How much is your HR costing your business? Is it a significant chunk of your budget? Wouldn’t you like to save money with your HR and hiring workflows? Well, guess what? You should be spending a lot less on HR than you are right now—and you can! Here are three ways that your company can save money in your HR department.
1. Going paperless can save you all kinds of money! Have you ever thought about how much paper your company buys and uses? How many trees did your business kill last year? In the United States alone 72 million tons of paper are produced each year—that’s equal to more than 9 million elephants! And think of this astonishing fact: every time you use a piece of paper, that simple sheet of paper will end up costing your between 13 times and 31 times its original price—for a $5 ream of paper, that could be $155!
2. Avoid replacing key employees. We know it can be hard to hold on to good employees—or, if your need to get rid of someone, it can be difficult to find their replacement. And the statistics prove it: it can cost lots of money to replace employees—a line cook can cost $2,077 to replace, and an hourly store employee can cost up to $4,291 to replace!
3. How to you find and keep good employees? One great way to do that is to use an Applicant Tracking System (ATS) for managing your candidate pipeline. Simply put, this is one of the biggest areas where your business can save money. Using an automated system in HR can reduce your costs by up to 47%! And it can save you up to 60% in recruitment costs alone!