Attract Quality Talent to Your Small Business

Hi there,

You may have heard the terms "the great resignation" or "quiet quitting" floating around media headlines for the past few months. One of the unexpected consequences of the pandemic is the changing expectations of how a workplace should operate. Over 47.8 million people quit their jobs in 2021, and many businesses are starting to feel pressure to hold onto good talent.

If your business is experiencing high turnover, or you are worried about finding quality workers for new roles, here are some tips on how to attract (and retain) employees:

  • Revisit your hiring process. Are you advertising new positions in the right places? What exactly do you look for in resumes? Are you asking the right questions in interviews? Improving your process may put you in front of better candidates.
  • Offer benefits. Employees highly value job benefits like insurance, work flexibility, and paid time off. Don't stretch beyond your means, but make sure you offer benefits that make your employees feel cared for.
  • Hold onto what you have. Keep quality employees around with professional development and open communication. Investing in your current staff and providing opportunities for them to give feedback are great strategies for retaining talent.
  • Consider restructuring. Many people quit their jobs because they feel overburdened and underpaid in their roles. What is each person at your business responsible for? Can you move responsibilities around to avoid employee burn out? 
  • Improve cash flow. When you bring on new people, you must have enough money to pay them. If your business is dealing with an unstable cash flow, consider alternative funding like invoice factoring to meet daily expenses so you can invest in new employees.

Hiring new talent can be both expensive and time-consuming, but quality workers ensure the long-term success of your business. Employee expectations are changing, and meeting those expectations upfront will help you avoid future problems like high turnover. 

Best of luck,

Daniel Eke

Factor Funding Co.

Did You Know?

Over half of workers that quit their job in 2021 cited low pay as a major reason for their departure. Source.

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Factor Funding is a nationwide small- and medium-sized business factoring company and a leader in helping young and growing businesses—including startups, minority-owned, and women-owned companies—meet cash flow needs and provide for future growth. For over 25 years, our factoring company has been providing fast and reliable cash flow solutions to a variety of industries through creative funding techniques.

Factor Funding is committed to helping growing companies discover and take advantage of hidden and untapped capital potential—thus empowering you to implement plans and strategies to grow to your fullest potential.