More punch for your pound: 5 ways to make your HR budget stretch that little bit further

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Whether you’re looking to get your HR budget rubber stamped or simply want to achieve more with less, when you don’t have the luxury of surplus capacity in your finances, canny operators can do more, without breaking the bank.

Leigh Freeman, EEF’s senior HR consultant and bargain hunter has practical experience of working with businesses where resources can be stretched but ambition can’t be compromised.  So if you’re looking to achieve more with less, here’s her 5 tips to get you started.

  1. Think outsourcing.  Freelancers are paid for the actual work they do and don’t need holidays or sick pay. Once the preserve of larger companies, now expertise covering everything from payroll to employment law support can be outsourced, freeing up valuable internal resource.
  2. Don’t train away. In-plant training on your own premises can be a much more cost-effective approach to upskilling your workforce, negating the need for unbudgeted travel and subsistence costs. Just be sure to create an environment that’s conducive to a good learning experience where delegates are not focussed on work tasks that could hamper concentration.

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  3. Get connected. Networking events from respected industry bodies offer more than just an opportunity for a cup of tea and a natter. Especially for a standalone HR Manager, it’s a convenient way to share knowledge with like-minded individuals, maintain your CPD and get the inside track on what the competition are up to.
  4. Reward and recognition. Thankfully when it comes to driving employee performance there are lots of low cost initiatives you can turn to. From personal hand written thank you’s, lunches with senior management, photo-walls and team dinners for top employees, to the more formal provision of structured career paths. What works depends very much on the culture of your organisation, but as starter you could always run an employee survey to help achieve that all important buy-in.
  5. Recruitment savings. Think about introducing an Employee Referral Program, where you provide your existing employees with a financial (or non-financial) reward for referring new recruits to the company, as opposed to costly external advertising. Your existing employees can be the best ambassadors for your brand if they are happy in their jobs and with your organisation. Also, if your business is a member of EEF, you can receive discounts on recruitment services.

HR support that’s right for you.

EEF can provide flexible and cost effective on-site HR support. Whether it’s interim HR management or a fixed term contract tailored to your business, our consultants operate at all levels from HR Director to Advisor to give you access to expert support on-site, from the moment they arrive.

For an informal discussion on how our HR consultancy team can help your business, get in touch.

Author

Senior HR Consultant

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