One of the largest expenses most companies shoulder is for their staff. When left unchecked, it is easy for these costs to spiral out of control, particularly if you don’t have a method for optimizing your hiring. By having an appropriate accounting staffing strategy, you can create a more cost-effective paradigm within which to operate. Over time, you’ll experience notable savings while keeping productivity high, maximizing your profitability.
If you are looking to improve your accounting staffing strategy or start to build one that fits your unique business, here are five reasons for doing just that.
1. Avoid Overtime
Overtime costs can add up quickly. While a single day of overtime here and there may not impact your bottom line much, frequently requiring overtime means you are paying far more than you need to when compared to other options.
If you anticipate overtime is going to be a regular occurrence in your accounting department, consider bringing in a temporary worker to alleviate the strain. Often, you’ll pay far less when you cover their wages than you would when paying overtime to a full-time staff member.
2. Cut Hiring Costs
The cost of hiring a new accounting employee can be surprisingly high, particularly for upper-level positions. Not only do you have to invest in advertising, but you also have to dedicate valuable time to screening, testing, interviewing and more. Instead of shouldering this burden yourself, partner with a reputable recruitment agency. Not only will they have the expertise you need to succeed, but the cost is often far lower than handling the hiring process yourself. Plus, you can then concentrate on your core activities, ensuring you don’t fall behind whenever you need to hire.
3. Reduce Administrative Burden
If you bring on temporary or contract workers instead of full-time staff, your administrative burden is significantly lower. Aside from confirming the employee’s hours, the remainder of the tasks are handled by the staffing firm.
4. Avoid Unemployment Claims
By using a staffing firm for your short-term accounting hires, you are not responsible for the worker’s unemployment claims after the contract ends. Since the employee was never on your payroll, the staffing agency manages that cost, so you never have to worry about the financial ramifications of releasing a worker when their project is done.
5. Embrace a Flexible Model
There is nothing that says all of your accounting staffing costs have to be fixed. While keeping your core staff on the payroll is a necessity, consider embracing a flexible model when it comes to the rest of your team.
Begin by reducing the number of core staff models based on your slowest season, then partner with a staffing firm to bring in the skilled accounting professionals you need to manage operations when your workload increases. Then, once things begin to slow, you can release the temporary employees, lowering your staffing costs for the remainder of the offseason.
Looking for a Trusted Staffing Partner?
If you are interested in learning more about how a reputable and skilled staff firm can help you improve your accounting staffing strategy, the knowledgeable team at Equis Staffing can help. Contact us today to learn more about our services and how they can help you create a more cost-effective approach to personnel management.