Here's how you can engage employees in the budgeting and forecasting process.

I have found that employee engagement in the process is most effective when the budget is used in part to (a) determine annual bonus achievement for management/employees and (b) inform and educate employees that we are creating "our" budget/ forecast, not mine. I inform them that my goal is to work with them to provide a road map in the form of assumptions and business development objectives that will allow them to achieve the Company's required returns on capital and let them know that it is their responsibility to execute on that plan with my assistance. These elements create an environment where employees are engaged in the process and want to be involved throughout the budgeting/ forecasting exercise.

Na minha jornada, aprendi que transparência é fundamental para engajar os funcionários. Ent?o, precisamos aproveitar todas as oportunidades para envolver a equipe, deixando claro os processos e com objetivos bem definidos, levando em conta todas as opin?es ou sugest?es.

First, provide training to employees to help them understand the budgeting and forecasting process. Clearly communicate the company's financial goals, challenges, and expectations to employees. Transparency builds trust and helps employees understand the importance of their input in the budgeting process. Provide employees with access to budgeting and forecasting tools that are user-friendly and accessible. This empowers them to actively participate in the process and contribute their insights more effectively. Empower employees to make decisions within their areas of responsibility. When employees feel empowered, they are more likely to take ownership of the budget and strive to achieve organisation's financial goals.

Transparency is the key aspect to keep employees to engage employees in budgeting and forecast. B&F applies to all the departments in the organization, First and foremost is to assign individuals to each departments to prepare the reports. Second is to maintain absolute Transparency of the data for each employees for the departments that are assigned to and tell them the importance and business impact of the reports that they work on. Monitor closely on how the reports are being prepared by giving your valuable inputs. Finally during review, appreciate and highlight the areas where you can see their expertise has been used so they stay motivated for future tasks.

Ask responsible budgeters/forecasters what metrics and financial results they feel that they actually have control of or discretion over. Use responsibility as the driver for engagement in the process. If you can measure it, you can plan/forecast for it. Use the plan/forecast as a tool to stimulate the business to perform rather than as a hammer to hit them over the head when stretch goals handed down by others don't materialize.

In my experience, for budgeting and forecasting knowledge and training are important to non financial related departments, such as sales team. If they understand and educate more in processing tools and financial concepts, their contribution in budgeting and forecasting process will be more meaningful and effective.

It is very important that everyone in the organization understand the basics of budgeting & forecasting including finance collogues whether in terms of financial tools or financial concepts. Most of the times, it is noticed that different people have different interpretation of the definition which end up doing duplication of work at the eleventh hours with very tight deadline.

Le budget dans une société générant plusieurs millions, voire plusieurs milliards de CA, peut ne représenter que qu'un bout de papier pour le salarié. D'où l'importance du leadership du responsable de service allié à celui du contr?leur de gestion.

Colabora??o; Diversidade e Inclus?o s?o ingredientes fundamentais em projetos financeiros. Na constru??o do expectativas n?o é diferente. Construir Or?amentos e Previs?es com equipes multifuncionais (comercial; jurídico; opera??es etc) fomenta Engajamento que se materializa em insights criativos. Certamente; pessoas com diferentes backgrounds e fun??es co-criando solu??es aos desafios entregam Valor significativo que será capturado no Top e Bottom line do Or?amento.

Encouragez une approche collaborative de la budgétisation et des prévisions en impliquant les employés de différents départements. Créez des équipes interfonctionnelles qui peuvent apporter des perspectives diverses. Cette collaboration améliorera non seulement l’exactitude de vos plans financiers, mais donnera également aux employés les moyens d’agir en leur donnant une voix dans le processus de prise de décision. Lorsque les membres de l’équipe sentent que leur expertise est valorisée, ils sont plus engagés et engagés envers les objectifs financiers de l’entreprise

Une chose que j’ai trouvé utile et qui est fondamentale dans l’élaboration du budget: L’organisation de réunions périodiques pour discuter des progrès, des défis et des ajustements nécessaires. Ces réunions doivent inclure des représentants de chaque département pour garantir que toutes les voix sont entendues.

Budget is prepared in light of strategic plan and vision statement of the organization therefore targets should not only be aggressive but also be achievable. These target should keep team motivated and focused. If the target are prepared by using bottom's up approach, these are acceptable by everyone in the team and collaborative approach is taken to achieve it.

It’s important to be aware of the market dynamics where you operate, whether it’s a time of economic expansion or contraction. In either case, you must be prepared to meet high demand and not lose market share; or review in detail how to successfully navigate a drop in sales.

In my experience, some goals and targets should be standard. For example , delivery team target of leaving office time with loading stocks from warehouse. Operation manager set the target time to leave but this target will depend on employee start working hour and taking time for loading stocks to delivery vehicles. If 9am leaving hour is smooth operation after fixing all factors. It shouldn't be change the target to before 9am.

Travaillez avec vos employés pour fixer des objectifs ambitieux mais réalisables qui encouragent la croissance et l’amélioration. Cet équilibre permettra à votre équipe de rester motivée et concentrée sur l’obtention de résultats qui contribuent au succès financier de l’entreprise.

It is highly imperative to keep monitoring the progress of these financial target and take corrective action, if there is a need to. Generally by having monthly financial meeting, these target are being reviewed to acknowledge the efforts of the team and provide guidance and way forward to resolve any hurdle comes in between. These regular update are very effective tools particularly for non financial resources.

There are several ways to engage employees in the budgeting and forecasting process, such as providing training and resources to help them understand the process, involving them in the planning and decision-making process and providing incentives for accurate forecasting. It is also important to communicate regularly with employees and involve them in discussions about financial goals, concerns and suggestions. By involving employees in the budgeting and forecasting process, companies can improve the accuracy of their forecasts, increase employee engagement and satisfaction and foster a culture of financial literacy and responsibility. Transparency is key. Start by clearly communicating the importance of these processes and their impact.

It is crucial that tools are standardized, at least to a common/generic format (yes, I'm talking to you, the one who adds line/column and shift everything in the spreadsheet), to ease the compilation of data. The compilation or reprocessing of data can be a very time-consuming hellish task.

Il arrive, plus ou moins fréquemment, que les protagonistes devant fournir les data, ne comprennent pas le fonctionnement des tableaux financiers ou les informations que ceux-ci leurs fournissent et ce, parfois, depuis des années. Une formation pédagogique est nécessaire afin de s'assurer de la pertinence des éléments qui seront renseignés et de pouvoir ainsi, construire un budget rigoureux.

Le budget ne doit pas n'être qu'un rapport financier périodique à transmettre, avec une dead-line toujours courte. Il doit être un rapport, qui ne soit pas qu'utile à la direction, mais un outil utilisable et nécessaire, tant via ses étapes de construction que par le rapport final, dans l'élaboration des taches des différents services.