The current business environment is a difficult one. While businesses are still seeking to expand, prudent business executives and owners are also looking to economize in every way possible. These cost-cutting efforts will affect every department in a company, especially HR, as most companies spend the largest part of their revenue on salaries and wages.
Not only will salaries and wages be tightly controlled but the depth and range of benefits packages will also be reconsidered every year. Lessening benefits and thus lowering premiums may seem the most obvious way to achieve savings but there are hidden costs that should also be considered before reducing a company’s benefits package.…Continue reading