Payroll financing will help mitigate the great resignation businesses in America continue to experience. A survey by the Pew Research Center indicates that low pay, feeling disrespected at work, and few opportunities for advancement were the main reasons for Americans leaving their jobs in previous years. What can you do to retain your employees?
Pay Competitive Wages and Salaries
The struggle to afford the cost of living is a daily one for employees. Forbes Magazine highlights paying competitive hourly wages and base salaries as a primary strategy if you want to retain staff in 2023. Have you ever investigated how much it costs to search for new workers and train them? Have you considered this strain especially when you are a small business? Is it not more sensible to pay employees fairly for their work and compensate them according to their experience? If you want to know what your local wage rate should be, so your employees meet the minimum standards of living, use this living wage calculator.
Use Payroll Financing To Pay On Time
Few things anger employees more than not getting their wages or salaries on time. What can you do when expected funds are delayed? Use the payroll funding service offered by Kore Capital Corporation. Sell some of your accounts receivables to us, and we will advance up to 90% of the invoice value to you. The funds are typically wired to your account within 24 hours, and you can pay your staff. Once your customers pay in full, we settle the transaction by depositing the remainder of the invoice balance, less a small fee, into your business bank account.
Invest In Your Employees
Paying competitive wages and doing so on time is a good start to looking after your people. What else can you do to invest in your employees and retain them? Invest in new technology and if you don’t have the funds, consider asset-based lending. If possible, allow your staff to work remotely from home. If that is not possible, consider offering them more flexible work hours. All employees desire recognition. It should include social recognition as well as a monetary reward where appropriate.
Do you urgently need funds to cover your company’s payroll because a major client did not pay their invoice as agreed? Contact Kore Capital Corporation for payroll financing assistance today.