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 simulation 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 linked to every other function in HR management. In spite of 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.
The course uses a mix of interactive techniques such as lecturettes, group activities, case studies, scenario analysis, and team presentations.
You might be interested in other HR Programs as a next step.
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.
IMPORTANT COURSE INFORMATION
Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.
This course approved for HRCI recertification credits.
COURSE OUTLINE
Introduction to organizational finance
The link between budgets and organizational goals
Cash flow forecasts
Preparing a budget
Cost control
Planning revenue and expenditure
Monitoring plans against actuals
Introduction to organizational finance
The link between budgets and organizational goals
Cash flow forecasts
Preparing a budget
Cost control
Planning revenue and expenditure
Monitoring plans against actuals
Module 2: Components of an HR Budget
Workforce planning
Compensation costs
Recruitment and selection
Training and development
Performance management
Administration
Module 3: Building an HR Budget
Successful forecasting
Flexible budgeting
Zero-based budgeting
Counting the cost of HR
Budgets and Return On Investment (ROI)
Budgets and discounted cash flows
Budgets and Internal Rate of Return (IRR)
Monitoring budget performance
Variance analysis
Management by exception
Accountability and responsibility
Module 4: The Role Of Manpower Planning Within An Effective Organisation
What is effective manpower planning?
The need for manpower planning
Links between manpower planning and the mission, vision, strategy, budgets, and objectives of the organization
Localization and manpower planning
Determining manpower needs
Module 5: Developing A Manpower Plan
The manpower inventory
The skills inventory
The manpower audit
Complications in manpower planning
The true costs of planning
The true costs of recruitment
The true costs of training and development
Understanding the links between reward and retention
Module 6: Manpower Planning And The Requirements Of Localisation
Recruitment strategies
Retention strategies
Balancing supply and demand within the requirements of localization
Exploring approaches that supply results
Module 7: Manpower Planning And Technology
Software programmes for manpower planning
The use of technology within a manpower plan
The importance of the plan and its image within the organization and how technology can assist in this process
Module 8: The Role Of Human Resources In Manpower Planning
The role of every HR manager
Links to other departments in the organization
Temporary resourcing
Job analysis
New roles, promotions and major change programmes
Productivity increases and how to balance the manpower books
