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Planning and preparing an HR budget to account for the entire organization’s hiring, compensation, benefits, training, and more is no small task. Yet, it’s critical if you want to manage your resources and build an excellent workforce effectively. No matter how small an organization is, changes in the job economy, rising supply costs, and unforeseen challenges can all significantly affect the amount an HR department has to spend, and a considered HR budget can mean the difference between a business sinking or swimming like an O
lympian.In this article, we’ll explore what an HR budget is, why it’s so important, how