Wages are one of the biggest and most difficult-to-control expenses that companies are forced to handle. When you need reduced labour costs, it can be tricky to figure out the best way to go about it. You don’t want to lay off any of your hard workers and you don’t want to slash their pay cheques either. If you do, you risk lowering morale and productivity and hurting your customer service level, which can place your business on a downward spiral that’s difficult to recover from.
Fortunately, you don’t have to start with these drastic cuts and risk damaging your company in the long term. There are other solutions to consider that can be just as effective but less problematic. You can attain reduced labour costs with alternative methods. Specifically, when you examine and alter the way your employees handle cash at your business, you can get reduced labour costs. Consider these three cash-related solutions that reduce your need for labour.
Increase Efficiency at the Register
The more efficient your employees are at the front, the more transactions they can process during their shifts and the more customers they can serve. When you provide your cashiers with the right tools and technology to process transactions more productively, you can have fewer employees on every shift without losing the high level of customer service that your clients have become accustomed to. You can significantly reduce labour costs when you can have five people on the floor per shift instead of six, seven, or eight.
The easiest way to increase front-line efficiency is to automate your cash system by investing in a cash recycling solution. A point-of-sale cash recycler automatically accepts, dispenses, counts, sorts, and balances cash at record speed. Your cashiers no longer have to spend time manually counting the money that’s handed to them or the cash they’re returning, so transactions are completed quicker, and more accurately, than ever before. This means each cashier will be able to serve more customers.
Eliminate Manual Cash Handling in the Back Office
Counting, recounting, sorting, wrapping, and reconciling the day’s cash in the back office every single day is a huge time waster and can be one of the reasons you’re spending so much money on labour costs. When you eliminate the need for manual cash handling by automating your cash management process, your employees will spend significantly less time in the back office, which means you get reduced labour costs. Invest in currency counters, sorters, and wrappers in order to save valuable time. These machines can process thousands of bills and coins every hour, and they guarantee accurate counts, so there’s no need to recount. Take advantage of cash management technology. It’s convenient, user friendly and inexpensive, so you get a great return on investment.
Reduce Management Spending
Although having a manager on staff for every shift seems to make logical sense, you could just be wasting money to get peace of mind. When you automate your cash management solution, you provide a higher level of independence for your employees. They don’t need to be supervised at the same level as they once did when all of your money was manually counted, sorted and reconciled. When you implement technology into your business, you can reduce the amount of time your managers need to be on site. Over-supervising can be costing your company double in labour costs.
When you run a business, you have to make tough choices. No one wants to let go of hard-working employees just to cut costs. Luckily, you don’t have to. Examining your cash management process and enhancing it with the use of technology can be a pain-free solution. Automation can provide you with the reduced labour costs your business desperately needs to survive.