Amid new fears that China’s financial problems will bring the global economy plummeting again, more and more companies are looking for ways to save money in order to protect their bottom line. From cutting back on energy to seeking cheaper materials, small businesses around the globe are trying to trim expenditures to the bare minimum. There are actually some ways your Human Resources (HR) department can help you cut back on payroll going forward. Here are three of the ways in which HR can help trim your budget.
1. Streamlined Hiring Process
Believe it or not, it is not unusual for companies to spend huge amounts of money in the process of hiring new personnel. From marketing through taking applications and interviewing prospects, a great deal of time and effort is spent finding the right talent to fit the job requirements. Much of this can be handled without the intervention of HR team members as applications and automatic responses can be dealt with online. Consider placing the application for employment online and setting up automatic email responses to queries to free up HR staff for other vital jobs within the organisation.
2. Employ Technology Wherever Possible
Speaking of using the internet as a resource to free up invaluable hours for HR, have you considered putting many of these HR functions in the Cloud? From payroll to employee relations, the right software solutions in the Cloud can also save invaluable hours for your HR staff. Innovative companies such as xcdhr.com have Cloud-based HR solutions for companies of all sizes that can help to streamline everything from recruitment to retirement. Training, payroll, employee relations and updated benefits packages are just a few of the tasks Cloud-based HR solutions can help with to save your company huge amounts of money.
3. Create Innovative Employee Retention Programme
Another area where companies lose altogether too much money is when losing employees to the competition. Quite often it has nothing to do with the actual job itself but other factors that seem to displease talented personnel. The cost of training new workers for any position within the company from maintenance to top level management is exorbitant, so it is imperative to keep employee turnover to a minimum. Whether planning and implementing motivational seminars to meeting one-on-one to discuss each employee’s personal needs in terms of job satisfaction, this is something HR can do to keep workers on the job and happy with their role within the organisation.
4. Eliminate Duplication in Jobs
Altogether too often there are duplications in job specifications. This is often seen within the fine line between team leaders and management. HR should clearly define who does what and when. By eliminating duplicate efforts there is less confusion with one person giving directions that the other seems to countermand, for example. HR can help transition to a smoother way of management by eliminating duplicate or abstract job definitions.
When it comes to efficiency, HR is at the heart of the process. Let HR work for you to help increase your bottom line while reducing a good amount of outgoing expenditures. Whether you are worried about the economy and your company’s survival during periods of unrest or are simply seeking to increase revenue, let HR help you by saving money that could be better allocated.