Is it Possible to Cut HR Costs without Sacrificing Benefits?
Today the pressure to cut costs prevails inside most every organization. Just read the headlines. You’ll find companies taking measures that range from across-the-board budget cuts to slashing employee benefits. If you’re a CFO, you feel certain that everything that can be cut, has been cut. Still, the pressure remains.
In addressing HR costs, CFOs have turned to payroll, employee benefits, and pensions – making cuts that have unfortunate impact on employees and their families. And when that doesn’t go far enough, hardworking employees open their email to find news of yet another round of cuts. You’re doing what you have to do but with many unintended results. Employee morale suffers, commitment wanes, productivity declines, the business suffers, more cuts are required and the vicious cycle continues… Wash. Rinse. Repeat.
Does a better way to approach cost cutting really exist? Yes, you just can’t see it.
Attack the Hidden HR Costs
The answer to cutting costs without sacrificing benefits requires you to control all hidden costs. Employee-related programs like payroll, benefits, retirement, and insurance have a surprising amount of unnecessary hidden costs lurking around them.
The costs we’re referring to are found in two key places:
- Within the SERVICES you pay (outside service provider fees and broker commissions)
- Within the ADMINISTRATIVE PROCESSES you rely upon (repetitive manual tasks, overlapping lines of communication, systems that lack integration)
These hard and soft costs add unnecessary bulk to your employee-related expenses. Yet, you haven’t cut these costs because they aren’t made visible by your current HR and payroll systems. And we all know it’s impossible to control a cost that you can’t actually see.
So, what if you could see these expenses? How much would you find? How does $30,000 each month for a 250-person organization sound? Studies have shown that hidden HR administrative costs can easily reach this number.
The Answer to Hidden HR Costs: Administrative Cost Control
At Lyceum, we’ve created a solution that allows you to reveal and control hidden HR costs and deliver savings of up to 50% per employee, per month, in administrative savings alone. Through a combination of Lyceum services and technology companies can maintain the services and programs employees deserve while still delivering bottom line savings to the organization.
Interested in learning more?
