Homework: Cost-Benefit Analysis
Competency
Hypothesize how change supports business objectives.
Scenario
You are the VP of HR in a health services company that specializes in medical transcription services. Traditionally, your company has provided such services to primary care physician groups. However, seeing an opportunity in the industry, your CEO has just announced that the company will expand the services offered and provide transcription services to private, for-profit hospitals. This expansion will necessitate changes in the structure, technology, and people in the organization. The CEO has asked the leadership team to provide recommendations on the most suitable approaches for change in these areas in order to support this new strategic direction. With specific regards to the people in the organization, you have determined the workforce will need to expand by about 60%. The CEO has asked you about the viability of hiring the new transcriptionists remotely. The current employees in this role all report to the organization's physical location.
Specifically, he would like a cost-benefit analysis of how to structure the work locations for medical transcriptionists in the expanded organization. He has asked you to prepare a cost-benefit analysis to help guide future business decisions regarding the expansion of the workforce.
Instructions
Prepare a cost-benefit analysis that:
i. Explains the costs and benefits of each alternative work location possibility (listed below) for medical transcriptionists in the expanded organization:
ii. Current employees continue to work at the physical location, while newly hired transcriptionists will work remotely.
iii. Current employees will no longer work at the physical location but will work remotely, along with all newly hired transcriptionists.
iv. Both current employees and newly hired transcriptionists will all be required to work at the organization's physical location.
v. Provides a recommendation and rationale of the alternative that is the best choice of action.
vi. Describes an action plan for implementing the recommended alternative, focusing on the major areas of organizational change.
vii. Explains how this action plan will support business objectives.
viii. Provides attribution for credible sources used in the cost-benefit analysis.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.