METHOD OF DETERMINING THE ECONOMIC EFFICIENCY OF ACTIVITIES RELATED TO RECRUIMENT AND SELECTION OF PERSONNEL.

The current paper presents a method through which the economic efficiency of each activity within the recruitment and hiring process can be evaluated within the conducted procedure. In the event of unsat)isfactory results, the necessity for improving each specific activity within the recruitment and personnel assessment procedure in the organization can be determined. The core idea of the method is based on the possibility of utilizing a reengineering approach to determine the returns that the company receives from the investments made during the recruitment and selection process. The need for developing and the essence of the functioning of this approach are revealed. The article describes the algorithm, formulas, and methodology through which specific coefficients of economic efficiency of existing activities within the recruitment process can be calculated. The presented method provides another tool for the financial manager to assess and optimize the recruitment process in organizations with the aim of cost optimization and maintaining competitiveness. [ABSTRACT FROM AUTHOR]