HR Budget Stretching Ideas

Mercer PeoplePro Blog HR Budget

How’s your HR Budget? Need More Money?

Who doesn’t!

When HR budget time rolls around most of us are asked if we can do more for less. Not easy! But worst of all the result could be disastrous for you, your employees and your company. Ugh!

However, there are a few budget-complementing opportunities out there that sometimes go underutilized or even unused unless you know to ask specifically if they’re available.

When it comes to developing an HR budget, sometimes, asking is all it takes. Try it and you may find that you’ll gain more than just making your budget stretch a little further. The simple act of exploring creative ways to stretch your HR budget can win you the respect of your boss and your management — especially your CFO

Try any or all of the following — Can’t hurt, so ask.

  1. See if you can tie the insured employee benefit product commission dollars, usually designed for the service provider’s implementation set-up and employee communications, to your ongoing communications program. The dollars could be used for mailing or outreach during the entire term of the contract.
  2. Use a first year credit, available on either an insured or self-insured product, for any set-up costs you may incur internally. Big hit with management!
  3. Allocate an ongoing credit, tied to either an insured or self-insured product, to educate your team about products in the marketplace. Team will be the wiser!
  4. Use participation at onsite employee meetings — like employee orientation and/or yearly meetings — to educate and explain the value proposition offered by your company. Good for retention!
  5. Ask a supplier to sponsor some of your management training programs. In exchange for sponsoring and supplying a break snack or beverage, the sponsor would be given the opportunity to promote their services. This could take the form of a simply sign placed near the snacks saying, “Thanks from Acorn Financial” and might be all that it takes. After all, everyone loves a good snack and publicity!

The list of HR budget stretching ideas can be endless, all it takes is a little thought and a simple ask, to the right person, at the right time. Surprisingly, you will even gain respect from your service providers. So “go for it” and enjoy those “extra” HR budget dollars — and remember — spend wisely!

HR Expertise On Demand

Interested in learning more HR budget stretching ideas for your organization? Our PROs are happy to help. Schedule an appointment today and enjoy a free consultation, plus 2 free hours towards your first project. To set up your free consultation, visit MercerPeoplePro — we’re standing by and ready to assist.

Written by Mercer PeoplePro Pension & Savings specialist, Nancy Lazgin

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