The Corporate Strategic Plan for Dr. Soliman Fakeeh Hospital shows a focus on retaining employees under their Strategic Directive 1: Invest in People & Development (p. 14). (The Corporate Strategic Plan for Dr. Soliman Fakeeh Hospital)
Considering this primary strategic initiative, the hospital recognizes the high cost of employee turnover. Burnout can contribute to staffing turnover as can an exodus of healthcare workers to other countries for better pay and benefits. Business & Finance homework help
Write a paper that addresses the financial costs associated with staffing, including costs associated with recruiting, training and turnover. You will show the calculations for retaining 2 current employees–a doctor and a nurse. You will also show the calculations for replacing these 2 employees if they quit. The relevant costs are shown below.
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In your paper discuss both direct and indirect costs. Address the need to increase the number of doctors and nurses and healthcare workers in Saudi Arabia in accordance with SV2030. How can companies address that need?
Please include this information that was obtained by the finance department for the current year:
Nurses make 112 SAR per hour on average. However, the average salary for a physician is approximately 350,000 SAR per year. They normally work 8 hours per day.
Use this information to calculate retaining employees’ cost for one nurse and for one doctor for the next two years. Next, calculate the costs to replace one nurse and one doctor both of whom will have relocating expenses. Some of the costs may not be relevant in your analysis.
Hiring New Staff (Costs = SAR):
Marketing costs per employee: 19,000
Pay for relocation per employee: 19,000
Training per employee: 35,000
Nonproductive hours due to fatigue per employee during training period (current staff) per employee: 210 Business & Finance homework help
260 days at 8 hours per salaried employee
224 days at 8 hours a day per hourly employee
Paid Annual Leave: 21 days per employee
EID Leave: 15 days per employee
Sick Leave: 30 days per employee
Your paper should meet the following structural requirements:
- The paper should be 4–6 pages in length, not including the cover sheet, reference page and the required excel sheets as an appendix to the assignment.
- You must show all your calculations for credit. Your calculations for this assignment must be submitted as an Excel file, identified as Appendix A, and included as part of the Word document submission.
- Formatted according to APA and Saudi Electronic University writing standards.
- Provide support for your statements with in–text citations from a minimum of three scholarly articles.
- One of these sources may be from the class readings, textbook, or lectures, but one must be external.
- The Saudi Digital Library is a good place to find these references. Business & Finance homework help