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Tangible resources play a crucial role in guiding an ERG's strategy. Fleet Feet has pledged $5,000 annually to each ERG. The plan is to establish a maximum of three groups in 2023-2024. ERGs are effective because they are adaptable. Therefore, Fleet Feet will adopt a flexible strategy for developing, iterating, and enhancing ERGs. This approach involves collaborating with ERG Leaders and their Executive Sponsors to grasp budgetary requirements, limitations, and results. ERG leaders must dedicate themselves to reporting spending and monitoring outcomes diligently.
Expense Tracking Template
For consistency in tracking each ERG should use this budget template to track their annual spending:
ERG leaders should -
Make a copy of the template (file>make a copy)
Rename the sheet from "ExpenseTemplate" to the name of the ERG
Share the sheet with the group's executive sponsor & HR@fleetfeet.com
Review the instructions on the "setup" tab (note the amount allocated to each ERG is already entered into row 13 on this tab. Do not edit this number.
Review the examples in the "expenses" tab and clear those out before adding the group's expenses.
Spending
ERGs do not operate or exist in a vacuum so it is not the expectation for groups to have every anticipated cost listed at the beginning of the year. Initially, use the template to budget how the group intends to use funds and update the expenses tab throughout the year as expenses are incurred (take note of discrepancies - did something cost significantly more or less than anticipated).
All expenses should relate to and be categorized in one of the 4 C pillars
When thinking about the costs associated with events and activities, ERG Leaders should consider the following:
How does the activity relate to the ERG's mission and goals?
How do the leaders justify the cost?
Have members had the opportunity to share their ideas for how the group should spend its funding
How will ERG leaders measure the success of the activity?
Is there an opportunity to collaborate with another ERG (remember, ERGs are not competing but should support each other whenever possible)?
Is there any conflict of interest? No participant should gain financially from an activity.
The Executive Sponsor's Role
Executive Sponsors should not lead or manage budget discussions but should act in an advisory role. ERG Leaders should be able to answer the questions above. Additionally, ERG Leaders should discuss the following with the Executive Sponsor -
Does the Executive Sponsor understand how the activity will drive the ERG toward its goals?
Is there a correlation between this activity and other business initiatives/goals?
Are there resources that the Executive Sponsor has access to that could complement the activity?
Can the Executive Sponsor speak to the comparative cost of the activity? Is it in line with the cost of similar activities the Executive Sponsor has been a part of? If not, where are the discrepancies?
Future Planning
At the end of each budget cycle, ERG leaders should conduct a post-mortem analysis with their Executive Sponsor to track outcomes against the intended goals and help adjust/restructure the budget for the next year.
Use these questions to help guide your analysis.
1. What were the ERGs supposed to accomplish?
2. How did they compare to the goals and metrics they set out?
3. Did money help achieve those goals? How?
4. What additional resources would have been helpful? More money? Time? Leadership?
5. Was additional support needed from others outside the group? Why or why not?
6. How could each initiative have been stronger? More engaging? What were the learnings?
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