The goal of for-profit firms is to maximize the economic value for shareholders. Finding ways to lower costs or increase performance is a crucial step in achieving this goal.
Cost models help business leaders quantify costs associated with certain activities and processes (like mistakes in hiring, voluntary turnover, etc). They also safeguard the company from losing money when engaging in activities (like hiring, firing or promoting) that seem profitable but really are not. It is a repeatable process that enables managers to apply this model to multiple situations.
Step 1 in every talent analytics project: Cost Modeling.
Request the Cost Modeling Primer to learn the benefits of Talent Analytics’ approach to modeling and visualizing costs (and benefits) of Employee Attrition and Performance.
- Cost Modeling Primer will cover:
- Project Tasks
- Project Fees