If you have been tuning into the Presidential debates lately, you may be aware that there is a slight difference of opinion on what the government should be doing to improve our economy. At ExactSource, we're not keen on the idea of idly standing by.
While this upcoming election is focused on economy...economy...did we mention economy...we thought about some ways that private industry can grow their business, save some money and in turn, help to strengthen the American economy at the same time.
1. Make do with less
Small businesses are a key factor in boosting the economy and that’s why it’s critical to keep them afloat. Small businesses not only provide jobs for over half of the nation’s workforce, but they also create more than 50% of the nonfarm private gross domestic product. So in an economic downturn such as this, it is important that small businesses find better, faster, and cheaper ways of doing things.
If all companies would utilize today’s technology, they could cut a lot of unnecessary spending. Instead of flying clients in, arrange videoconference meetings. Market your business using free social media platforms. Automate your processes such as invoicing, receiving, purchasing, and inventory control and trim unnecessary overhead. If businesses would reduce certain fixed costs, they could use that money to pump back into the American economy and hire more workers. After all, if our employees – the American consumers – have more money to spend, small businesses like yours will continue to succeed.
2. Outsource your hiring needs
Here’s a riddle for you: If our nation’s unemployment rate is at 8.1%, why are there 3.8 million jobs in the U.S. that remain unfilled? The answer: many companies have a broken hiring process. An inforgraphic found on Mashable Business reveals that 52% of hirers decided not to hire anyone at all because they couldn’t find the right fit. Not only is this a missed opportunity for any of the 13 million unemployed, but it also costs your business money to have a position go unfilled.
The problem doesn’t end there. 43% of employers reported that vacant job positions at their company haven’t been filled in the anticipated timeframe, and more than 70% of people surveyed reported that more than 3 people at their company are involved in any given hiring decision. If companies are focusing all their time and energy trying to fill positions, that means they are not focusing their time and energy on doing their own jobs. There’s a simple solution to this problem - outsource your hiring needs. Recruiters have the experience and time it takes to find the right candidates. Not only will you save time and money on the hiring process, but you will also have better candidates to choose from and a guaranteed filled position.
3. Hire Veterans & Unemployed
According to a recent Bloomberg article, over 30% of our country's veterans are unemployed - and this number is on the rise. In most cases, these are potential employees with a calibrated skill-set, discipline and loyalty gained from service. Many unemployed jobseekers out there have the right qualifications and experience, but are getting the short end of the stick because they’re currently out of work. Besides boosting the employment rate, there are also tax benefits under the HIRE Act available to employers who hire certain previously unemployed workers. Finally, you may see a better work ethic from a recently unemployed worker.
4. Allow employees to telecommute
Working from home brings tremendous benefits not only to the economy but to your business, the telecommuter, and the environment as well. By allowing employees the option of working from home, you can certainly expect them to do more with fewer resources. You can also save money on office costs by reducing the amount of office space required. The teleworker is able to increase productivity by eliminating the time spent on commuting to and from work and the interruptions often taking place in busy offices. Another infographic on Mashable Business found that working from home increases productivity an average of 10-20%. Not to mention the oil we could save. If half the American workforce telecommuted just 50% of the time, we would save one-third of America’s yearly Persian Gulf oil imports.
Obviously we have a long way to go to get our economy back on top, but if every business put forth a little effort, we'd certainly be taking steps in the right direction. The initiatives listed above not only benefit our economy, but they are advantageous to your business as well. You could be helping everyone while helping yourself at the same time. Don't you just love when everyone wins?
Do you have any other suggestions on what businesses can do to help improve our economy? Share your ideas with us in the comments below!
If you're interested in learning more about outsourcing your hiring needs, check out our free whitepapers on Recruitment Process Outsourcing:
No comments:
Post a Comment