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HR Budget and Cost Management

August 29, 2023

August 30, 2023

PORT HARCOURT

Members:

₦100000

Non-Members

₦120000

MODULES:

INTRODUCTION: THE RELEVANCE OF HR BUDGETING AND COST MANAGEMENT WITHIN STRATEGY EXECUTION 

 

  • The Link between HR Strategy, HR Planning, HR Budgeting and Cost HR Management
  • Why HR Budgeting and Costing are so important ?
  • Understanding core HR Processes: Integrating Financial and Non-financial Aspects
  • Identify and Discuss the Key issues in terms of HR Budget / Costing for your Organization

 

HR BUDGETING FRAMEWORK AND ITS ROLE WITHIN The WORFORCE MANAGEMENT PROCESS 

  • The Role of HR Budgeting in workforce Management
  • The Value of HR Budgeting in your Company
  • Behavioral Implications of Budgeting
  • Key Concepts and Terminologies in HR Budgeting
  • Advantages and Disadvantages: Critical issues to be Discussed
  • Overview on the Financial Statements – Balance sheet, Income statement and Cash-Flow for HR processes

HR COST MANAGEMENT FOR BUDGETING PURPOSES 

  • HR Cost Concepts and Terminology
  • Different HR Costs for Different Purposes

 

TRADITIONAL VS. ADVANCED TECHNIQUES IN HR COST-CONTROL 

  • Under-costing and Over-costing: The Consequences for workforce management
  • How to refine HR Costing System?
  • Indirect vs. Direct costs: Traditional Cost Allocations Systems vs. Activity-Based Costing (HR imperatives)
  • HR Cost Drivers

 

BROADENING THE PERFORMANCE MEASUREMENT SYSTEMS 

  • Shortcomings of Traditional Approaches to HR Budgeting and Performance Measurement
  • Need to Linking Financial to HR Operational Issues
  • Recent Best Practices: the Balanced Scorecard and Six-sigma
  • Financial Perspective and Customer Perspective
  • Internal Business Process Perspective and Learning & Growth Perspective
  • Developing and Adapting the Scorecard

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International Delegates

CIPM Members
$300

CIPM Non-Members
$500

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