Cut staffing costs
Staffing can be one of your highest cost centers. Manage this expense and you'll be on your way to preserving one of your firm's most valuable assets and getting more bang for your buck.
Increase training, increase retention. Commit to an employee development program and you might just increase employee loyalty. Employees respond to employer sponsored programs that make an investment in their technical, professional and personal skills. From presentation skills to management training, you have lots of ways to show employees that you are willing to invest in them.
Take it outside. Outsourcing is a tool many firms use to manage staffing costs. If the expertise isn't readily available in your firm, it may cost less to hire a professional to do a task than it is to pay for the learning curve. Routine tasks may also be using valuable firm resources - take a look at who's doing what and assess if it's cost effective.
Hire right. Reducing turnover is your best bet for cutting staffing costs. Figure out how much it costs your firm to hire the wrong person and you will be ready to implement a new strategy. Develop an "employee criteria" - a list of those characteristics that your successful employees possess - and hire by it. Another solution is to hire the best person for the job - even if it costs more. In a tight labor market, it can cost less in the long run when you consider recruiting expenses and lost training time.
Learn more about hiring right at http://www.professionalcity.com/go.cfm?URL=www.employer-employee.com/.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.