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Understanding Budgeting: Strategies, Goals, and Employee Engagement

This chapter delves into the importance of budgeting in organizations, highlighting key aspects such as setting goals and the significant time devoted to the budgeting process. It discusses the various types of budgets and time horizons, from daily budgets to those spanning several years, including yearly and rolling budgets. Furthermore, the chapter explores how budgeting influences employee behavior and encourages participation in the budgeting process. It also touches on different budgeting approaches like continuous improvement and zero-based budgeting for enhanced financial management.

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Understanding Budgeting: Strategies, Goals, and Employee Engagement

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Presentation Transcript

  1. Chapter 6 Quickly read chapter 6 Some high points:

  2. Budgets • Goals • Significant time devoted to budgeting • Many different names • Many different types

  3. Time Horizon • One day to several years. • Typically have yearly budgets • Rolling budgets

  4. Employee Behavior • Budgeting can cause specific employee behaviors. Will you allow your employees to “participate?” Are your targets reasonable?

  5. Budgeting: approaches • Continuous improvement. • Zero-Based budgeting.

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