We're glad you stopped by is one of the recognized scientific approaches to quantifying the return on investment in effective selection A Economic value added B The balanced scorecard C. This page is here to walk you through essential details with clear and straightforward explanations. Our goal is to make your learning experience easy, enriching, and enjoyable. Start exploring and find the information you need!
Answer :
c. Utility analysis is one of the recognized scientific approaches to quantifying the return on investment in effective selection.
Utility analysis is a method used to assess the economic value generated from an investment in employee selection processes. It helps organizations to evaluate whether the costs associated with implementing a selection procedure will provide a good return, considering factors such as job performance, turnover rates, and training costs.
To perform a utility analysis, you would generally follow these steps:
- Identify the costs of the selection process, including development, implementation, and maintenance.
- Estimate the economic benefits derived from employing better-performing individuals (usually through increased productivity).
- Calculate the net gain or return on investment by comparing the costs and benefits.
This approach allows businesses to make informed decisions on whether to invest in specific selection techniques, ensuring that they achieve the most effective and economically beneficial outcomes.
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