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.
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.
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
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
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.
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.