Basics of Finance and Accounting

• Purpose of Financial Management
• Key Concepts in Finance
• The Main Financial Statements
  • The Income Statement (Profit and Loss)
  • The Balance Sheet
  • The Cash Flow Statement

Budgeting Process and Key Terms

• Alignment of HR Department Plans with Overall Company Strategy
• Budget as a Planning Tool
• The Master Budget
• Operating Expenses (Op Ex) versus Capital Expenditures (Cap Ex)
• Fixed versus Variable versus Mixed Costs

Budgeting Methods

• Incremental Budgeting
• Zero-Based Budgeting
• Flexible Budgeting
• Requirements of HR Budgets
• Selecting the Appropriate Method

Creating HR Function Budgets

• Compensation and Benefits
• Selection and Placement
• Training and Development
• Employee Relations
• Health and Safety

Budgets and Performance Management

• Measuring HR Performance
• The Effect of HR Key Performance Indicators (KPIs) on the Organization's Financial Health
• Return On Investment (ROI)

The Budget as a Control Tool

• Variance Analysis
• Management by Exception
• Using Variance Analysis in Preparing Next Year Budget

Dealing with HR Budgeting Challenges

• Avoiding Budget Cuts
• Optimizing HR Budgets
• Prioritizing HR Programs
• Defending the Budget