How to keep your company financially lean while still thriving with your recruitment drive

In times of economic instability such as these especially, many businesses will be looking to be financially leaner. However, is it possible to be lean whilst still thriving with your drive for recruitment? Read on to find out more.

But, before we dig into the topic at hand, let’s first take a look at what being financially ‘lean’ actually means.

What is meant by financially lean?

If you haven’t heard of this word used in connection with businesses before, you’ll almost definitely have come across it when doing your grocery shopping. Lean meat cuts that have less fat - it's more of the good stuff, and less of the bit that gets wasted.

In financial terms, the definition is pretty similar - ‘lean thinking’ is about providing more of the good stuff, the value of the business, but with fewer wasted resources. According to Womack and Jones, who coined the phrase ‘lean thinking, this can be split into five key principles: value, value stream, pull, flow, and perfection.

With this in mind, how can you ensure your company stays financially lean, increasing value without wasting money, whilst still driving recruitment? Here are a few examples.

Offer meaningful benefits and rewards

Instead of rewarding or recognising employees with cash bonuses, which can eat into your capital, you can offer meaningful, tangible rewards. This is a more cost-effective way to show current and future employees that you value them - a surefire way to boost your recruitment drive.

Examples of such benefits include company life insurance, critical illness cover, employee assistance programmes (EAP), income protection insurance, childcare vouchers, gift vouchers, additional annual leave, wellness wins, gym membership, mental health support, and even access to 24/7 GP services.

The rewards and benefits you offer can be tailored to suit the needs and wants of the desired talent group you are hoping to attract.

Have clear beliefs and values

Be clear in your brand values and beliefs, and don’t be afraid to share them - it will cost you nothing, and can improve both talent acquisition and retention.

Now more than ever before, potential employees are looking to work for businesses that share the same ethos on life. In fact, one study reported by CNBC found that 56% of people will not even consider an employer that does not share their values.

Promote flexible working

After many were forced to work from home during the pandemic, the plethora of benefits that come from working from home were discovered. Things like working from home and flexible working hours are now desirable elements of any job role.

77% of employees value flexible working hours as part of their work perks, one study shows. Other highly valued flexible working practices include early finishes on a Friday (65%), and the option for a 4-day working week (64%).

Not only will this improve the drive for recruitment, but it can also help you to cut down on your energy bills as a business, and become more eco-friendly as the need for commuting will be reduced. 

As you can see, there are a few different ways in which you can keep your company financially lean, yet still thrive in driving recruitment. With these ideas in mind, you will be able to find the techniques that will work best for you.