-2022$; average between start$-2022$ and end$-2022$; etc.$).$ You must do this exercise explaining what principles you used to calculate the annual average. Show all steps of your calculation to help you avoid calculation errors.