Hidden Operational Costs of a Business
Have you ever scrutinised the operational costs of your business that probably aren’t clearly identified in your financial reports? Unconverted customer enquiries, customer losses, inventory shrinkage, delayed debtor payments, employee turnover. Now consider how you can mitigate these losses.
At least part of the solution to these losses is in the infrastructure and management of your people.
1. Employee brand
2. Hiring processes
3. Company culture
4. Team Leadership 5. Team Growth and Development
1. Employee Brand – this is the reason talent want to work for you, why they remain working for you, and how they become advocates for your brand. Your employee brand is made up of company culture, remuneration and benefits, flexi work arrangements, employee wellbeing support, training and development opportunities and career pathways.
2. Hiring Processes – start with forecasting your recruitment needs before the need occurs, correct allocation of hiring responsibilities, well-planned processes including vacancy broadcasting, applicant management, screening, interviewing, and hiring processes, unsuccessful applicant management, onboarding plan and schedule. 3. Company culture – is the behavioural and procedural aspects of why and how you do what you do from the employee and customer experience perspective.
4. Team Leadership – is critical to the health of your team and it directly impacts your employee and customer experience, productivity, profitability, market share, and business resilience.
5. Team Growth & Development promotes employee loyalty, increases the employee value proposition, and enables workers to see a career pathway with you keeping them in your business for longer.
When you look after your people they will work more diligently for the shared vision of your business:
- exploiting resources and skills to achieve a high customer enquiry conversion rates
- look after your customers to improve retention rates
– work more accurately to reduce inventory shrinkage
– hiring right ensures people are well positioned in the business
– increases employee retention and decreases the high cost of turnover.
There are multiple ways our team at Ripple can help you so reach out to us when you