Human Resources Metrics, Reporting, and Financial Management Module 1 - The Relationship Between Finance, Technology, and Human Resources

Question 1

What are the compensation costs?

Answer 1

Labor cost per FTE = labor cost / FTE

Labor cost revenue percent = labor costs / revenue

Cost of benefits as a percentage of total labor costs = benefits / labor costs

Question 2

How is return on investment calculated?

Answer 2

Return on Investment = (benefit - cost) / cost

Question 3

What is information technology and what are its benefits?

Answer 3

Encompasses all of the hardware and software, including networking and communications technologies.

Benefits:
Operational = processes are more efficient
Relational = people are more connected
Transformational = the way work is done has changed

Question 4

What are the types of HR Management Systems (HRMS)?

Answer 4

Enterprise Resource Planning (ERP)
Human Resources Information System (HRIS)
Specialty Products

Question 5

What are some factors to consider when selecting an HRIS?

Answer 5

Does what you need
Can be upgraded or customized
User friendly
Time required to implement
Cost
Etc.

Question 6

How long does the CRA require documents on earnings be retained?

Answer 6

6 years

Question 7

What information is recorded under the employment standards act and how long must i be retained?

Answer 7

Name, address, start date, hours worked, overtime, vacation time and pay, maternity, parental, emergency, and medical leaves.

This information must be retained for 3 years.