Identify your workplace issues: Budgeting

Staff budgeting is an integral part of identifying potential workplace issues by ensuring you have the right skills to meet your objectives. Overlooking the considerations involved in budgeting can have a significant impact on the success of your team. You should:

• Identify workplace needs such as skills and expertise
• Analyse current staff and their capabilities
• Estimate turnover costs and look at the average retention rate
• Compare current staff and capabilities to workplace needs
• Identify the gap between current and future workplace needs
• Determine what kind of skills you will require, whether permanent or temporary
• Include salary increases in your budget
• Consider recruitment expenses for new or replacement staff 

Use your finance or HR department to calculate retention rates, turnover costs and to identify on-cost patterns. These can include superannuation, payroll tax, annual and long services leave.

Budgeting now will help you to maintain a stable payment system for your workplace in future. Start today!

[Source: Kelly Services]