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What factors should be included when planning the Salary Budget?

What factors should be included when planning the Salary Budget?

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Answer #1

Salary Budget refers to the the payment made yo the employee by the employer for the work performed may be for a period of time.

Some of the factors to be considered while planning salary budget are

  • The salary as to be based on the experience of the employee
  • It should also be standardized according to the designation if the person working in the organisations
  • It depends on the the qualification of the employee when the HR assigns a salary budget for the staff
  • Annual raises has to be planned
  • Average salary increase ad cross the board
  • cost of employee benefits
  • Training and development for the employee to be planned in it
  • Paid time off to be budgeted in it.
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