Remote and flexible work options sound great in theory. After all, who doesn’t want to at least have the option to work from home, or somewhere other than the workplace? Also, with so much technology at our fingertips, working remotely can be easier than ever. However, if you’re setting up remote work options for the […]Read More >
Survey Reveals Reducing Labor Costs and Increasing Overall Revenue are Key in 2015
- nettime solutions staff
Spend less and yet drive more revenue? It should be no surprise that business optimization is at the forefront of the majority of business plans for US organizations in 2015. According to our most recent survey here at nettime solutions, an overwhelming 90% of companies shared that in 2015 their plans include an increase in overall revenue, while 45% also shared that in addition to an increase in revenue, they are seeking ways to reduce labor costs.
What’s interesting is that while reducing labor costs is such an important aspect of organizations’ business optimization strategies, our survey also revealed that 53% of respondents report that overtime for full-time employees is an everyday challenge.
When we see that the majority of businesses are struggling with overtime costs, we want to better understand why these challenges are occurring and try to identify the right solutions to help organizations achieve their business goals.
One of the potential solutions is for businesses to have the ability to review their scheduled versus actual hours for their hourly workers. Our survey respondents agree. 52% of all businesses say having insight into scheduled versus actual hours would be beneficial in helping them keep their overtime hours in check, and thus reduce their labor expenses.
The other way for organizations to better understand those labor expenses and develop plans to keep them in check is to start auditing the amount of time spent on projects, regions, products, etc. Once again, our survey respondents agree. 58% of businesses said that they would like to have the ability to see how much time an employee is spending on specific projects, and that this type of data would help reduce labor costs and improve profitmargins.
Beyond time management solutions, our survey also explored the impact customer service can have on overall revenue, and therefore profitability. Customer service is traditionally a key driver in any business plan, and our survey revealed that 72% of businesses rank customer service not only as important, but as extremely important for their business.
While there are many ways to improve customer service in an organization (one of my personal favorites is actually emotional intelligence training), 74% of our survey respondents shared that their customer service suffers when their business is understaffed.
Together, everything makes perfect sense. Businesses need to have more transparency within their labor data so they can use that data to make informed business decisions.
We’ll be covering this (and more) in our webinar on Wednesday. There’s still time to register, and even if you can’t join us for the live event, we’ll send you a recording of our 30-minute business optimization session the next day.