INTRODUCTION
One of the recurrent and inevitable tasks of HR directors is completing the annual budget process. HR budget is a great opportunity to reposition and reinforce the HR function as a strategic partner. Further, HR budgeting is subject to many factors including corporate policies. In this course, HR professionals will learn the skills they need to perform this task effectively and efficiently.
PROGRAMME OBJECTIVES
- Understanding organization goals and overall corporate plan
- Creating the department budget
- Learning methods for HR budgeting
- Identifying the areas of flexibility
- Monitoring budget regularly
WHO SHOULD ATTEND?
- Supervisors
- HR Managers
- Executives
- Anyone involved in HR planning
- Anyone who is or will be responsible for human resources management
PROGRAM OUTLINE
- What is a budget?
- The purpose of budgets
- Alignment with organizational strategic goals and functions
- Factors to consider while budgeting
- Methods for HR budgeting
- Incremental budgeting
- Zero-based budgeting
- Steps to creating an HR budget
- Collection of data
- Forecasting on number of employees and turnover rates
- Strategic planning (data/consultants)
- HR databases
- Developing personnel
- Analyzing jobs
- Preparing a short and long-term plan
- Salary data
- Compensation philosophy and strategy
- Developing competitive salary structure
- Pay practices
- Pay structure
- Incentive compensation system
- Merit pay
- Bonuses
- Commissions
- Health & Insurance
- Direct vs. indirect benefits
- Recruitment budget
- New benefits programs
- Training and development
- Overtime
- Incentive compensation
- Intranet design and maintenance
- Pension Plans
- Human Resources Key Performance Indicators
- Measuring financial performance
- Labor costs
- Decreasing of turnover rate
- Effective using of training budget
