When looking to stretch an HR budget, consider the following as ways to get more done with less:
- Most people are intimidated with the idea of outsourcing HR functions, but with automated payroll (and even apps that allow you to manage some of the payroll features), it is a likely first step in helping to stretch a budget and allow your compensation experts to focus on more strategic purposes within your organization.
- There are many localized groups across the country that provide various learning opportunities for free or for small annual membership fees. This has at least two main benefits: learning and networking. I would venture to guess that many people, leaders and staff, do not have the necessary networking skills to maintain the rapid evolution that occurs in today's workplace — and we are all victim's to drinking our own punch. Conversations outside of our own walls are essential to help maintain a better and more balanced perspective.
- Look for sponsors, possibly from vendors and suppliers, to help offshore employee development costs. The trendy term right now is pilot program. Look to partner with a vendor to try something new: this is a win-win.
- I know this may seem like the opposite of stretching your budget, but in the end can pay off: give people extra time off. This seems so counterintuitive to companies. This little extra time away, with family, on vacation, or simply at the gym can help people recover mentally and physically. This gives you a better side of people when they know you care about them.
- Look to local partners to give discount programs like realtors, butchers, gym memberships. Companies love the idea of selling to more people and you support the local economy in larger numbers that way.
I will end this post by saying there are many opportunities to save and stretch your HR budget that provide a better value with low cost associated with it. Hopefully the first five ideas here will get you thinking. We all know creativity is important in managing a budget, but it's also important to work smarter now, more than ever. Ultimately the goal is twofold: lower costs and support your people.
Employee Development with 360 Surveys
At ThinkWise, our 360 reports provide simple, clear, and direct information. If nothing else, we allow you to categorize what to STOP, START, and CONTINUE while valuing the feedback people have provided. The ThinkWise 360 report provides suggested learning resources, targeted to the competencies that are identified as strenghts or opportunities for growth, so you can make improvements immediately.