Business & Finance Small Business

Reconsider Employee Benefits To Reduce Costs

Small-to-medium enterprises (SMEs) should evaluate their employee benefit packages if they want to reduce costs during the current economic climate.
Research by MetLife revealed that over a quarter of small businesses are thinking about reducing their employee's annual holiday entitlement because they believe they are being too generous and this move will help to reduce overheads.
It was discovered that employers would like to decrease the amount of annual that they were currently offering by an average of four days and that workers were open to a reduction in their holiday in return for other types of benefits.
Over one-third of workers said that they would consider a reduction in the amount of their annual holiday leave but this would only be accepted if they received a salary increase instead.
If employers felt that they were unable to provide a pay rise in return for a reduction in leave, they might want to look into the offering other employee benefits such as flexible working or unpaid time off.
Another possible way that an organisation can cut business costs is to offer increased employer pension contributions instead of providing a pay rise or in place of holiday entitlements.
Organisations that are looking into shrinking their employee benefit package must remember that businesses are legally obliged to offer their workforce 28 days' holiday every year, which includes eight bank holidays.
If a business is serious about cutting costs at the same time as increasing productivity, then they should employ the services of a performance improvement consulting experts.
Experienced performance improvement consulting professionals can use their business expertise to examine how organisational processes can be enhanced in order to generate higher levels of effectiveness and efficiency.
Performance improvement consultants use the application of systems thinking theory to help a business view its organisation from the perspective of one of their customers as this highlights where the most value is extracted from processes.
Systems thinking will help business managers demonstrate to their employees how to improve customer service at the same time as working more efficiently and productively.
The British economic recovery will depend on the success of SMEs so it is increasingly important that they are working to full capacity in the current uncertain climate.
SMEs that are able to deliver world-class results in troubled times will be best placed to take advantage of the recovery when it begins to take full effect.
SHARE
RELATED POSTS on "Business & Finance"
Why Do Business on B2B E-Marketplaces?
Why Do Business on B2B E-Marketplaces?
God's Big Idea For Your Business
God's Big Idea For Your Business
Profits are within 6 Degrees of Freedom
Profits are within 6 Degrees of Freedom
What Variety Of Leather Journals Should You Offer
What Variety Of Leather Journals Should You Offer
Astrology Services In Indore
Astrology Services In Indore
A Project Management Process With Brainstorming
A Project Management Process With Brainstorming
Print Banners Are Immaculate Products
Print Banners Are Immaculate Products
Usefulness of Industrial Buildings and Shed
Usefulness of Industrial Buildings and Shed
A Way To Prepare Your Retail Store For Sale
A Way To Prepare Your Retail Store For Sale
What People Look in a Conference Venue?
What People Look in a Conference Venue?
5 ELEMENTS OF AN AFFORDABLE LOGO DESIGN!
5 ELEMENTS OF AN AFFORDABLE LOGO DESIGN!
Save Time and Expenses During Your Dollar Store Start Up
Save Time and Expenses During Your Dollar Store Start Up
Tips for an Effective Brochure to Attract More Customers
Tips for an Effective Brochure to Attract More Customers
Myths and Reality About Business Credit Cards
Myths and Reality About Business Credit Cards
3 Ways to Guarantee Success in Your Coastal Vacation Business
3 Ways to Guarantee Success in Your Coastal Vacation Business
Secure, Dependable and Affordable - Not a Girlfriend, But Poly Mailers
Secure, Dependable and Affordable - Not a Girlfriend, But Poly Mailers
Essentials Of Meat Rabbit Production
Essentials Of Meat Rabbit Production
Equip the Workers With Lobe Pumps in Your Industry to Enhance Their Productivity
Equip the Workers With Lobe Pumps in Your Industry to Enhance Their Productivity
How Local Chamber of Commerce Help Grow Your Small Business
How Local Chamber of Commerce Help Grow Your Small Business
All About Obtaining A Gsa Schedule And Contract Award
All About Obtaining A Gsa Schedule And Contract Award

Leave Your Reply

*