Dear phillyhk,
Here's some suggestions that may come in handy:
1. Reduce recruitment/hiring costs - Do away with expensive subscription to job portals, recruitment consultants, media advert. releases. Try referral hiring, invite word-of-mouth cold applicants, free job ads, industry networking, etc. These will reduce cost. Perhaps classified advt releases in portal/print media may be yielding and cost effective.
2. Training & Devp - Focus on internal/in-house training/skilling/multi-skilling. Develop or empanel internal experts/experienced personnel as faculty for periodic delivery. Schedule calendar of programmes or need-based programmes and establish/install procedure for post-training evaluation of training effectiveness/impact on productivity studies.
3. Internalize outsourced HR processes, if any (such as payroll, leave management, employee healthcare insurance, statutory compliance, etc). That will reduce cost.
4. Review internal accountabilities & workload across functions. Given more/multiple responsibilities through HODs; multi-task guys, even cross-functionally if possible. That'll save on costs and perhaps also motivate a lot of people within.
5. Do effective manpower planning. Re-allocate people across functions/tasks. Form special tasks for special projects like cost-cutting committee, if any, given the current state of the economy. Review with department heads the headcount in each department, analyse workload (current & forecastable) and proceed to rightsize, downsize (hard decision though) or upsize in some odd function, if need be. Arrive at a optimal headcount level to save precious money. Factor in attrition, superannuations, anticipated resignations, et al.
In the process, also review work allocation within the HR department. Optimize and internalize processes as much as possible. Keep busy and keep others busy with meaningful tasks.
Tell your GM about these HR initiatives with datelines/deadline dates, actionables and get going.... Hope you have his buy in.
Rahul
Our GM has asked all departments to find practical cost saving solutions relevant to our function. He doesn't mean energy saving or stationary / supplies saving etc...
He would like our department to come up with 5 - 10 practical ideas on how HR function can implement cost saving in its day-to-day role. I would appreciate any good suggestions. Many thanks!