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6 Cost-cutting Tips for Employers

6 Cost-cutting Tips for Employers

1.5 minute read

Due to economic downturn and ongoing labor challenges, employers are searching for ways to save money. Being savvy can help employers identify areas to reduce expenses without compromising productivity or future growth.

6 Cost Cutting Tips

1. Strengthen Employee Retention

Employee turnover can be costly. Retention efforts can be prioritized by providing employees with learning and development opportunities, offering benefits employees want, and having flexible working arrangements.

 

2. Manage Health Care Costs

Employers can leverage their relationship with their insurance brokers to explore cost-saving solutions. Consider reevaluating your current plan options and helping employees choose more cost-effective solutions.

 

3. Invest in New Technology

Technology can allow organizations to improve or automate tasks. New technology like virtual recruiting and artificial intelligence may help decrease costs by increasing efficiency and streamlining operations.

 

4. Embracing Outsourcing

Outsourcing more time-consuming tasks would allow an organization to focus on tasks that have a direct impact on their bottom line and potential growth.

 

5. Adopt Flexible Work Arrangements

To lower overhead expenses, employers could consider offering flexible scheduling. Other employers may eliminate their physical offices to downsize their facilities to reduce monthly costs.

 

6. Review Expenses

Employers can look at their expenses regularly to help reduce and eliminate extra costs. Negotiate with providers, vendors, and suppliers to reduce fees, improve rates, defer payments, and receive additional services to help during difficult times.

 

Conclusion

Implementing these strategies can help employers ultimately increase their financial stability, optimize their resources, and position themselves for future growth. Download the bulletin for more details.

Download our complimentary case study to learn more about how Freeborn County saved their health plan

National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Mari Wagner

Mari Wagner

The greatest badge of success for Mari Wagner is when her customers reach out and let her know how appreciative they are of her help and services. Mari is dependable, driven, committed, and enjoys meeting new people. Mari joined the National Insurance Services (NIS) team after working with NIS for several years on mutual clients benefit plans. She finds that NIS has similar values and mindset to her own. As an Account Manager, Mari works with schools, cities, and counties in the Midwest Region. She is a licensed insurance agent with a background in sales, wellness, managing insurance pools, marketing, and consulting.