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Our management give project on cost saving in all dept. I am working in personnel /hr dept ,please guide me what source i can save the money in various way.
From India, Thane
Automation of many routine functions-payroll, attendance etc.
Cut use of stationery by making things/work online.
Go green-saving stationery, stamps, postage, printouts, xeroxing etc
Reduce cost of hiring by keeping close watch on exits and plug reasons for exit by giving employees a fair place to work.
More than cutting costs,HR should try to create value.
From India, Pune
To begin with the cost saving project for HR department, as a first stage you need to know the current or historical spending areas by HR department.
One of the area being Recruitment. So, just to take recruitment factor answer the below questions.
Stage - 1: Data Collection
Total Recruitment last year or couple of years
Cost for recruitment (cost paid to agencies, referral bonus)
Sources for recruitment (consultancies, referal, campus hire, advertising)
Also, termination within 3 months, reasons for it.
Collect as much as possible details on recruitment
Stage 2: Now, look for opportunities
If you pay more to consultancies, check if those positions can be filled though employee referrals.
Check whether you have clear process on recruitment (effective interview techniques, effective screening techniques and the skills to identify the sustainability of employees)
Stage 3: Implement and evaluate
Once you find the areas of improvement, please implement.
Rather than saving cost to company directly, HR can save a lot by designing clear HR polices and procedures.
Do you have policy leave encashment for employees? Any limit on that?
How about reimbursements and Expenses claim policies?
Are they cost effective now? Please understand your HR department and functions completely and the cost associated to it.
Sometimes, more than cost saving HR can play vital role in improving quality and efficiency.
Good luck for your project.
From India, Bengaluru
thanks a lot for your valuable suggestion
From India, Thane
Nicely posted by Nathrao...
Yes, automation directly reduces the cost of HR department. You can just think of the following where you need more people to work on in HR?
1. Hiring
2. Employee Database management
3. Attendance & Leave Management
4. Payroll & Statutory
Today there are many tools available in various sizes and costs. Choose a right product for your needs and see the result in 3 - 6 months. Please click here for more information https://tinyurl.com/ycdkgojv
Regards,
From India, Madras
you may consider the following areas after proper data collection and analysis:-
1. Recruitment cost
2. Training and development cost
3. Wages ans salary by manpower reduction
4. Administrative cost by reduction or controls
5 . Pl send some more detail about your functions to get more ideas.
From India, Delhi
Let's understand cost can be occuring in more than just in the form of money/expenditure. Time spent on activities that could be done in shorter time is a cost. The opportunity missed is a cost. The dissatisfaction caused in employee is also a cost in a way.
Let's take a simple function- Recruitment.
Big forms could be spending anywhere between thousands to Lakhs in paying to the consultants. However, a lot of hot resumes can be received from organization's own careers section. But that's rather underrated part of the website.
Cost of recruitment can also be significantly decreased by using lesser expensive ways of employee engagement and satisfaction. Every new recruit brings with it the cost of onboarding, the cost of time just to learn the system and processes and much more.
This is just a perspective, which while diving deep into can help in significant cost savings.
From India, Jaipur
For effective cost-saving tips, check out this video: https://www.youtube.com/watch?v=xA7yLFL99c8&t=17s
As well as this article on how to save on HR expenses by up to 90% : https://optimum-direct.com/blogs/201...expenses-by-90
From Philippines, undefined
Hi,
Here is a good way of cost saving Employee Self Service|Employee Portal|Leave Management Software|KServeHRMS
Regards,
From India, Madras
Cost Saving in not variable of department e.g. HR, Finance, Production but it is the role you have to play for cost saving in your domain. The cost saving for HR department may not be tangible as the case with production department. But every activity of your department be it recruitment, performance evaluation, employee development can result in huge cost saving may be intangible. The cost saving due to improvement in productivity is result of effort done by HR department.
From India, Delhi
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