Dear All, What are the components that go into HR Budgeting? How often it has to be reviewed & To what extent does it have an impact on the company?
From India, Bangalore
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5From India, Bangalore
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HR Budget Elements
The elements in the HR department budget would vary with company policy, budget process, company accounting system, and the nature of the business operation, etc. Here is a broad set of guidelines:
- Recruitment/selection [internal/outsourcing]
- Contractors [external]
- Salary/wages
- Training/development [includes induction/orientation]
- Staff benefits
- Staff amenities
- Workplace facilities
- Workplace safety [OHS]
- Salary contingency
- Workers' compensation
- Staff communication [includes newsletter/intranet]
- Labor relations [legal/investigations]
- HR administration
- HR travels
etc.
Once again, the reviews vary with organizations. The majority review the HR component every six months, while in others, it is reviewed quarterly. The more labor-intensive the industry is, the more frequent it is. In the service sector, like banking, telecommunication, BPO, business services, hotel industry, hospitality, etc., it is done very frequently [at least quarterly].
The more labor-intensive, the greater the impact. Hope this is useful to you.
Regards,
LEO LINGHAM
From India, Mumbai
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The elements in the HR department budget would vary with company policy, budget process, company accounting system, and the nature of the business operation, etc. Here is a broad set of guidelines:
- Recruitment/selection [internal/outsourcing]
- Contractors [external]
- Salary/wages
- Training/development [includes induction/orientation]
- Staff benefits
- Staff amenities
- Workplace facilities
- Workplace safety [OHS]
- Salary contingency
- Workers' compensation
- Staff communication [includes newsletter/intranet]
- Labor relations [legal/investigations]
- HR administration
- HR travels
etc.
Once again, the reviews vary with organizations. The majority review the HR component every six months, while in others, it is reviewed quarterly. The more labor-intensive the industry is, the more frequent it is. In the service sector, like banking, telecommunication, BPO, business services, hotel industry, hospitality, etc., it is done very frequently [at least quarterly].
The more labor-intensive, the greater the impact. Hope this is useful to you.
Regards,
LEO LINGHAM
From India, Mumbai
Acknowledge(2)Amend(0)
Sir,
Do these elements include only the HR Department, or all company's other departments? How do you approve your budget? Is it based on your previous one and on the company's strategy?
Thank you
From Kuwait, Kuwait
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Do these elements include only the HR Department, or all company's other departments? How do you approve your budget? Is it based on your previous one and on the company's strategy?
Thank you
From Kuwait, Kuwait
Acknowledge(0)Amend(0)
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