It is an unlikely quagmire in this time of still-high unemployment and flat economic growth: businesses can’t find the skilled employees they want to hire. Many might wonder, “how can this be true with an 8 to 9% unemployment rate across the country?” But skilled workers are proving hard to find with some managers and business owners stating that they are unable to grow as a result of not having the right employees.
After sifting through dozens and dozens of resumes from unqualified job candidates, more and more employers are turning to temporary and specialty staffing agencies to find the qualified workers they need. In doing so, they are also turning to staffing factoring or payroll factoring in order to pay for these contingency workers.
Recruit Sought-After Talent Faster with Payroll Financing
In order to meet staffing goals a company may not have enough cash on hand to cover this type of bulk payroll. Payroll financing via an invoice factoring company enables a waiting-to-hire company to get the cash it needs right away to go ahead and secure those new candidates.
With highly skilled workers being hard to find, having the cash available to hire one of these qualified employees is essential. If you have to delay, the skilled job candidate is likely to be snapped up by someone else. So staffing financing lets you get the cash you need in 24 to 48 hours whereas a tradition bank loan for payroll financing may take weeks, if you can get one at all.
Invest in Employee Training and Development with Factoring Staffing
In addition, payroll funding companies can give you cash to train existing employees on new technologies or skills. The cost of training can often be overlooked when reviewing expenses. A company will still have to determine whether it is better to train existing employees or hire new ones. Either way, accounts receivables factoring is one reasonable way you can cover these costs in a timely method.
Recruiting costs such as placing job ads, conducting job interviews and verifying job applicants’ materials also costs money, and an employer can’t do these things without proper capital. Staffing factoring is a financing method that gives you the money you need right away so you can chase after the best candidates rather than passively hope they will land on your doorstep. As recent research shows, even in times of high unemployment, it can be hard to find great employees. Take advantage of staffing factoring and contract with the best candidates for your company’s growth.