Response to budgets

Response to budgets

You have done quite a commendable job in your post this week, and it is very informative. Markets are dynamic, and therefore sales variance analysis is very critical as it helps management know the position they are at and therefore know how to effectively and efficiently regulate their performance to remain competitive in the market (Bamberger, Biron & Meshoulam, 2014).

Budgets like you have stated above are also very critical as finances are the engines of any business. It, therefore, calls for a sound plan and analysis to ensure that the funds are allocated efficiently and prioritized in areas that have a significant impact on the business to realize a greater advantage in the organization. The budget figures you have presented in your discussion post are very critical as they help the business to balance the allocation of different departments or rather fields for the smooth running of the business. Some of the greatest ways to motivate the employees in an organization by the HR are to offer incentives, salary increase, offer training and any other activities that do not only impact the employee’s life but also grow their career (Cascio, 2018). This, however, can only be achieved through efficient utilization of the budget and ensuring that the returns or rather the portability of the organization is realized at a greater margin and therefore allowing them to allocate some of the profit to the employee’s incentives.

References

Cascio, W. (2018). Managing human resources. McGraw-Hill Education.

Bamberger, P. A., Biron, M., & Meshoulam, I. (2014). Human resource strategy: Formulation, implementation, and impact. Routledge.

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