The month of November in 2014 was one of the best months for hiring of recent record, and from the numbers, the growth looks to be more than temporary hiring help. Industry experts are now saying that the entire year of 2014 exceeded hiring expectations, and November has proven to be the best month yet.
The good news of this report is that hiring growth is seen across several sectors rather than just retail, warehousing and manufacturing as one might expect for the holiday season. Moreover, employee wages overall have also increased causing a rise in payroll financing demand.
Advance Payroll Funding Can Be Problematic for Any Business
For the year, increases in hiring can be seen at some level in several disparate industries with professional business services – accountants, engineers, lawyers, and others – adding more than 600,000 new jobs. Education, health services and hospitality added more than 400,000 new jobs as well. Economists say with unemployment staying at less than 6% and with professional career jobs hiring, this is good news all around for the economy.
The IT sector has hired 100,000 new jobs this year with many in the field worrying about lack of qualified workers to fill these essential roles. High paying IT jobs can often require staffing financing as they can constitute a significant portion of a company’s hiring or payroll budget.
Payroll Financing Companies Help Businesses Meet Growth Demands
Businesses that are experiencing revenue growth this year but have stalled when it comes to hiring due to lack of consumer confidence can gain some peace of mind in these positive statistics. Many businesses that have held out on hiring may begin to reconsider. Alternative lending companies can help such businesses with their payroll financing needs so that they can meet this growing demand.
Payroll funding costs can be high and for many employers, this type of financing can constitute their largest expense. Yet businesses that fail to hire when they know they should run the risk of stagnation, which is why freeing up capital for payroll resources is essential. Invoice factoring companies can provide you with payroll factoring in 2-3 days so businesses can get the capital they need to grow.
Don’t let your business become stagnant in the new year, use alternative lending companies like as a solution to grow your business and prosper in 2015.