Module 3 - Context and Cost Accounting for Your HR Strategy
(Part of the Building Your HR Strategy Series)
Gain executive support for your HR strategy by translating its value into business language. In this module, the expenses associated with the workforce are explored and evaluated in the context of the organization. Within that context is the value of applying program management techniques to the cost accounting of HR programs, regardless of whether those programs report to Finance or to Human Resources.
Various costs associated with support of the workforce will be explored in the context of their impact on the organization and the value of using program management methods.
By implementing cost accounting and program management, HR upgrades its management skills and influence with the executive team - leveraging HR's influence on 25-30% of overhead spending.
What's included?
2. Appreciate the significant influence of Human Resources on the financial strength of the organization and HR’s role in providing robust support.
3. Master the specific terms and context of financial language to effectively translate HR strategy and analytics into real-world applications.
4. Understand the difference between fixed costs and variable costs and recognize the importance of data in demonstrating a return on investment.
5. Integrate context, cost accounting, tools, and methodologies to create a decision matrix for evaluating problem-solving approaches.
6. Enhance your understanding through application exercises that translate business tools into HR applications.
In this course, you will gain an increased understanding of
how workforce costs impact the financial standing of an organization and
develop a deeper respect for the influence Human Resources has on an
organization's financial strength.
Through a glossary of terms that is translated in an HR perspective and multiple exercises, you will gain insight into how HR can provide stronger support.
You will learn the specific terms and context of financial language that can be
used to translate HR strategy and analytics into real-world applications.
You
will build skills in data collection as you increase your understanding of data's role in proving a return on investment. The course
will connect context, simple cost accounting methods, tools, and methodologies.
Kristie White, President, HRPMO Inc.
