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Financial Forecasting and Workforce Budgeting

Involves identifying, assessing, factoring and generating workforce budgets based on future workforce demand and cost elements

Most organizations have some sort of process for developing a workforce budget but efficiency of these budgets or forecasts has always been a key challenge, specially for large and evolving organizations. T3 Workforce financial planning solution provides systematic modeling of cost elements and closely works with forward workforce planning to produce efficient budgets  so that the finances needed to support an organization's objectives can be projected efficiently

Workforce Budgeting with t3

Key capabilities and functional prospective

Workforce budgeting in t3 is powered by Artificial Intelligence, Machine Learning and Robotic Process Automation. It is tightly integrated with forward workforce planning and demand forecasting and therefore it is pre-requisite that an organization should have completed strategic workforce planning for the given period. System is using forward workforce planning data as a basis for financial forecasting.

 

3 Key Steps followed to generate financial forecast 

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Flexibility to Setup and Factor Workforce Cost Elements with T3 Financial Forecasting Module

COMPENSATION AND BENEFITS COST

  • Salaries and Incentives
  • Payroll Administration
  • Social Security
  • Health and Life Care
  • End of Service Benefits
  • Performance Allowances
  • Periodic Bonus  

TRAINING AND DEVELOPMENT COST

  • Internal Training Requirements
  • External Training Costs
  • Registration and Certification
  • Logistic and Facility Cost
  • Equipment and Material
  • Trainer and Consultant Fee
  • On Job Training Cost

RECRUITMENT AND ONBOARDING COST

  • Advertising and Subscription 
  • Referral Programs 
  • Applicable Agency Fee 
  • Background Verification
  • Interview and Logistics Cost
  • Brand Management Cost
  • Onboarding Activities Cost

HR SERVICE AND INFRASTRUCTURE

  • HR Systems Costing 
  • Workforce Surveys
  • Performance Review Cost
  • HR Staff Cost Share
  • Equipment Usage Cost
  • Statuary Services 
  • Office, Food and Services