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October 7, 2007

HR Budget: What to Budget?

Filed under: Human Resource Management (1-10)

Generally, HR Budget includes the following major items:

  1. Overhead Cost
    • Payroll, including
    • Salary
    • Overtime
    • Allowances - Attendance, Meal or Others
    • EPF, SOCSO
    • HRDF
    • Bonus
    • Increment
    • Recruitment Cost
  2. Traning Cost
  3. Welfare Cost, including
    • Transporation
    • Hostel
    • Uniform
    • Medical
    • Group Insurance
    • Allowances - Car, Petrol, etc  
    • Family Day / Annual Dinner
    • Sport Club

The budget will be based on the overall objective and business target of the organisation for the coming year. If there is no such specific objective or target, the budget could be based on the current year one, with 20-30% increase.

However, depending on the HR functions of different comapnies, HR Budget could include other items as well, for example, Administration cost, OSHA cost, etc.  

1 Comment »

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  1. NEEDS INFORMATION

    Comment by KAUSHIK DESAI — June 18, 2009 @ 3:59 pm

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