TABLE OF CONTENTS

• Introduction
• Accessing the Budget Estimation Feature
• Creating a Budget Estimation

Introduction

The Budget Estimation tab in payroll analytics serves as a crucial resource for organizations looking to project and plan their salary budgets. 

Within this feature, you can specify the number of positions you intend to hire for, and identifying the departments or teams in which these positions will be filled. Moreover, organizations allocate a salary compensation budget to determine the financial feasibility of their hiring plan.

This budget estimation tool provides estimates of the cost of hiring based on these inputs, potentially breaking down the costs by department or role. It also offers valuable analytics and insights, such as the average salary per hire and the distribution of the budget. Overall, the Budget Estimation tab in payroll analytics empowers organizations to make informed decisions regarding their hiring strategy by aligning their budget with their hiring goals.

Accessing the Budget Estimation Feature

Click on Payroll (1) from the left navigation pane. In the Payroll Analytics (2) section, click on Budget Estimation (3).

Creating a Budget Estimation

Under the Budget Estimation section you can find the New Budget (1) tab, click on it to make a new budget estimation.

Begin the estimation by Setting the Currency (2), just click on the drop-down arrow placed beside the currency and choose a currency of your choice from the dropdown.

Now provide the details of the Department, Job Role, Minimum and Maximum Year of Experience, and Number of Openings.

Note: Please note that you are restricted from making additions or modifications to data concerning currency, departments, job roles, and experience. Your actions are limited to selecting existing data from the provided drop-down menus.

Keka also provides you an option of estimating multiple job roles at once, just click on the Add Job Opening (3) and provide the details as mentioned above.

Clicking on Estimate Budget (4) will navigate you to another screen.

After clicking on Estimate Budget, you will find the estimated budget for the number of openings. You can click on the Pencil Icon (1) beside the budget mentioned to change the budget and the new budget that is given manually using this option will be split equally among the number of openings mentioned.

Note: Please be aware that the estimated budget is calculated based on the salaries paid to current employees in similar job roles and departments. If you see a budget estimate of 0, it means there is no available data for employees in comparable positions or with similar experience.

After providing the budget you can click on Save as Report (2) to save the estimations for future reference. If you need any changes simply click on Edit or Add Openings (3). Additionally, there is also an option of making a New Budget Estimation (4).

At the end of the page, you can also view a report on the Increase in Budget by Department. In this report, you can view the Existing Costs, Estimated Costs, and their variance in percentage.

The tab beside the new budget is Saved Budgets Reports, here you can access the reports that are saved after making a budget estimation.

Click on Saved Budgets Reports (1) to view the saved budgets. Then select any report from the saved reports that are being displayed on the left side under the Saved Reports (2) section. The report in the selected file will be displayed on the screen. This report can also be downloaded by clicking on the PDF icon (3). Additionally, you can delete or rename the file by clicking on the Three Dots (4) at the top of the report

In summary, the Budget Estimation tab in payroll analytics is a valuable tool for HR and finance departments within organizations. It allows them to plan and budget for their hiring needs in a more data-driven and precise manner, helping them make informed decisions about their recruitment strategy.