Managing a budget during a tight job market
It’s safe to say, the past few years have been crazy. Pandemics, economic concerns, hiring frenzies, hiring pauses, etc., etc. With the many changes that have occurred, companies have been re-evaluating their budgets and requesting that leadership apply cost-cutting measures. Now that 2024 is around the corner, our VP of Strategic Initiatives Jennifer Zweig has some tips for managing a budget during a tight market based on her 20+ years in staffing.
1. Revisit spends from previous years and identify areas to cut costs easily.
- This is a great time to revisit relationships with vendors to see where you can utilize spend in the best way possible.
- Example: Enlist your travel team or admins to research and negotiate better hotel and travel deals for future business-related travel expenses.
2. Be transparent about where the company stands financially when conducting salary reviews.
- If raises aren’t in the cards this year, give a timeline, expectations and objectives to hit before a future review.
3. Refocus on trainings and goal setting for individual contributors.
- Host a virtual training on best practices when conducting business in a tight market.
- Optional: Invite internal employees to be on the panel to share their expertise.
- Identify how each team member can redefine their craft and learn new skills during a slower market.
4. Employee engagement and retention are as important as ever during these times!
- Think of creative ideas to come together.
- Example: Instead of catering in lunch, considering hosting a lunch with internal employees. Invite employees to bring their lunch and join the conversations.
- Launch new or relaunch Employee Resource Groups (ERGs) to help employees feel part of the greater team. ERGs are an invaluable way to promote inclusivity at a company.
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