Today’s economic climate has most companies trying to find ways to cut costs and save money. It is a more complex issue than what people might think. How do you save money while keeping valued employees?
Here are a few alternatives to save money while retaining your top talent:
1) Have your employees and management team take some time off without pay. This might not be the most well loved decision but at least your talent pool will still be available. This plan can make the financial hit less when it is spread over several pay periods.
2) Ask for volunteer employees that would be interested in becoming part-time. You can have a designated time that the part-time status would be in affect.
3) Encourage customers to pay with cash or check and not with a credit card. This will help you have quicker access to your money.
4) Tap into the social media market. This can be a great way to market your company without having to spend any money. Social media can help spread information to key publics quickly and effectively.
Yes, the economy is tough. That means that now is the time to get creative and come up with ways to not just survive the down times but thrive through them!
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