If you’re an ambitious and savvy leader, then you’ll already know that spending money on your HR function is absolutely essential. Your people have the power to drive your business forward and make sure that you’re bringing your big vision to life, and when you get things right, your HR spending is an investment, rather than a cost, and can deliver a return many times over.
It’s important to be realistic here though, and recognise that there’s a balance that you have to strike. If times are tough and you’re concerned about your budget, then there are things that you can do right away to ensure that your costs aren’t going to spiral out of control. Let’s take a look at some practical considerations that you can action today…
Get your admin in order
We hate to perpetuate the myth that HR is all about admin and box-ticking, but it’s definitely true that one of your responsibilities as an employer is to ensure that your paperwork is in order. If you let things slide in this area, then it’s going to cost you. It’ll take you longer to find important documents, for sure, but it goes deeper than this.
If you happen to face an employment tribunal, then you’re going to be in a much better position if you can prove that you’ve created and collated all the right documentation during the employee’s time with you. Many business owners, if they’re being completely honest about things, could make instant improvements in this area.
Utilise the power of technology
You might be amazed to hear that there are plenty of business leaders who are still carrying out most of their HR tasks manually. Maybe you’re one of them. It’s true that in the early days, it can seem easier to do things yourself, and wait a while before you invest in solid systems and infrastructure.
Many businesses get to the point though when they’re wasting a ton of time and money by doing things the old fashioned way. It may be time for you to admit that things have to change, and that technology could make your life a lot easier. If, for example, you have to manually intervene to ensure your staff get paid on time each month, then can you imagine how much simpler your role would be if you knew that all of this was taken care of automatically?
Audit your practices and procedures to pinpoint problems before they arise
There are a ton of costly HR mistakes that could be easily avoided by just ensuring that you’re regularly reviewing the way that you do things, and calling in a little professional help. Legislation, for example, can change often, and you may find it hard to keep up. The truth here is that you could be breaking the law without even realising it.
If you’re concerned that you’ve let things slide, get in touch today. Investing in some advice is likely to be more affordable than you think, and it can definitely be kinder on your finances than the alternative. We can have an open and honest discussion about where you are right now, and what you need to focus on to get the most out of your HR budget.