It takes money to run a business, and sometimes the bill for having employees can eat into profit margins considerably. The thing is that many of those costs are unnecessary. According to the Harvard Business Review, as much as 20 percent of company spending comes from expenses that weren’t managed properly. Technology is one of the biggest culprits. However, there is an opportunity in using technology to save money and ways you can save money on the technology itself.
Start by looking at the money your company currently spends on its technology. Offering mobile devices to your employees can be a great perk, but providing those tools can take its toll on the company bank account. Smartphones and data plans are not inexpensive, but if employees are left to their own devices, you could end up with a workforce that is on different networks, some of which may not be the most reliable. You might also find that some employees are willing to pay for more data than others. At the end of the day, you need to strike a balance between affordability and capability. Some employees need big data plans and better devices. Others do not.
Ultimately, your employees need smartphones that can keep up with the productivity demands of their positions. Standardizing company phones means that you can choose a dependable network and plans with adequate data limits for your employee needs as well as mobile phones that can keep up. Consider buying your staff members a robust smartphone like the LG G3 that has more than enough battery life and processing power to ensure technology isn’t slowing your employees down while they’re on the job. If you are letting your employees bring their own devices, consider the age of the device. If your employee’s phone batteries have suffered a lot of wear and tear, upgrading to the LG G6 with its significantly improved processing speed could be a smart idea.
Did you know that almost 40 percent of companies struggle with finding the right employees for their needs? It is a challenge to find people who can do specific tasks well enough and quickly enough that you as a company can profit. Technology has the answer. There is software available that tracks employee efficiency. Use it to monitor the effectiveness of your staff and address large disparities in productivity. Whether you decide to offer additional training and coaching for less productive employees or you use that information in employee retention decisions, the money you can save by tracking efficiency can be significant.
When companies offer work from options, they save $11,000 per year on average — and that’s per employee. It is cheaper to allow your staff to work from home because you have less overhead, can afford a smaller office, and require fewer pieces of equipment; employees also tend to be more productive this way. You might even find that you do not require a full-time employee and can increase your savings exponentially by switching from remote staff to freelance workers. The latter typically works on an hourly rate as you need them as opposed to your company having to pay the same salary for an employee no matter how much (or little) you use their specific services.
Technology and the oversight of the way that technology is used can save your company thousands on unnecessary costs. You can use the money you save to expand your operations or pad your operating budget — but you won’t know what you could save until you start looking at the numbers.