Learn the ins and outs of controlling your company’s single largest expense by learning to cut back on staff.
According to the Economic Policy Institute’s Minimum Wage Tracker, in 2022, the minimum wage will rise in 25 states due to legislation or annual indexing. สล็อตเว็บตรง
สล็อต เครดิตฟรี ไม่ต้องฝากก่อน ไม่ต้องแชร์ ยืนยันเบอร์โทรศัพท์ เกมที่ท่านสามารถทำเงินได้มากและทำกำไรได้จริงมาสนุกกันได้เลย สล็อต เครดิตฟรี ไม่ต้องฝากก่อน ไม่ต้องแชร์ ยืนยันเบอร์โทรศัพท์ เกมของเรายังมีทีมงานมากมายที่จะคอยดูแลท่านทำให้ท่านสามารถทำเงินกับเราได้อย่างสบายใจ ไม่ว่าท่านจะเจอปัญหาอะไรทีมงานของเราก็จะคอยช่วยเหลือท่านตลอดเวลา ทำให้ท่านจะได้รับการดูแลเป็นอย่างดี ทดลองเล่นสล็อตฟรี สามารถทำเงินกับเว็บของเราได้จริงแน่นอนเพราะเราเป็นเว็บเกมที่ทำกำไรได้อย่างปลอดภัยเพราะเราเป็นเว็บตรงที่ท่านจะสามารถสนุกกับเว็บของเราได้จริง ๆ มาสนุกกับเว็บเกมทำเงินของเราได้เลย
At the same time, wage raises are being implemented by businesses in an effort to keep good workers on staff.
The NFIB reports that in October, “seasonally adjusted, a net 44% reported rising salary,” and that “net 32% plan to raise compensation in the next three months.”
Between September 2020 and September 2021, “compensation costs for private industry workers grew 4.1%,” as reported by the BLS.
On the other hand, “employees in the leisure and hospitality business” saw a 6.9% increase in compensation costs.
Inventory and utilities are also becoming more expensive for businesses.
Companies may raise pricing or reduce employee benefits to offset these increases.
Sixty-seven percent of respondents to a survey commissioned by the consulting firm North Highland and carried out by The Economist Intelligence Unit, the research and analytical arm of The Economist Group, reported feeling “under pressure to decrease labor expenses.”
Managing Labor Expenses:
A 6-Step Plan to Save Money
Several organizations contribute to increased labor expenditures, such as decreased output, the need to train new personnel, and schedule conflicts.
There is no quick fix or a simple method to lower labor costs. Instead, businesses should design a labor-management approach that attacks these expenses from several angles.
1. Make It Easier To See How Much Your Workforce and Labor Costs Are
Incorrect, missing, or out-of-date information prevents effective cost reductions in labor.
The total cost of labor and the elements that affect it can be better understood with access to historical and current data.
Integrated technology systems use payroll, attendance, and sales data to deliver a comprehensive perspective of labor costs and company activity.
Seasonal and hourly trends are included in the analysis.
Decisions on staffing and scheduling can significantly impact labor costs, and this data can help.
Many businesses, such as restaurants and stores, use real-time information to determine when to lay off staff or have them come in.
By keeping a watch on these data and applying them in decision-making, you may rein in labor costs and uncover the reasons contributing to more lavish spending.
2. Automate and Optimize Systems
Workers can save time and make fewer mistakes with predetermined workflows because they can rely on muscle memory.
Think carefully about the procedures your team currently employs.
Human resource (HR) labor can be reduced by providing employees with self-service tools, documenting workflows and highlighting repetitive or unnecessary stages, using automation features built into various technology platforms, and so on.
3. Help Staff Understand and Follow Workflows
How much you spend on labor depends on how productive your staff is. The Economist Intelligence Unit reports that 79% of poll respondents “think they’re under pressure to enhance productivity.”
Better productivity results from automated, streamlined processes, but only if your staff members actually use them. Instead, some employees may fall back on time-wasting routines they’re used to.
To illustrate, suppose your group uses Trello as its new project management software. Notifications are sent to workers’ mobile devices if they are mentioned, a card is moved, or a task is assigned. Additionally, Trello can notify you of changes through email.
Team members may follow processes for Trello but also send follow-up emails regarding the topic out of habit.
It is now mandatory for workers to respond to both the email and the Trello activity. Even if only one team member spends an extra minute or two per day, that can build up to a significant amount of time over a week.
Create a plan for managing the transition to more effective procedures to get buy-in from your staff. Highlight the positive aspects of the new method while addressing any concerns people may have with implementing it, such as those connected to technology or managing remote workers.
4. Think About Your Needs and Possible Substitute Positions
Keeping an employee satisfied is often more cost-effective than hiring, onboarding, and training a new one.
In addition, utilizing temporary or part-time staff may help cut down on costly overtime. According to the Intuit 2020 Report, “almost 80% of large firms [intend] to dramatically boost the usage of a flexible workforce.”
Higher salaries aren’t the only driver of job satisfaction. The NFIB finds that employment still remains below the 2020 peak, and labor force participation hasn’t responded dramatically to the higher compensation levels.”
The retention rate, productivity, and wage expenses are interconnected with the company’s culture, management, and adaptability.
5. Reinvest In Your Staff
Only 10% of respondents “indicated labor costs as their main business challenge,” while 24% listed “labor quality” as their top worry in the NFIB’s study.
Similarly, in a recent poll by Gartner, 59% of HR leaders cited “developing important skills and competencies” as an area of focus.
Investing in workers can reduce payroll expenses by boosting output, filling in skill shortages, and reducing attrition.
It is a good idea to start by taking stock of your current human resources. Be sure your crew is well-trained and that it contains a diverse set of skills.
Next, cross-train staff. The extra manpower will keep you from paying for overtime or additional staff. Finally, offer employees the chance to advance in their positions to boost retention rates and cut costs on recruiting, orienting, and training new employees.
6. Streamline Time Management
The finest instruments for cutting labor costs are your payroll software and any time and attendance tracking programs you use.
Use tools for controlling labor costs, such as:
- establishing clear policies for clocking in and out for shifts and breaks to prevent time theft
- running reports that highlight variances in log-in times by shift or worker
- using attendance systems with geo-tracking or facial recognition tools to prevent someone from logging
