Tips to Save Money for Your Company

Skip to Navigation Skip to job search form Skip to page content

Need more options? Browse Jobs by Company, Date Posted, Job Title, and more job categories

Advice » In the Workplace » Workplace Issues » Be a Bottom-Line Contributor by ...

Be a Bottom-Line Contributor by Saving Your Company Money

By John Rossheim, Monster Senior Contributing Writer

When analyzing what it cost her company to appear at the industry's leading trade show the previous year, a marketing professional turned up a variety of costs -- like exorbitant furniture rentals from the convention producer -- that were ripe for reduction. Her solutions -- including buying furniture from stylish discount chains for much less than the rental rates -- saved her company tens of thousands of dollars. For her extraordinary efforts to save money, her employer rewarded her with $1,000.

Fantasy? No, it’s a true story, and one that can be replicated across all industries. Any worker can take the initiative to come up with money-saving strategies and persuade his employer to reward him for it with a lump sum, a leg up on a merit raise or a boost to his professional reputation. Here’s how employees who may not be in a position to boost their company’s top line are still making a difference on the bottom line by offering tips for saving money.

For Companies with Reward Systems, Savings Everywhere

Some companies have invested in the potential of employees to contribute cost-savings ideas by deploying formal reward systems for penny pinchers.

“Every single time you save our company money -- say by staying at a cheaper hotel or using a coupon -- you get 10 percent of the savings back as rewards points,” says Zakir Hemraj, sales engineer at I Love Rewards, which both markets a Web-based rewards system and uses the system to recognize its own employees’ money savings. Within the company, workers who document their cost cutting can earn and redeem points for sports tickets and products from Apple, Coach, Expedia and Nike. The points can even be used to make charitable donations, with an instant receipt to document the tax deduction.

“On a business trip to Chicago I stayed at a friend’s place rather than at a hotel,” Hemraj says. “Getting 10 percent of that room rate back instantly motivated me to save the money for the company.” Hemraj and colleagues got an even larger award when they volunteered to work on the company’s servers on a Saturday -- work for which a consultant would have charged thousands.

How can you convince your employer to invest in a rewards program? Start by showing the return on investment that competitors have achieved with such an initiative; ask a rewards-program provider for data.

Mailroom Idea Is Worth a Million a Year

At Hartford Hospital in Connecticut, cost savings came in the form of a modest capital investment in a bulk-mail machine. But reaping the machine’s full potential required a little promotion first. “Our managers gave us the blessing to go out to departments and tell them how we could save money for their departments with bulk mailings,” says Juan Donato, an associate in the mailroom at the 867-bed nonprofit hospital.

Just how much did the hospital save with bulk mailings? Over a year, postage reductions reached an impressive $1 million.

Process Improvements Yield Savings, Kudos

Employee-generated cost reductions don’t stop in the mailroom at Hartford Hospital. A recent initiative aimed to save the hospital and patients time and money as the radiation therapy department ramped up a new, accelerated breast-cancer treatment regimen. The regimen is so popular that it increased pressure on hospital workers to move patients through quicker.

“I led a process-mapping exercise to lay out on the board all that we were doing and what we could improve, with initial state and ideal states,” says Ted Steger, a hospital medical physicist.

A committee of therapists, nurses, secretaries and doctors formed to discuss how the process could be more efficient, says radiation therapist Allison Conners. For example, instead of waiting for a nurse to do the dressing, “we decided the therapists would do the dressing themselves,” she says.

Much of the savings came in the form of reduced overtime, a welcome change for overworked staff members and a significant labor savings for the hospital.

How have the hospital’s workers been rewarded for their tips to save money? With a department luncheon and by being featured in a video promoting the hospital’s grassroots change process. They also received a hospital award and presented their findings to hospital VPs, Conners says.

Can employees command a more substantial cut of their cost-cutting successes? You won’t know unless you ask.

Rate this article:

Average rating:

Email to a friend

Join the Discussion

Latest Jobs

WELDER Journey Level Stainless

Classified Ad

Posted: 5/24/2013

Stockton, CA, 95...

WELDER Journey Level Stainless

Classified Ad

Posted: 5/24/2013

Stockton, CA, 95...

MULTIPLE TEACHING POSITIONS

Trumann School District

Posted: 5/24/2013

TRUMANN, AR, 724...

BUILDING SERVICE ENGINEER - JOB

Classified Ad

Posted: 5/24/2013

Stockton, CA, 95...

DRIVER Positions for Special Needs

Classified Ad

Posted: 5/24/2013

Stockton, CA, 95...

Want more personalized results? Update Your Profile

View All Latest Jobs

Browse Advice

Job Hunt Strategy

Resumes & Letters

Interviewing

Salary & Benefits

In the Workplace

Career Development

Featured Advice Resources:

Browse All Articles in this section

Rate this article:

Average rating:

Monster Advice Forums

Looking for Answers?

Get them on our boards:

Resume Tips
Job Search Advice

All boards

Join the Discussion

Monster Communities

Teaching Community: Where teachers meet and learn.
ArtBistro: Create and connect.
Excelle: Networking for the career-minded woman.
Nursing Link: Where nurses call the shots.
More Monster Communities

Monster Partners

Scholarships: Scholarships, financial aid and more ways to pay for school.
Education.org: Find top campus and online degree programs.
Military.com: Military portal for the US Army, Navy, Air Force, Marine Corps and Coast Guard.
Financial Aid: Scholarships & financial aid.
Staffing for Government Jobs: Staffing and hiring solutions for federal government agency jobs.
More Monster Partners

Job Hunt Strategy

Six Ways to Make a Recruiter Hate You

If you want to blow your chances with recruiters -- and, by extension, with the companies they work for -- here are six perfect ways to do so.

Resumes & Cover Letters

Rev Up Your Resume to Relocate

Hoping to relocate? Get the ball rolling on landing the right job in the right location with these expert resume and cover letter tips.

Interviewing

100 Potential Interview Questions

Interview questions can run the gamut. You probably won't face all 100 of these, but you should still be prepared to answer at least some of them.

Salary & Benefits

10 Questions to Ask When Negotiating Salary

Most of us aren't natural negotiators, but asking these 10 questions during salary negotiations can help you get everything you deserve.

Attracting Candidates

Facebook for Employers: Make Friends, Not Fans

Recruiting? Go where the talent is. See why recruiters have befriended social networks.

Employee Sourcing

Employment Index

November Monster Employment Index Grows 13% Year-Over-Year, Tenth Consecutive Month of Positive Annual Growth.

Interviewing Candidates

Improving Interview Skills: Learn from the Experts

What’s the key to a great interview? According to experts: Practice, practice, practice.

Workforce Planning

Enhance your Small Business Marketing Strategy with Social Media

Social media. It’s everywhere. But how can it help you? Learn how to utilize social media even monetize it.

For Seekers

Campus and Online Degrees: Advance your career and earn more with an online degree.
Free Salary Wizard: What are you worth? Find out and negotiate a better salary.
Research Careers: Get information on jobs and career paths to help guide your choices
Questions & Answers: Find answers to all your career related questions -- powered by Yahoo! Answers
Resume Distribution Service: Our distribution service puts your resume right in the hands of recruiters.
Resume Writing Services: Our experts will craft a keyword-rich resume that stands out in the crowd.
More Career Resources

For Employers

Career Ad Network: Target your job posting to more candidates on thousands of websites.
Hire Right Background Checks: Explore our background check packages to improve the quality of your hires.
Hiring Home Page: Find the best candidates for your business with Monster hiring solutions.
Job Postings: Find the right solution for your hiring needs. Starting at $99.
Power Resume Search: Monster's new search technology precisely matches people with your jobs.
Resource Center: Find staffing insights, labor trends, HR best practices and more.
Target Post: Connect with skilled, hourly and administrative candidates for only $99.

Social Media

Jobs on Twitter: Find jobs in your area and industry.
Monster Careers: Tune into our career advice and discussions tackling a wide range of topics and industries.
Monster Corporate & PR: Stay up-to-date on the latest news. Get the 'Who', 'What', 'When', and 'Why' on all things Monster related.
Monster Customer Service: Got a Monster question? We've got the answer. Whether you're a job seeker or employer, we can help you find the answers you need.
Monster for Employers: Find advice on hiring.
Follow Us: Check out our many pages and stay connected with the latest industry news, events, career advice and job openings.

Are You An Employer?

Top Articles

Most Popular Jobs

Additional Resources

Be a Bottom-Line Contributor by Saving Your Company Money

Email to a Friend

Related Articles:

Latest Jobs

Browse All Articles in this section

Browse All Articles in this section

Browse All Articles in this section

Browse All Articles in this section

Browse All Articles in this section

Browse All Articles in this section

Looking for Answers?

Popular Questions & Answers

Popular Job Searches

Monster Communities

Monster Partners

Job Hunt Strategy

Resumes & Cover Letters

Interviewing

Salary & Benefits

Attracting Candidates

Employee Sourcing

Interviewing Candidates

Workforce Planning

For Seekers

For Employers

Social Media

Other Links