Lets explain you bedgeting in HR

Things will falls under this category are : Salaries, PF, Grautity Provision, Medical Insurance, Group Insurance, Fringe benefits, Salary to conultants in any, Recruiting cost, Training cost, Hiring cost, Welfare of employees etc depending upon organisation to organsiation. You need to discuss the budget of HR and get it approved from top management and you have to monitor it accordingly.

Cost Cutting in HR

Minimise OT staffs cost (if OT is paid)

Minimise Recruiting cost and hiring cost

Minimise Incentives if any paid

Salary reduction or banning fringe benefits in case for non performing employees through effective PMS

ROHCE (Return on human capital employed) to be calculated

Other administrative HR overheads which has to identified