Managing a budget during a tight job market

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Business + strategyTipsTrends
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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. 

 

Make sure new hires are in your 2024 budget. Let's chat about your hiring opportunities today. 

Not happy in your current role? Get in contact with us to find a new role now. 

 

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