Staffing comprises a significant portion of the annual budget in most organizations. Consequently, companies often struggle to find outstanding talent without increasing the amount they spend on staffing each year.
When auditing your annual staffing budget, asking the following questions can help your organization determine whether your staffing funds are being spent effectively—and identify ways to improve ROI.
How is turnover impacting our budget?
Employee turnover imposes additional costs on a company, from the lost productivity of an open position to the costs of hiring and onboarding. While every company faces some turnover, attention to retention rates can be essential if your hiring managers are regularly scrambling to replace key staff.
Consider who leaves the company and why. Conducting in-depth exit interviews that ask employees why they began looking for a new job can reveal ongoing problems, while attention to employee engagement and building a supportive company culture can improve retention.
How are we allocating resources to salaries and benefits? Is compensation competitive?
Many companies assume they aren’t attracting top talent because they offer a lower salary for similar positions than their competitors. In fact, attention to salary is only part of the larger hiring picture.
Examine data for your industry and geographic area, or consult a staffing firm, to determine whether the salary and benefits you offer are competitive for each position. Consider the entire compensation package. Often, top performers are willing to accept a slightly reduced salary if your company offers outstanding opportunities for flextime, working outside the office, continuing education or other options. Use these offerings as “selling points” in job postings and employment branding.
Are we maximizing the value of flexible staffing arrangements?
Contract and temporary staff members can help your company succeed on projects outside the skill sets of your core staff, without the additional cost of adding a new full-time staff member. These flexible workers can also help you deal with seasonal influxes of work. Staffing firms specialize in staying connected to experienced contract workers in the industries they serve and can connect you to qualified talent quickly.
At SoloPoint Solutions, our recruiters can help improve the quality of your staffing within a manageable budget. Contact us today to learn more.