There is no exaggeration if we would say that the cost of creating a positive employee experience is often overwhelming. However, what if we told you that there are ways through which you can provide a conducive working atmosphere to your employees without breaking the bank?
Here are some of the ways to cut recruitment cost without affecting your employees’ experience. Though these methods will cost your company up-front, it will play an important role in lowering your HR expenses in the long run as you don’t have to go for regular employee search. So, let’s discuss those ways:
1. Go Paperless – Though businesses have digitalized themselves, they may still find it daunting to ditch their pen and paper entirely. But if you critically analyze the total cost of printing and paperwork, you will be surprised to know how much you have saved. By carefully digitalizing the situation and make use of the technology, you can easily save money across many channels.
Indeed, technology can go a long way in speeding various administrative tasks, lowering costs and increasing the efficiency overall. There are various online platforms available, which can help you centralized the digital place by centralizing HR and benefits. It helps the company to focus more on employee engagement and will free you from the old paperwork process.
2. Work towards employees’ wellness – In today’s corporate life, stress is a common trend which further leads to major health ailments, like high blood pressure, obesity, severe back pain, etc. It is important for the company to take some preventive measures to improve the situation and bolster the healthy working atmosphere. In addition to offering basic health amenities, like yoga classes, free gym membership, etc.; the company should also offer group health insurance to its employees.
In the current scenario, where medical costs have reached to a new height, having a group health insurance policy will help employees take good medical treatment without worrying about the expenses. Further, you can expand your corporate health insurance cover to include family members of your employees. Such initiatives will play a major role in keeping the morale of your employees’ high.
Though some employers may consider it as an added expense. However, a healthy workforce is inevitable for the success of business. Further, when your employees are motivated, they are more attached to your company and work towards its welfare. Moreover, all these employee wellness benefits are considered as perks and go a long way in motivating employees
As employee-wellness benefits come in all variations, so before making a move, it would be good if you consult your employees and ask them where they are lacking or what they want in their daily lives.
3. Start learning and development programs – Though, the cost of webinars, seminars, etc.; may add-up, it will go a long run in keeping your employees abreast with the current market trends. You can also ask your experienced employees to impart training to the rest of the workforce. And, for this, you should find employees who do not only good at work, but also excel in bonding with employees. As new employees learn things from experienced workers, they get a better understanding of the company’s policies and culture.
Overall, the success of your company majorly depends on your employees, therefore, take all the steps to offer a complete experience to employees without shelling out too much money. Further, it is essential for companies to provide coaching and feedback to employees so that their efforts are in sync with the company’s goals. In addition to providing feedback during an employees’ first few weeks on the job, employers should also give formal and informal feedback throughout the year.
Further, irrespective of what benefits you are offering, it is necessary to educate your employees on what is available for them. For instance, if you are offering group health insurance policy, it is essential to provide complete policy documents along with information about network hospitals. You can think of providing interactive seminars to make sure that everyone is involved and aware of what is being available to them.