There are no two ways about it. Whether your business is large or small, well established or still in its infancy, running it profitably still begins with the same simple equation:
Revenue – Expense = Profit
Staffing is a critical part of this equation. In fact, personnel expenses are often a company’s largest line item, therefore creating tremendous opportunities for enhancing your company’s profitability.
I could easily write a book about this topic (actually, lots of renowned business experts already have), but today I’d like to focus on the “Expense” side of the profitability equation – particularly, the ways you can use Wood Personnel’s services to reduce your long-term expenses. Our staffing services can:
- Reduce your cost-per-hire. We’re hiring experts – and we leverage technology and economies of scale to provide a cost-effective alternative to recruiting and hiring on your own. Our direct placement services eliminate the expense and time associated with advertising, screening résumés, interviewing, testing and checking references. We can shorten your time-to-hire, minimize the disruption to your business and ultimately lower your average cost-per-hire.
- Lower overtime expenses. When your business surges, use temporary employees to handle the extra volume – instead of paying overtime. Why? You won’t pay benefits, overtime rates or payroll administration for the hours our temporaries work. As a result, contingent staff can provide the extra man hours you need, while reducing labor expenses and preventing direct employee burnout.
- Minimize legal exposure. Employment-related lawsuits are messy, time-consuming and extremely expensive. Wood Personnel helps protect you from potential lawsuits by ensuring that non-discriminatory hiring practices are followed. Furthermore, we assume the financial and legal obligations for payroll, statutory taxes and all government reporting.
- Stop overstaffing. If your workloads have predictable ups and downs, planned staffing can help you convert fixed expenses to variable. We can work with you to minimize your direct staff to the level needed to sustain your core volume of work, and then proactively bring in supplemental help only when it’s needed. Used properly, planned staffing can decrease your need for lay-offs as well as unemployment claims.
- Limit benefits expense. On average, benefits typically add 30 to 35 percent on top of payroll costs. By using temporary employees to add short-term capacity, you can eliminate these expenses. As their employer of record, we are responsible for offering and paying for temporary employees’ benefits.
Follow this link to learn how staffing can improve your profitability.
Wood Personnel – Driving Profits for Tennessee Employers
Looking for new ways to increase productivity? Need to aggressively manage staffing expenses? Have a great business idea, but lack the human resources to turn it into a reality? Contact Wood Personnel today. We have the knowledge, business expertise and highly skilled candidates you need to get work done and become more profitable.