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The HR budget involves the cost of running the HR department This includes the salaries, the training cost, as well as training and other activities for the company at large (excluding the salaries of other staff).
A recent research conducted in UK found that approximately 69% of companies had an HR budget.
Almost 90% of public sector companies had a formal HR budget. The number declined to approximately 66% for private sector services organisations. Manufacturing and production companies ranked much lower with not more than 60% of them having a formal HR budget.
The companies with HR budgets also varied with the employee strength of the companies. The survey divided the entire list into three parts – companies with a size of 1,000 employees or more, those with an employee strength between 250 and 999, and those companies whose employee strength is less than 250. Around 78% of employers with an employee strength of 1,000 + had an HR budget, whereas the percentage in the smaller companies were 75% and 51% respectively.
As a result of the same, smaller companies land up spending more than their larger counterparts.
The research also revealed that although HR departments in the public sector are keeping restrictions on their spending, the growth rate is higher in the private sector, especially in the services sector.
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Companies Opt For Fomal HR Budgets
The HR budget involves the cost of running the HR department This includes the salaries, the training cost, as well as training and other activities for the company at large (excluding the salaries of other staff).
A recent research conducted in UK found that approximately 69% of companies had an HR budget.
Almost 90% of public sector companies had a formal HR budget. The number declined to approximately 66% for private sector services organisations. Manufacturing and production companies ranked much lower with not more than 60% of them having a formal HR budget.
The companies with HR budgets also varied with the employee strength of the companies. The survey divided the entire list into three parts – companies with a size of 1,000 employees or more, those with an employee strength between 250 and 999, and those companies whose employee strength is less than 250. Around 78% of employers with an employee strength of 1,000 + had an HR budget, whereas the percentage in the smaller companies were 75% and 51% respectively.
As a result of the same, smaller companies land up spending more than their larger counterparts.
The research also revealed that although HR departments in the public sector are keeping restrictions on their spending, the growth rate is higher in the private sector, especially in the services sector.
Back