Specialist in Strategic HR Budgeting: Planning, Managing, and Optimizing Human Resource Investments
Duration: 4 Classes
Contact Hours: 8 Hours
Method: Activity-based online sessions Interactive sessions, case studies, group projects, and hands-on exercises.
Assessment Method: Continuous ...
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- Description
- Curriculum
1.
Module 1: Introduction to HR Budgeting
1. What is an HR Budget?
- Definition and Purpose.
- Importance of careful planning and leadership approval.
2. Types of HR Budgets
- Incremental Budgeting: Adjusting previous year’s budget.
- Zero-Based Budgeting: Starting fresh, allocating funds based on current needs.
3. Importance of HR Budgeting
- Ensuring HR operations are well-funded.
- Preparing for regulatory changes and securing a seat at the decision-making table.
Module 2: Components of an HR Budget
1. Talent Acquisition & Recruitment
- Budgeting for job advertising, interviews, background checks, onboarding, and reducing turnover.
2. Learning and Development
- Allocating funds for training, addressing skills gaps, certifications, and implementing learning systems.
3. Compensation and Benefits
- Planning for employee salaries, health insurance, retirement plans, and other perks.
4. Diversity, Equity, and Inclusion (DEI)
- Budgeting for DEI initiatives like inclusive hiring practices and cultural training.
Module 3: Advanced HR Budgeting
1. Employee Relations and Talent Management
- Budgeting for employee engagement, team building, and management relations.
2. Employee Safety and Well-being
- Allocating resources for physical safety, mental health, and security at work.
3. HR Technology
- Investing in HR Information Systems (HRIS), payroll systems, and remote working tools.
4. Administration of HR
- Ensuring adequate funds for the smooth operation of HR departments.
Module 4: Challenges and Psychological Aspects of HR Budgeting
1. Challenges in HR Budgeting
- Balancing costs, avoiding overspending, and reallocating resources efficiently.
2. Positive Psychological Aspects
- Impact of compensation, social gatherings, and rewards on employee morale and retention.
3. Negative Psychological Aspects
- Risks of compromising on quality, underfunding training, and the impact of budget constraints on employee well-being.
