Business owners know the secret to getting ahead in today’s business world is through attracting top talent, but with so many candidates out there and so many businesses competing for their attention, it can be difficult to set yourself apart from the rest.
You don’t have to break the bank to stand out.
By implementing these seven cost-cutting business tips, you can still provide top-notch benefits and become the employer of choice in your area.
1) Hire Freelancers
You can hire freelancers for many positions within your company, from entry-level to highly skilled. Because you’re hiring freelancers, you don't have to offer benefits or healthcare right away and that can save a lot of money. Plus, freelancers are often more flexible and can work around your schedule more easily than full-time employees. However, it's important to vet freelancers carefully and make sure they're a good fit for your company before hiring them.
By using freelancers you can conserve cash for positions that require benefits. For example, if you use a graphic designer to create promotional materials, but then also need another high level designer to come up with new ideas for new products, they will cost more due to their experience and skill set. Hiring one person might not be possible because of salary constraints or other financial obligations, instead you may hire 2 part-time freelancers.
2) Switch from Paid-Based Software Services to Free Ones
When it comes to finding top talent, companies often feel like they have to spend a lot of money in order to compete, but there are plenty of ways to save on costs while still providing quality benefits that will appeal to job seekers. One way is to switch from paid-based software services to free ones. Some examples include, Jotform for building and managing forms, Google Docs for collaborating with others, and HubSpot for email marketing campaigns.
Jotform is an easy tool to use and lets you create your own form or import one from their library. You can customize everything including font size, input fields, etc., and embed the form on your website or social media profile pages. Google Docs can replace many expensive programs such as Excel, Word, PowerPoint, and Publisher by using tools such as spreadsheets for calculations, word processing for text documents, presentations or slideshows, and drawings. Another service that has saved Meridio time and money is HubSpot for email marketing. It allows us to store and duplicate emails, analyze engagement so we know what’s working, and we can add follow up tasks, so keeping track of new prospects is easy.
3) Employees Working from Home?
According to a recent study, businesses save an average of $11,000 per year for each employee who works from home. Plus, employees who work from home are more productive and take fewer sick days. Take a look at your company and see where you could readjust procedures to add an at home position. With healthcare costs rising, offering telecommuting as a benefit can also attract top talent without spending loads on hiring.
4) Switch Vendors to Lower Costs
Now that workers can work anywhere, using high quality services at much lower prices is possible. For example, offshore staffing companies can provide top-quality admin assistants, sales reps, and bookkeepers at a fraction of the cost of U.S.-based employees. You can utilize the vast global network of companies like Ranstad or Mastech Digital to do the hiring, while you fous on business. With these savings you could offer more health benefits to attract higher skilled staff or contribute more to their retirement plans. Check out the savings your workers could enjoy with Human Interest, targeting 401(k)s for workers.
5) Provide Flexible Working Hours
More workers expect flexibility in their schedule, like having hours in their day that allow them to pursue other interests. Studies show that workers will take a pay cut just to have the flexibility to choose their own hours, not having to be tied down to 9-5 or 10-6 shifts. The U.S. Bureau of Labor Statistics also found that flexible work schedules are the most popular perk employers offer employees today and with costs for healthcare on the rise, this perk is more appealing than ever before!
6) Offer Employee Stock Options
Consider giving employees a stake in your company by offering employee stock options as a benefit. If they do well, they share in the success. And if they don't, they share equally in the failure of their company's performance. Incentivized employees will work hand-in-hand with you to grow the value of the company and you will build a culture of teamwork. It costs you no upfront cash to build an equity program and it might be hard for some companies to give up their shares, but it’s worth considering because employees who are given a stake in their own future tend to put more effort into achieving positive results than those who are not.
7) Offer Multiple Benefits Options
Lastly, flexible benefit options are key to attracting top level talent. Offering a variety of benefits that allow your employees to choose what works best for them, their families, and their budget. One popular option is a Health Savings Account which allows employees to save on medical expenses by contributing pre-tax money for health insurance premiums and other qualified expenses like prescription drugs, medical supplies and equipment, over-the-counter medications and medical supplies not covered by insurance plans, as well as many other out-of-pocket costs not covered by an employee's health plan.
Basic affordable health-insurance is another easy way to get started on the path of offering multiple benefit options for your team. Meridio allows you to offer your employees access to benefits cheaper than the marketplace with the care they desire, and with Meridio you won’t feel the headache of a traditional benefits plan because we handle the roll-out for you.
There is still hope
There are several ways to attract the best individuals in your field. From freelancers and off-shore vendors, to free trials with service providers, you have options to make your business stand out from the competition. Now don’t just sit there, get moving and see where your company stands!