The amount of time and money required to recruit a new member of staff in the corporate world is astounding. And it isn’t just the initial hire cost either – just like when you buy a new car; you have to take into account the many different expenses associated with hiring an employee. Not to mention the resources, such as experienced staff member’s time, which you’ll have to dedicate to training a new recruit.
Almost all businesses could do with cutting recruitment costs.
Given the large expenditure associated with recruiting new staff, prevention is very much better than the cure in this instance. To reduce the expense, your primary focus needs to be on staff retainment.
So, in order to keep current staff engaged and happy, you should consider adopting a few smarter business strategies. Doing so will help you to create a flexible, dynamic and bureaucracy-free environment to encourage highly talented people to actively seek out your company.
66% of employees base their decision to stay at a company partly on the incentive programmes offered - intelispend.com
Incentive programmes that motivate staff to perform better in their role boost revenue for the entire company. Target and reward employees based on their individual performance to keep them engaged and stimulated while at work. Moreover, by also targeting groups, you’ll increase the probability that your staff will think about business growth in all activities they undertake because their own reward is inextricably linked to the company’s, therefore giving them a vested interest in making sure their colleagues also pull their weight.
Staff want to feel valued – establishing clear and open lines of communication between management and employees is crucial to ensuring your employees trust you and other managers/executives.
It’s important to keep the lines of communication between management and staff as open and honest as possible. Nobody wants to feel like they are being kept in the dark about issues that affect them. There are obviously times when it isn’t appropriate to tell staff about certain issues. In these instances it’s crucial that management know who is/isn’t allowed to know what.
Most people are ambitious and don’t want to be stuck in a dead-end job. Therefore, it’s important to provide staff with clear progression paths. This involves talking through each employee’s career ambitions and coming up with a plan to help them to achieve their goals. Then you have to help them get there – provide training, both on the job and externally through recognised bodies.
Training staff is also very beneficial to your organisation. Not only will your team become more skilled, but if you help them to achieve recognised qualifications then you can use these to sell your organisation’s expertise to prospective clients. Plus, employees can always impart their knowledge with more junior members of staff to ensure you have talent running through your entire organisation, from top to bottom.
To achieve a truly innovative workforce in today’s hi-tech environment, it’s important for organisations to adopt a mobile employee strategy. Doing so will make the organisation more dynamic and competitive by reducing overhead costs and increasing productivity. However, in order to achieve the maximum benefit of a mobile workforce, managers must ensure they not only have the best technology in place, but also a corporate travel management plan to suit. It’s all very well having a dynamic workforce that is able to work on the go however, if they’re stuck waiting for trains at inconvenient times or have to rely on a static fleet of vehicles that doesn’t represent their needs then you won’t achieve half of the true value.
Liberate your workforce by partnering with a vehicle fleet or corporate travel provider that is able to provide a solution that’s appropriate for your employees’ current needs and can adapt to cater for future demand.
By using these innovative staffing techniques, you should attract employees who are well suited to your business and share the same innovative and forward-thinking ethos as your organisation as a whole. And, the best part is, if people are a strong culture fit for your organisation they’ll be more likely to enjoy their work and the environment. This is key if people are going to recommend your organisation as a great place to work to like-minded and talented family and friends. Just ask your marketing department – no selling technique trumps word of mouth for effectiveness. To this end, it’s worth also mentioning social media. You should connect with people in your industry and join similar groups to them. This way you can join in industry conversations – helping you to stay up-to-date with innovations and position your company as a forward-thinking organisation that’s riding the crest of innovation – a truly unique and exciting place to work.
By carrying out this step it’s possible to cut recruitment costs from thousands of pounds to potentially zero. Therefore meaning the saved funds can be reinvested back into the business to finance more products/services or simply just increase the bottom line profit.
For more information about how smarter business strategies such as these can help you to increase revenues and decrease costs, download our free guide: Six Steps to Smarter Business now.