Nigerian Seminars and Trainings

Search all upcoming seminars, conferences, short management courses and training in Nigeria and around the World

business logo

Creating Effective Budgeting and Cost Control Strategy Course
On going

By: Newways Consulting

Abuja FCT, Nigeria

21 - 23 May, 2019  3 days

Follow Event

  

NGN 135,000

Successful organizations, both public and private, are recognizing that the employee assessment and selection process must be viewed as part of a larger, inter-connected talent management strategy; a strategy where emphasis is not only on attracting, assessing, and hiring top talent, but also on developing and retaining excellent employees.

Course Contents

Day One

  • The Seven Pillars of Talent Management Strategy
  • Increasing employee engagement
  • Increasing workforce productivity
  • Increasing return on training and development investments
  • Increasing percentage of HR time spent on strategic activities
  • Reducing the cost of HR function
  • Increasing employee retention rate
  • Reducing time to close a workforce capability gap.
  • Recasting of the HR purpose
    • What are we trying to accomplish?
    • Defining a Talent Strategy - right talent in the right roles
    • Integrating talent planning system with business planning system
    • Critical insight into employee satisfaction
    • Relating Talent and the organization’s bottom line and brand
    • A correlative internal culture strategy.

Day Two

  • Employee Engagement Levels
  • Integrated interests of business and of employees
  • Motivation
  • Collaboration
  • Loyalty - Career paths and employee aspirations
  • Increasing workforce productivity
  • The imbalance in demand and supply of competencies
  • Misaligned objectives
  • Hiring the right person for the right position
  • Equipping people to increase performance
  • Transparency of staff cost and productivity
  • Reducing the cost of HR function - financial metrics
  • Cost per hire
  • Recruitment
  • Retention costs.

Day Three

  • Increasing employee retention rate
  • Bind the critical, but risky talent
  • Build the future talent requirements
  • Buy the critical urgent talent
  • Borrow the short-term skills requirement
  • Properly designed compensation and rewards programmes
  • Liberate people's intrinsic motivation
  • Increasing percentage of HR time spent on strategic activities.
  • Workforce planning
  • Strategic People Planning
  • Talent Acquisition Planning
  • Engagement and Development Planning
  • Individual Performance Optimization
  • Succession Planning
  • Retention Planning
  • Compensation Plan
  • Translating into dramatically higher levels of fulfillment.

Day Four

  • Reducing time to close a workforce capability gap
  • How to determine “talent gap”
  • Gap assessments at individual, team and organizational levels
  • Sophisticated data analytic tools
  • Rotation and stretch assignments
  • External benchmarking and normative data comparisons
  • Increasing return on training and development investments
  • People development is an endless process
  • Senior management Role Model development
  • Senior management active as mentors and teachers

All business decision making involves analysing situations and assessing alternatives, risks and benefits. This programme offers an opportunity to acquire and then deploy new skills and ideas to achieve improved financial operations and strategies. The knowledge acquired will enhance the budget process and control processes through a variety of strategies and techniques that will provide new insights to how financial performance can be enhanced.  In this programme you will participate in many aspects of modern thinking:

  • Budgets and Models as a key element of management and financial strategy
  • The analysis of opportunities, risks and rewards in the context of Capital Projects
  • Controlling costs by analysis, modelling, KPI’s and review of the cost drivers
  • Develop a broader view in the context of the enterprise’s objectives and constraints

Course Outline

The need for Financial Control in business

  • Understanding accounting principles and methods
  • Management accounting versus financial accounting
  • The relationship between business management and financial management
  • How budgeting fits into the bigger picture
  • How cost management  improves an organisation’s financial position
  • Key aspects of managing working capital

Capital Budgeting and Investment Appraisal

  • The time value of money
  • Understanding Appraisal Techniques – Net Present Value (NPV), Internal Rate of Return (IRR) and Payback period
  • The use of Sensitivity analysis in evaluating projects
  • Strategic  considerations in assessing capital projects
  • Creating an effective Capital Budgeting framework

Cost Analysis and Management

  • Understanding cost structure and behaviour
  • Costs as a relationship to outputs – cost/volume/price relationship
  • The concept of contribution margin
  • Break-even analysis for planning and control
  • Cost allocation and apportionment
  • Benefit-cost analysis

Full Costing, Marginal Costing and Activity Based Costing

  • Comparing full and marginal costing
  • Direct and indirect costs in budgeting for decision making
  • Role of costs in pricing strategies
  • Activity Based Costing (ABC)
  • Managing cost control

Budget Construction and Control

  • Nature and purpose of budgets for planning and control
  • Types of budgets and budgeting
  • Creating Key Performance Indicators for financial and non-financial performance
  • Building a budget
  • Budgetary control and variance analysis
  • Budgeting for non-financial measures -introducing the Balanced Scorecard

Who Should Attend

  • Both financial and non-financial professionals at all levels
  • Delegates with a financial background will enjoy the opportunity to broaden their knowledge base in aspects of budgeting and cost control that may not be part of their current responsibilities or experience
  • By participation in this course, participants whose background is not in the financial sector will gain an understanding of both the strategic and the technical aspects of budgeting and cost control involving both the financial and the operational opportunities for performance improvement
  • At the conclusion of the course all delegates will gain a strong understanding of the practicalities; techniques and strategies of budgeting and cost control that will both enhance their effectiveness and contribution in their current role and their career opportunities based on the skills and insights acquired

Methodology

You will learn by active participation during the programme through the use of exercises, case studies, practical workshops, syndicate and group discussions.

Abuja May 21 - 23 May, 2019
NGN 135,000.00(The program fees covers tuition, Course Materials, Tea/Coffee Break, Lunch, Bag, Certificate of participation and administration)
USD 500.00(The program fees covers tuition, Course Materials, Tea/Coffee and Break, Lunch, Bag, Certificate of participation and administration)
(Convert Currency)

Dr Chris Egbu +2348023194131

Organisation sponsoring more than 2 staff will get 10% discount.
NST PPC Advert
Related Courses
Auditing Human Resource and People Risk Course Auditing Human Resource and People Risk Course
On going

4 days, 21 - 24 May, 2019 

2019-05-21 12:05:00
Abuja FCT, Nigeria

Newways Consulting

HR audit Course ensures that your business is compliant with ever-changing rules and regulations related to human resources policies and is utilizing best practices to maintain or improve competitive ...

Current Issues in Integrated Marketing Communications Course Current Issues in Integrated Marketing Communications Course

3 days, 25 - 27 Feb, 2020 

2020-02-25 12:02:00
Lagos State, Nigeria

Newways Consulting

This course is built on a hands-on experience in developing an integrated marketing communications strategy plan for a real client from the information technology category and facilitates ...

Advanced Secretarial and Modern Office Management Skills Development Course Advanced Secretarial and Modern Office Management Skills Development Course

3 days, 19 - 21 Nov, 2019 

2019-11-19 12:11:00
Lagos State, Nigeria

Newways Consulting

In the present day scenario, establishment and maintenance of an office are an art in itself. A great sense of professionalism is required for running an office efficiently. To meet the ever ...

Advanced Information and Communication Technology Conference Advanced Information and Communication Technology Conference

5 days, 19 - 23 Aug, 2019 

2019-08-19 12:08:00
Ghana

Newways Consulting

The world is getting more and more computerized thus making the computer necessary tool in every human activity. This is more pronounced in the business environment where the computer has become the ...