Final answer:
The cost reduction in hiring due to new HRM processes is a reduction in recruitment expenses, not employee satisfaction, time-to-fill vacancies, or employee turnover rate.
Step-by-step explanation:
When new HRM processes reduce the cost of hiring employees, they have reduced the company's recruitment expenses. HRM stands for Human Resource Management, which involves the effective management of people in an organization to achieve the company's goals. It includes processes like recruiting, hiring, training, and retaining employees. Efficient HRM practices help in professionalizing human resources functions which can also lead to reduced biases in hiring and aid in the better retention of employees. During periods of economic downturn, such as a recession, companies face the dilemma of whether to lay off workers due to decreased demand or retain them to avoid future hiring and training costs. HRM plays a vital role in making these decisions more cost-effective.
Research indicates that discrimination in the hiring process, seen in the disadvantage of Asian applicants with Asian-sounding names, can be mitigated by implementing professional HR strategies. Moreover, the growth of the temporary worker industry has contributed to a decrease in frictional unemployment by providing workers with temporary positions while they seek permanent employment, further reducing overall recruitment expenses.
Thus, the correct answer to the student's question is: c) Recruitment expenses.