Excerpt from: Do Business in Vail!
|
 |
May 14, 2009 | | Human Resources Plus offers cost-savings tips | As organizations review their expenditures, they should make sure that they have not left any rock unturned when it comes to cost saving measures and options. Here are some ideas that often get overlooked.
Workers Compensation Insurance Premiums
If you have recently reduced employee’s hours or have experienced layoffs, you may be able to resubmit estimated payroll number which may reduce your workers compensation premiums. Contact your insurance broker or worker’s compensation insurance carrier to see if you can make adjusts as applicable.
Telephone and Internet Services
Be sure to review your telephone and internet service invoices to understand what you are paying for and receiving. You may find that you are being invoiced for voice mail boxes, phone lines, email boxes, domain names etc that are no longer being used. Contact your telephone and internet service provider to make sure you are on the most cost effective plan for your current usage requirements. It may be time to shop the competition to make sure you are receiving the best bang for your buck.
Health Insurance and Other Benefits
Survey your employees on what benefits they currently use and find the most value in. You may find there are some benefits that do not really add value that you may be able to replace with an alternate benefit or eliminate.
Conduct a benefit analysis to make sure you have the most effective health benefits for your employees. Look at your employee demographic, premium amounts, employer and employee contribution and alternate plan design options. If you currently offer a traditional co-pay plan, you may want to consider offering a consumer driven plan paired with a health savings account. Offering this option may be less costly and can encourage employees to be more educated health care consumers.
Audit your health insurance invoices to ensure that only eligible employees are currently on your plan. It is not uncommon for employers to overlook separating a terminated employee from their health insurance plans, which can be costly. Conducting regular health insurance premium reconciliations to ensure that you are collecting the appropriate premiums amount from employees is critical.
Supplies and Product
Consider implementing a centralized buying and inventory function so that one department or person is responsible for all buying and inventory. This can help ensure that you are not over purchasing product or supplies.
Streamline how supplies and products are requested, ordered and distributed in an effort to save time and money.
Involve your Staff in Cost Savings Measures
Make cost cutting a team effort. Employees may have a different perspective on the value and benefit of expenditures, services, products, etc.
Consider implementing a cost savings reward program
Employees submit ideas and formal plans on ways the company can save money.
If the employee’s idea is implemented the company gives back a percentage of the savings to the employee who submitted the idea.
The experts of HRP can help your organization conduct a benefits analysis and create and implement strategies designed to save you money on your health insurance premiums. Focus your time and energy on moving your business and your staff forward. For more information on how HRP can help you contact us by clicking HERE or by calling us at 970-328-2860.
Sponsored By Human Resources Plus
HR Trends and Updates is provided as a free service to the business community. If you have any questions about any of the topics in here, or would like more information about how Human Resources Plus’ services, please contact us at 970-328-2860 or e-mail us <mailto:becky@hrplusinc.com> or visit us at www.hrplusinc.com .
HRP can effectively assist you with your outsourcing needs which will reduce and control your operating costs and free up resources to focus on other aspects of your business.
| | |
|
|
