Budgeting and Cost control for HR

Budgeting And Budget Control Of The HR Function.
Toronto, Canada.

Introduction

The course will involve working in pairs and in teams on case studies together with practical exercises from leading organizations in the Gulf region to gain real hands-on experience of the budget process.

Course Objectives

On completion of this course, you will be able to:

Understand the purpose of a budget
Compile and interpret budgets
Understand the link between organizational finance and HR budgets
Identify the key components and cost factors in an HR budget
Monitor and control an HR budget
Understand budget metrics and their influence on corporate strategy
Build an HR budget

Building An HR Budget

Successful forecasting
Flexible budgeting
Zero-based budgeting
Counting the cost of HR

Budget Metrics For HR

Budgets and Return On Investment (ROI)
Budgets and discounted cash flows
Budgets and Internal Rate of Return (IRR)

Measuring Financial Performance

Monitoring budget performance
Variance analysis
Management by exception
Accountability and responsibility

Case studies include:

Linking organizational finance to budgets.
Building a budget
When budgets go wrong

This highly interactive course, with case studies from leading organizations and realistic HR budgeting simulations, will give you an introduction to the purposes of budgeting through to the preparation, monitoring and control of a human resources budget.

COURSE OUTLINE

What Is A Budget?

Introduction to organizational finance
The link between budgets and organizational goals
Cash flow forecasts
Preparing a budget

The Purpose Of Budgets

Cost control
Planning revenue and expenditure
Monitoring plans against actuals

Components Of An HR Budget

Manpower planning
Compensation costs
Recruitment and selection
Training and development
Performance management
Administration
The “cost culprits”