Process for Allocating Budget to External Training & Conferences
I recently joined an organization who has set aside a figure annually for activities like external courses and/or conferences but they haven't determined how to best allocate those funds. Currently, it is more of a "who thinks to ask" or first come first serve. Do any of you have good models/processes for how to appropriately allocate these types of funds (e.g. % per department, $ per head etc). Also, any best practices for how you budget these types of activities annually, we are certain we agree with the amount they have set aside? I am used to partnering with an internal L&D org so this is fun new territory for me. Thanks!
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Hi Kelly, may not be the answer you are looking for, but we provide instructions for departments to budget. We actually split between one dollar amount for employees and another amount per manager.
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Mike Vaughn Hi Mike - I would love to hear a bit more with the figures you leverage and maybe see the instructions you leverage (if you are willing to share). Also, do you have an idea of % of those that leverage this on an annual basis? Thanks!
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Kellie Mondell Hi Kellie - Happy to help. We leverage a recommendation of $1500 per individual contributor and $3000 per manager. The way our organization manages this budget is flexible, meaning that if they plan for a manager to enroll in a more expensive course in 2020 then that manager may not use the full $3000 in 2019. We have a full budget document that does out from finance with all HR cost recommendation, from relocation estimates, recruiting estimates, etc. If you need more information, happy to chat further.
Mike
