At the end of the 2015 fiscal year, you’ll expect to see that your company wisely implemented its sector budgets by incorporating useful, cost-cutting changes that resulted in substantial financial improvements from the prior year. Being that your employee base consumes a great deal of your company’s overall expenses, it is imperative to target this area for improvement. To address this main budgetary concern, here are 3 steps to get more out of your staffing budget in 2015:
- Assess which sectors should be downsized, expanded or revamped. This can be accomplished by conducting employee performance reviews and through exploratory meetings. Performance reviews can shed light on which employees are exceeding or meeting their duties, which employees warrant termination and whether a particular employee might be better suited for a different role. As crucial as performance reviews in maximizing your staffing budget, exploratory meetings provide each employee with the opportunity to discuss his/her performance and supply you with valuable insight on how to increase departmental efficiency and productivity.
- Plan accordingly for raises. If your company rewards employees with quarterly or semi-annual raises, you must earmark a portion of your budget to account for that increased expense. Additionally, you must preemptively plan for which employee may inquire about an early raise or seek a promotion, so you have the ability to fulfill the request and avoid losing one or more of your valuable assets.
- Use your staffing firm as a resource. Your staffing firm can create a pool of qualified applicants from which to choose and recommend suitable employees to hire that will likely stay long-term. Attempting to hire a new employee without the assistance of a staffing firm increases your risk of hiring an employee that will not be good fit, which wastes time and your staffing budget.
Staffing Agency Denver
At Employment Solutions, our expert Denver staffing agency specialists are available to assist your company with locating star talent and meeting its staffing goals for 2015. Contact our staffing agency today to discover how we can find you the stellar employees your company deserves.