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
5From India, Bangalore
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
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
Hello Mr. Leo,
As soon as I see your name in the last post by ------, it takes no time for me to open the post and think, "Here comes the perfect answer." Thank you for your response. I was searching for it.
Dips
From India, Delhi
As soon as I see your name in the last post by ------, it takes no time for me to open the post and think, "Here comes the perfect answer." Thank you for your response. I was searching for it.
Dips
From India, Delhi
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
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
Hi Leo,
It's good information. Why don't you make it a little bit clearer by posting its entire process from start to end? It would be helpful for us. I need some more information, so please provide the necessary details.
Regards,
Madhusudan.
From India, Hyderabad
It's good information. Why don't you make it a little bit clearer by posting its entire process from start to end? It would be helpful for us. I need some more information, so please provide the necessary details.
Regards,
Madhusudan.
From India, Hyderabad
Thanks for the complete break down. Would like to know - Companies do this activity of complete budgeting on a yearly basis, bi-yearly basis, or quarterly basis?
From India, Mumbai
From India, Mumbai
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