Turnover: it’s bad for everyone involved. Ideally, you’ll want to generate equity in your employees as the owner of your business, meaning that they should stick around for a long time. Not only will you have to hire new people to replace your old people, but you’ll also have to retrain them, sift through all of the standard documents and required paperwork, and just re-do everything all over again. Not fun.
High-Quality People To Fight High Turnover Rates
High turnover rates also look pretty bad in the eyes of prospective employees who might be interested in working at your company. If there’s no true incentive to stick around for a long time, and the average employee leaves after only a few months, why would they even bother applying in the first place? That’s a fair consideration on their part — but by hiring a quality, loyal and trustworthy team by seeking out candidates that are worth your time, coupled with developing a good reputation as a place that good candidates actually want to work, you can significantly mitigate your turnover rates.
High-Quality Small Business Loan Providers In Los Angeles To Fight Cash Flow Issues
On an executive level, you call the shots for your company as a small business owner — no exceptions. While small business lenders like The Commercial Finance Group can really only advise you on the various ins and outs of successfully running a small business, we can take the reins in the way of your cash flow situation.
If you’re in need of working capital to alleviate shortages with your cash flow, you’re not alone. This funding issue is very characteristic of countless small to medium-sized businesses, and that’s why we provide expert, time-honored services as small business loan providers in Los Angeles and Atlanta.
Gain some hiring insight below, or discover how our signature approach to lending is more effective than the competition. Feel free to drop The Commercial Finance Group a line with any questions!
Offer Creative Perks
It’s likely that you don’t — or simply can’t — match the same type of perks that larger companies and corporations are offering employees in your industry. However, that doesn’t mean that you can’t provide them attractive bonus reasons to join (and most importantly, stay) at your company. Perhaps it’s not realistic to build a gym into your building, but consider constructing a business model that allows for flexible employee time, giving them the freedom (and even motivation) to exercise around work time. An investment in your employee’s health is always a worthwhile investment!
Hire Based On The Market Reality, Not Budgetary Restrictions (If Possible)
Who would have known that employees value…you know…getting paid? If a similar competitor is offering more pay for what’s effectively the same position, the more talented candidates are obviously going to gravitate toward said competitor. All too often, companies make the mistake of calculating salary or hourly pay for a position strictly based on budget as opposed to what the market reality actually is.
Take some time to conduct some necessary due diligence in this area and you’ll find that high-quality candidates — who are more likely to stick around and generate true equity within your company — will apply. If you don’t have the budget to match competitor’s pay, there are, of course, effective working capital solutions out there to solve these capital-based issues.
Create A Fun, Healthy Culture
With the countless startups out there these days, “company culture” may seem like a buzz phrase. However, let us stress the point that creating an environment that people actually want to spend time in and around really helps set your company apart from the competition. The best part? Those high-caliber individuals that you really want for your business are more likely to join your team if they agree with your company’s culture and values.
Don’t Be Afraid To Reach Out To Your Most-Wanted Talent
If you’re in a niche and highly-specialized industry that requires very specific hiring, it’s OK to go out and find your ideal hires. While you’ll want to develop a reputation as “the” company to work for in both your area and your industry, acquiring top talent may necessitate reaching out and finding people on your own volition.
Of course, you’re never guaranteed a “yes,” but think about it this way: if that person leaves the company they were previously working for and they’re seeking full-time employment again, ideally, they’ll have your business at the top of their mind. Really, this is not a bad idea and not a bad move on your part as the owner.
Consider Offering A Reasonable Referral Bonus
Quality people tend to attract more quality people. Due to the fact that business is often so connection-based these days in terms of who knows who, the best resource to grow your team and bring on quality candidates may very well be your existing employees. If you either don’t have much time to wait around for the talent to come to you or seeking it out on your own also isn’t an option, let your employees do some more of the work for you.
Focus On What’s Important While We Alleviate Your Cash Flow Issues
With so many things to think about and manage as a small business owner, finding rapid and effective working capital lending solutions in the form of factoring and asset-based loans may be at the back of your mind. We can help! Contact The Commercial Finance Group today for the best asset-based lending services in Los Angeles and Atlanta.
