THE EFFECTS OF BUDGETING FOR HUMAN RESOURCE MANAGEMENT IN IN GLOBAL SOCIO-ECONOMIC CHANGES' CONDITIONS

Abstract

The need to budget the human resource management cost is relevant in the global socio-economic changes' context in recent years, deepened by the COVID-19 pandemic spread, which intensify the process of optimizing costs and investment in modern organizations. This activity is complicated by the fact that in today's rapidly changing conditions, all processes and procedures of human resource management need to be interconnected with the socio-economic goals of the organization, focus not only on economic but also on the social effects of investing in human resources. The article identifies the search for new effective methods and tools of budgeting, which will identify, assess, and stimulate the necessary for the organization in the global socio-economic changes' context, the effects of human resource management budgeting. The importance and role of human resources management budgeting in the organization in the global socio-economic changes' conditions are substantiated. The main organization effects, which gives the implementation of HR budgeting technology in the organization. Conclusions are made on the need to stimulate the social effects of budgeting for human resource management in the global socio-economic changes' context, deepened by the COVID-19 pandemic. Methodological approaches to the identification and evaluation of social effects of human resources management budgeting have been developed. The improving basis for the human resources management budgeting and the human resources management costs optimizing is the proposed standard process of human resources management budgeting, which can be implemented in the practice of management to achieve economic and social effects of organization. Its innovative economic effect will reduce turnover, increase productivity, strengthen human resources, and improve the quality of the services; its innovative social effects will be manifested in corporate social responsibility, employer brand improving, increasing competitiveness in the market, as well as in the loyalty and involvement of employees.