Page 49 - SightsIn Plus, Nov 20

Learning &
Development Benefits,
Compensation
& Benefits Welfare and
Wellness

Recruitment
and Technology
onboarding

Key

Strategy components Compliances
Plan of HR
budget

KEY COMPONENTS OF HR hygiene and distancing measures etc. HR professionals have said that digital
BUDGET AND PLANNING l Technology – upgrading to improve and virtual interventions had a positive
impact. Looking with this new lens,
speed and productivity, innovation,
R&D
A STRATEGY PLAN l Environmental factors affecting the need to also consider the following:
This is one of the main filters
for arriving at budget decisions. business l Recruitment cost –based on hiring
Whether talent, compensation, l Financials – frugality measures decisions;
employee experience, or any other and other radical changes for cost l Special provision for critical and
technological and operational aspects effectiveness senior level hiring
of HR, business strategy affects all l Campus drives, based on volume
other costs. Mckinsey’s report talks RECRUITMENT AND and business requirements
about indicators (depth of disruption, B ONBOARDING l Advertisement and Recruitment
length of disruption, and shape of Recruitment is slowly picking agency/consultant cost
recovery) that business leaders should up which had declined by about 60% l Background verification and
consider while framing strategy for during pandemic. About 90% of the medical examination (enhanced
getting ahead of the crisis. Some more allocation due to additional tests,
business drivers and associated cost to knowing travel history…)
be considered are: l Candidate Assessment and Analysis
Mckinsey’s report talks tools
l Growth Prospects – consider long about indicators (depth l Investing in automation and
term implication rather than short strengthening virtual platforms, for
term gains. For instance, opting to of disruption, length of speed and experience
continue with critical projects and disruption, and shape l Less allocation towards candidate
hiring, despite challenging time, of recovery) that travel or relocation expenses
looking at future requirements. l Training cost after onboarding
l People –talent strategy, depending business leaders
on projected targets, growth plans should consider COMPENSATION AND
or downsizing while framing C BENEFITS
l Policies –review existing ones; This is the major component
framing new to stay relevant in the strategy for in HR budget. A right compensation
changing times getting ahead of strategy gives competitive edge
l Processes – shift to hybrid models, the crisis. and during pandemic companies

49 November 2020 www.sightsinplus.com