Minimizing HR costs are important to any company, big or small. When push comes to shove, reduced HR costs can prove to be the difference between an efficient HR department and a costly one that can drag down your company's profits.

This article will discuss 10 important changes your company should consider to cut costs without having to sacrifice the great employees who help your business grow.


10 Ways to Cut HR Costs without Losing All-Star Employees

1. Reduce Healthcare Costs

•       Shop Around
•       Tweak Plan to Minimize Costs
•       Ask Directly How You can Save
•       Pay Attention to Who You're Covering
•       Purchasing Pools
•       Health Savings Accounts (HSAs)
•       Eliminating Dental & Vision Plans

2. 401(k) and Other Benefits

•       Reduce Contributions to 401(k)
•       Increase Employee Contribution, Benefits
•       Communicate with Employees to Ensure Morale

3. Health and Wellness Programs

•       Choose the Right Wellness Programs
•       Increase Productivity
•       Decrease Insurance Costs & Save

4. Social Programs

•       Creating a Healthy Social Atmosphere
•       Host Parties and Events
•       Encourage Team Building
•       Evoke Appreciation, Loyalty
•       Proven in Studies to Help Save

5. Improve Hiring / Onboarding Practices

•       Choose the Right Candidates
•       Create a Great Listing & Description
•       Offer Competitive Salary
•       Highlight Perks
•       Retrain, Reassign

6. Improve HR Operations

•       Offer Flexible Work Schedules
•       Provide Incentives
•       Avoid Bad Hires

7. Leverage HR Technology

•       Save Time, Money
•       Reduce Mistakes
•       Administration, Analysis, & Reporting
•       Leave & Time Off Management
•       Personal Information Management
•       Time & Attendance
•       Benefits Management
•       Recruitment Management
•       Performance Management
•       Onboarding / Training

8. HR Shared Services

•       Centralize HR Expenses
•       Bundle Services for Savings
•       Watch Out for Vendor Lock-In

9. Mitigate Litigation Risks

•       Know the Laws & Regulations
•       Know What to Document
•       Establish a Clear Employee Handbook
•       Train Employees
•       Improve Onboarding through Automation & Employee Self-Service

10. Prepare For Healthcare Reform Now

•       Know What’s Changing
•       New Tax Credit
•       Insurance Exemptions
•       Incorporation
•       Reconsider Growth
•       Don’t Miss Out

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For more information, please contact us at 888-816-0933.