Labour costs seem to be rising all the time. Inflation pushes wages. New provincial legislation sends minimum wages ever higher, and mid-range salaries must go up to compensate. New rules about overtime, paid personal leaves, and even changes to holiday pay and vacation can set your labour costs soaring.
On top of that, a growing business means you need to employ more people. Maybe you’ve paid out more in overtime to cover shifts, or you’ve had to hire more employees. If you had a recent expansion or a big project, you might also have seen your costs climbing month over month.
All of this has left you with one question. How can you reduce costs?
There are many different things a company can do to reduce costs. You can use time management software to reduce overtime shifts and schedule staff optimally. You can employ more temporary workers, or you can reduce benefits. Some solutions are better than others. One solution you may want to look into is cash management technology.
What Is Cash Management Technology?
Cash management technology includes currency counters, sorters, discriminators and other products that help you manage your cash more effectively.
These technologies have many advantages to them. They can help you accurately count and sort cash, reducing errors in counting along the way. They can streamline processes and increase efficiency. They can even reduce the amount of time your staff spends on tasks like sorting and counting cash.
These are all advantages for businesses, especially for those that handle large amounts of cash on a regular basis. How can these technologies help you reduce labour costs?
Spend Less Time on Cash-Related Tasks
One way cash management technology helps you reduce your labour costs is by making cash management tasks easier. Your staff can spend less time counting and sorting cash if you have the right equipment, such as a currency sorter or a coin and bank note recycler.
This can also reduce the time spent on related tasks, such as tallying day sheets or getting deposits ready.
As a result, your staff members can turn their attention to other tasks around the business. Your cashiers may be able to serve more customers, or your front-end supervisor may be able to attend to other administrative tasks. As a result, you can sometimes reduce the number of people you need to have working at the same time. You may also be able to reduce the number of hours employees work.
Spend Less Time Investigating Losses
Another advantage of cash management technology is its ability to reduce your losses. By adding more security and reducing manual handling of cash, you limit the number of opportunities for losses.
This translates to fewer loss investigations to perform.
Better audit trails mean you’re going to spend less time investigating those losses that do occur. Since the machines record every dollar, it becomes easier to trace back where a loss happened. Your team will spend less time poring over day sheets, trying to reconcile a miscalculation or an actual loss.
What Technology Is Right for You?
If you’re looking for an easy way to begin reducing labour costs in your business, you might want to take a look at cash management technology.
With the right technology helping you manage your cash more efficiently, you can realize many advantages. Reducing labour costs is just one of them.