Workforce Planning and Budgeting for HR course will provide delegates with the skills needed to fully understand the costs involved with HR that allow them to present a realistic case to management.
It will feature case studies, business simulations, and practical group exercises to show delegates how to prepare, monitor, and control the HR budget and, most importantly, understand the link between organizational finance and HR budgets.
The human resources budget refers to the funds that HR allocates to all HR processes enterprise-wide. The HR budget will include funds allocated to hiring, salaries, benefits, talent management, training, succession planning, workforce engagement, and employee wellness planning.
HR budgets use financial information, performance results, and historical data from every department.
Since the HR budget considers HR activities company-wide, it is an incredibly complex yet essential document in determining a company’s future HR activities.
Workforce planning is one of the most critical HR processes and is linked to every other function in HR management. Despite its importance, it is often implemented haphazardly due to organizational and market complexities.
Workforce Planning and Budgeting for HR serve as the foundation for managing an organization’s Human Resources. It enables organizations to plan strategically to meet current, and future workforce needs and prevents unnecessary surprises in maintaining steady-state human resources.
The right employees fill workforce planning further assists organizations by ensuring positions with the needed competencies, and appropriate planning is conducted to align the human resources to meet future organizational goals.
The more active the development and execution of the workforce plan, the more the organization can leverage its Human Resources for the accomplishment of its strategic goals.
YOU WILL LEARN HOW TO
In addition to surveying the drivers for workforce planning and its key performance indicators, this course presents and elaborates on an operational model for forecasting demand and supply of employees and demonstrates how resulting gaps can be bridged with a variety of controllable staffing initiatives. Moreover, participants will have the opportunity to learn and apply the forecasting techniques that are typically used in workforce planning.
You will learn about building an adequate budget for HR, linking HR budget with organizational
finance and monitoring, controlling and building the budget, identifying key elements and cost factors in HR and so much more.
Program participants who successfully complete the course are issued a certificate of Completion from Global institute of Projects Management & Development – GIPMD