8 areas that are costing your business money

Business costs

Running a business is tough. Keeping on top of HR & Employment Law is tough. Knowing what areas are costing you money is tough. It’s all tough. But it doesn’t have to be.

Here at Citation, our experts work around the clock to save you time and money, and streamline all your business’ processes. So, let’s take a look at where you could be throwing money down the drain.

1. Disengaged employees

Disengaged employees can lose you money left, right and centre. From less discretionary effort, lower quality output and negative word of mouth and morale, their effects can soon be felt.

Question Yes/No
Do you have employees that never go beyond their remit?
Have employees gone into their shell?
Do you have serial complainers on your hands?

If you just answered yes, yes and yes, it could be time to take action.

2. Holiday management

Managing holiday requests can be chaotic and confusing – if you haven’t got the right systems in place, that is. From checking diaries, entitlements and colleague calendars, the time soon adds up. And then there’s the risk of challenging conversations if you have to turn down someone’s dates.

Enter Atlas – our online holiday management platform. With Atlas, you can seamlessly accept and reject requests; see the number of holidays an employee’s taken; view team calendars; and see the status of existing applications. To find out more about Atlas, book your free demo here.

3. Recruitment

If you don’t have the right recruitment strategy in place, you’ll not only waste time and money throughout the process, but you’ll lose out in the long run in terms of your retention rate.

Question Yes/No
Does your recruitment process focus on candidates’ cultural fit?
Are all your interview questions legally sound?
Do you have a clear induction plan in place?

If you’re leaning towards no’s, our experts can help you get back on track in no time – just give us a call on 0345 844 1111.

4. Turnover

Tying in with your recruitment is your employee turnover rate. Did you know, 50% of employed people want to leave their current job? Could you cope if that statistic materialised in your business?

If you’re looking to take your turnover rate down a notch or two, consider some of the following:

Question Yes/No
Do you have a company culture that makes people want to work for you?
Do you promote career progression internally?
Are your managers up to the job? I.e. are they getting the most out of their team? Do they know how to handle tricky situations? And are they in-line with your business’ ethos?

5. Disciplinaries

Disciplinaries can be a nuisance. They soak up time, and time is money. The easiest way to remove this one from the list is by removing the need for disciplinaries in the first place – but we know that’s easier said than done.

To reduce them though, ask yourself:

Question Yes/No
Do you have a thorough employee handbook in place?
Has your employee handbook been read and acknowledged?
Do you and your managers enforce your policies?

6. Pointless perks

If you’re paying out for perks that aren’t making a difference, then you’re essentially throwing away money.

Often, people think that pumping money into employees will fix everything – it doesn’t. Your business’ culture is equally, if not more, important, and often comes at a fraction of the price too.

After inspiration? Some proven perks include employee awards, open cultures, internal career progression, team and business-wide socials, and mutual respect from all levels of the organisation.

7. Lateness

Lateness can pull at your purse strings without you even realising it. It goes without saying that it can’t be helped every now and then, but 10 minutes here and there can soon add up. For example, being 10 minutes late once a week amounts to a full working day lost over the course of a year!

If you’ve got employees who’re regularly rocking up late, are you on top of the following:

  • Do you have a clear lateness policy in place?
  • Can you prove that employees have read your lateness policy?
  • Do you enforce your policy?
  • Should it get to that stage, do you know how to follow a fair disciplinary procedure?

Not sure about any of the above? Fed up of us firing questions at you? Then get in touch with our experts today for all of the answers.

8. Sickies

Sickies are said to cost businesses 39 million working days each and every year – which is hardly surprising given 40% of employees have admitted to pulling at least one in the last 12 months!

If you’re worried sickies are slipping through the net, ask yourself:

Question Yes/No
Do you record sickness absences?
Do you conduct return to work interviews?
Are your managers following good general practices?

Don’t worry if you just answered with a trio of no’s – that’s where we can help.

We’re just a call away

When it comes to HR & Employment Law, we’re the experts. We offer industry-leading advice on everything from recruitment and retention to disciplinaries and disengagement, and we’re here to do the same for you.

To see how much we could start supporting you today, get in touch with the team on 0345 844 1111 or hello@citation.co.uk.

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