Swap out expensive staff perks
Employee perks are an important part of keeping your staff engaged.
However, some perks are more costly than others. And often, the best staff perks are free.
For example, while covering the cost of staff lunch is a great way to show your appreciation, it may be that your employees would rather work from home.
So not only would you save on costly lunches, but you would save on keeping your workplace open too. And you would still boost employee engagement in the process.
If you provide food, third-party apps or discount sites, or other costly schemes, consider swapping them for these free perks:
- Remote working.
- Flexitime.
- Allowing staff to buy or sell their holiday.
- Salary sacrifice schemes.
Review your existing fees and packages
From your raw materials to your delivery provider, see if you can compare competitor costs to find a cheaper deal.
It may be that companies are willing to be competitive to keep your custom. So, if you do find a more cost-effective alternative, do not be afraid to get in touch with your provider to see if there is any wiggle room.
Review all your third-party costs, like:
- IT and telecoms packages;
- cloud storage;
- accountancy support;
- CRM systems; and
- marketing tools.
Consider outsourcing tasks
Often, outsourcing work is cheaper than hiring in-person staff to carry out the same work.
For example, the average salary for an in-house HR manager is £49,000. Outsourcing this workload to a third-party provider could be substantially cheaper.
It means you save money on training, recruitment, and salary costs. So if you need to fill a new role, consider whether you could save money by outsourcing it instead.
Automate your processes
If your employees are carrying out tasks that can be easily automated, it is not an efficient use of time or money. For example, if your employees are answering the same customer queries every day, it is likely you could automate that experience.
Whether you roll out a chatbot or ready-to-use templates, it frees up more time for your employees. That means they can invest more time in meaningful work that delivers more value for your business.
Up-skill your workforce
Without a clear path to progression, employees quickly lose motivation. This leads to resignations and a high turnover.
To avoid this, give your staff the chance to progress their skills and move their way up the career ladder. And while this may come at a salary increase, it can also save you money.
If staff are ready to progress, see if they are willing to take on additional responsibilities. This helps you boost efficiency and potentially avoid hiring extra workers. It is generally cheaper to up-skill your current employees than it is to recruit new staff.
