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Budget Allocation for HR Management | Desklib

   

Added on  2023-04-23

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HRMANAGEMENT
Once you have set your goals, you will need to allocate sufficient resources to achieve them.
Some spending is essential to meeting immediate production goals, while other spending will
help improve the long-term performance of the company. Some spending may need to be
maintained every quarter, while other spending can be done on an annual basis. In this exercise,
you will categorize spending, set priorities, and get practice allocating your budget.
1. Prioritize spending in each of the following categories by rating them from 1 (low) to 10 (high).
Priority
(1 – 10) Comment
Staffing
Wages and Benefits
Training and Development
Employee Relations/Other Programs
2. Assume an annual budget of $1.5 million. Use your ratings to allocate a share of the budget
to each category. You can do this by summing the ratings, and dividing each by the sum to
calculate the percentage. Then use the share to calculate the annual and quarterly amounts
available for each category.
Share of
Budget Annual Amount Quarterly Amount
Staffing
Wages and Benefits
Training and Development
Employee Relations/Other Programs
3. What adjustments might you need to make to the calculated allocations?
Budget Allocation

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