Is your staffing firm ready for the post-pandemic reality? Expenses are rising dramatically for labor, which could cause havoc with your cash flow and growth prospects. As a result, it’s time to consider money-saving tips to keep your recruiting operation on track.
COVID continues to cause massive disruptions in the economy. Shutdowns in 2020 sparked a dramatic slowdown in demand. Now, with the economy reopening, growth has spiked and companies face a lack of adequate supply. As a result, your staffing agency likely faces a substantial rise in costs.
Given the economic situation, you need to take steps to counteract rising expenses.
Three Money-Saving Tips for Your Staffing Firm:
With labor costs rising, it becomes crucial to limit the amount of work needed to complete a given task. That’s basically the goal of productivity improvements. The process allows you to accomplish more with the same amount of staff.
You can do this in two major ways:
- Productivity boosts for individual employees
- Organizational changes
Looking at what you can do to enhance individual performances, this means finding ways to get the most out of your staff. Work with your employees to help them improve their output. This way, you can get more done with the team members you already have on the payroll.
On the organizational front, finding upgrades means improving the processes you use to run your staffing operations. Here are a few tips you can use to accomplish this:
- Look to cut out steps out of your operational activities
- Streamline your procedures to avoid bottlenecks
- Include only necessary personnel in meetings
- Try to clear administrative hurdles
Technology occupies a key role in the realm of productivity. You can achieve significant savings by improving your processes and upgrading your management. However, don’t ignore the power of tech to drive long-term cost savings as wel.
Look for ways to get an edge from automation. Options include:
- Communications software
- Workplace management software
- Hardware upgrades for your staff
- Applicant Tracking Software (ATS) for your candidates
- Customer relationship management (CRM) for your clients
Save on Financing
You need cash to fund productivity upgrades and technological improvements. At the same time, you want to invest in expansion, while still maintaining a cushion that will allow you to react to potential surprises.
It’s possible to do all this and save money at the same time.
The process starts by thinking about your financing structure. Are there ways to find the cash you need at a lower cost?
Consider how you can lower the expenses tied to borrowing and other financial operations. By lowering your financing costs, you open up more resources for the operational part of your staffing firm. You also make gathering the cash you need more efficient, a move that will open up your long-term horizons.
Here are a few tips to help you lower costs in this area:
- Stay away from high-cost debt, like credit cards
- Consider refinancing existing loans at lower rates
- Shop around before you take a new loan
- Think about alternatives like invoice factoring
Get Funding to Help With Rising Recruiting Expenses!
Ready to cut costs and upgrade your financial functions. It helps to have a strong partner, like Frontline Funding. You’ll get the cash you need to drive productivity and create the most efficient staffing firm possible.
Contact Frontline today to get started.