Opulence Hair Design, with salons in Wanaka and CHCH, is embarking on a period of growth. To realise that they need great HR support.
Preparing your budget for the new financial year - have you taken into consideration your HR needs?
A successful budget should always include one of your business's most important elements – human resources. Not only does a budget specify anticipated costs and expenditure, it provides a detailed financial map ensuring everyone on board is following in the right direction.
When compiling an HR budget, it should take into consideration financial information, performance results and budgeting from all departments.
An HR budget should include:
Turnover rates and forecasting of new employees
Does seasonal demand require casual workers? Agency costs / temp fees
New projects, more employees?
New technologies and automation replacing workforce? Restructure / consultant fees
- Agency fees
- Advertising costs
- Monetary bonuses
Dental / vision compensation schemes
Memberships (fitness, industry groups, networking groups etc)
Long-term service awards
Team building events
- Feedback surveys
- Promotions / wage increases
- In-house / external training courses and events
- Exam costs
- Performance appraisal systems (Psychometric Assessments)
- Accountant fees
More hours, more pay
Public holidays, higher rates of pay?
- Online systems and maintenance
- Database updating
- Legal changes and implementation costs
- Medical costs
Can we help?
Here at EQ Consultants, we work with organisations at all stages, from new businesses needing to implement HR systems to established firms wanting to build better processes.
Whatever stage it may be, we'll get to know you and your business before establishing an immediate and long-term workforce planning strategy, helping you to develop and implement effective processes within your HR budget.
To get help with your HR, call (03) 366 4034 to discuss your requirements.
EQ Consultants is a leading HR and Executive Recruitment Consultancy in New Zealand, providing solutions for businesses in Christchurch, Queenstown and Auckland.