HUMAN RESOURCE MANAGEMENT

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budget_allocation.pdf
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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

  1. Priority 1 10Staffing:
  2. CommentStaffing:
  3. Priority 1 10Wages and Benefits:
  4. CommentWages and Benefits:
  5. Priority 1 10Training and Development:
  6. CommentTraining and Development:
  7. Priority 1 10Employee RelationsOther Programs:
  8. CommentEmployee RelationsOther Programs:
  9. Share of BudgetStaffing:
  10. Annual AmountStaffing:
  11. Quarterly AmountStaffing:
  12. Share of BudgetWages and Benefits:
  13. Annual AmountWages and Benefits:
  14. Quarterly AmountWages and Benefits:
  15. Share of BudgetTraining and Development:
  16. Annual AmountTraining and Development:
  17. Quarterly AmountTraining and Development:
  18. Share of BudgetEmployee RelationsOther Programs:
  19. Annual AmountEmployee RelationsOther Programs:
  20. Quarterly AmountEmployee RelationsOther Programs:
  21. 3 What adjustments might you need to make to the calculated allocations: