Some more ideas for lowering costs
• Employees now clean our buildings (including myself) – saved $1,200/yr
• Employees converted our high maintenance landscaping to low maintenance – saved $500/yr
• Changed debit card processors – not easy or enjoyable, but save several thousand per year.
• Dumped our leased postage meters and went to using stamps – saved approx $2,600 /y
• Eliminated company cell phones for myself and the Branch Manager (didn’t like the damn thing anyway) – saved $960/yr
• Integrating deposit documents into core processing software – will save approx $4,500/yr
• Dropped employee short term disability ins and shortened the waiting period on our long term disability ins – saves $870 /yr
• Eliminated our Equipment Maintenance policy – saved $14,000 /yr
• Switched to a high deductible HRA for employees - $WOW!!!!!!!! (and we even reimburse part of the deductible)
• Went from a quarterly newsletter to semi-annual - $chump change – but every little bit helps.
• Eliminated NSF/overdraft notices - $(no idea – but based on our fee income, I’ll but the postage alone was worth it)
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If you are dropping a company paid short term disability plan, it's good to replace it with a voluntary option. Many employees can't afford to miss significant time from work, and giving them the option to continue coverage does not cost your credit union anything beyond supporting a deduction.
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