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How to Save Money on Recruitment and Employment

It would be impossible to not to have noticed that we are all going through a slightly tricky time economically. The credit crunch has taken a big bite of employers’ budgets and the continual doom and gloom forced upon us from the media has caused widespread fear and anxiety for employees (well, those that still have their jobs).

When the pressure’s on it seems that as well as marketing, training and recruitment seem to be the first things to feel the axe. Is that really the wisest move? Well, with a little bit of thought and consideration for the long term, I think not. So how can we as employers take some of the sting out of the credit crunch’s bite?

Firstly, it’s all about staff retention:

Training

As I said, training can be the first thing to do but what are the negative implications of this? When money’s tight the last thing you want to be doing is recruiting for a position which has been vacated by a great worker who has left you for another employer. Obviously employees leave for many different reasons such as relocating, personal reasons and ill health; you can’t do much about that. What about when they leave for a higher salary, a perception of higher job satisfaction or greater opportunities? These are things you can do something about. By cutting training you may be saving the pounds but consider the effect on staff feeling of value. Does the cost of training really out way the impact of having to recruit new staff which you will then have to, um, train?

Bonuses

Ok, so now may not be the time to reward your well performing staff with a monetary bonus but not rewarding them at all can be hugely detrimental. So what are the alternatives? Perhaps consider giving them extra holiday days. Obviously this still has a cost to your business but if it’s well managed it doesn’t have to have a huge impact and the ef Read the rest of this entry »

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Is Your Job in Jeopardy? Be Aware of the Warning Signs

A weak economy inevitably generates concern about layoffs. It’s not uncommon to hear someone who lost his job say he was totally blindsided by a layoff. In fact, I read an account recently of a woman describing how she came in to work one morning thinking everything was fine, but was escorted out of the building later that same day after having been pink slipped.

I’d suggest that, in hindsight, she probably realized there were signs that all was not rosy.

Layoffs usually don’t come out of the blue.

There are almost always indications that trouble may be looming on the horizon. Still, like this woman, many employees are taken by surprise; they don’t recognize the telltale signs because they’re not dialed in. Or, because they’ve convinced themselves it won’t happen to me, they choose to ignore obvious indicators of trouble ahead.

Know how to recognize the signs, and you’ll be able to prepare. If you’re lucky, your company will dodge the bullet and avoid work force reductions. However - if positions do end up being eliminated, the fact that you were tuned in early may end up saving your job.

Following are just a few precursors of possible storm clouds on the horizon. Taken separately, they don’t necessarily spell disaster. One or another of these items might simply indicate that your company needs to tighten its belt. Avoid the inclination to panic needlessly.

Put enough of them together, though, and it could mean there’s rough sailing ahead. It’s up to you to learn to read the tea leaves:

Unfilled positions are eliminated

There’s a hiring freeze

Substantial budget cuts

The company cuts back significantly on marketing or key initiatives

The company pulls out of trade shows at which it typically participates

Change in habits of senior management

Increased number of closed door meeti Read the rest of this entry »

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