Budgeting for Human Resources Training
Code
5026
Type
Classroom
Duration
5
Modules
5
Skill Level
Expert
Language
EN
Max
10
Certificate
Yes
Assessment
No
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.
- Understanding organization goals and overall corporate plan
- Creating the department budget
- Learning methods for HR budgeting
- Identifying the areas of flexibility
- Monitoring budget regularly
- HR Managers
- Executives
- Anyone who is or will be responsible for human resources management
There are no specific requirements for this Course.
Course Outline
- Overview of Budgets
- 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
- Budget metrics for HR
- Budgets and return on investment (ROI)
- Budgets and internal rate of return (IRR)
- Expense Budgets
- 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
- Direct Benefits
- Salary data
- Compensation philosophy and strategy
- Developing a competitive salary structure
- Pay practices
- Pay structure
- Incentive compensation system
- Merit pay
- Bonuses
- Commissions
- Employee and labor relations
- Salary cost increases or projections.
- Changes in policy, business strategy, law, or regulation may impact costs.
- Direct vs. indirect benefits
- Health & Insurance
- Recruitment budget
- New benefits programs
- Training and development
- Overtime
- Incentive compensation
- Intranet design and maintenance
- Pension Plans
- Employee safety and well-being
- HR technology
- Efficiency Indicators
- Human Resources Key Performance Indicators
- Measuring financial performance
- Labor costs
- Decreasing turnover rate
- Effective use of training budget
- Monitoring budget performance
- Variance analysis
- HR cash flow analysis