Employee retention is crucial to any business. If you have a high employee turnover it can have a number of detrimental effects on your business, as we discussed in ‘Main Causes of Employee Turnover’. Thankfully there are a number of employee retention methods that you can implement to help reduce your employee turnover (these were outlined in Best Ways to Retain Employees Part 1 and Part 2). Here we’ll be talking about one way you can finance your employee retention methods.
How Do You Fund Your Strategy?
You know that implementing an employee retention strategy will save you money in the long term, but what can you do if you don’t have the funds available right now? Well there are a number of options available. One of these options is that you could consider getting a cash advance loan. Your employees are the core of your business, and without them your business wouldn't be able to function. Hopefully these employee retention measures will help you not only to retain your staff, but also to have a better trained, more engaged, and all around happier workforce. For a complete overhaul of your employee retention strategy, or to begin one, a cash advance loan is a great option.
Cash advance loans can provide up to €100,000 over a maximum of 18 months. While you probably won't need that amount to implement an employee retention strategy, or even to just organise some training and events, cash advances have a number of benefits. GRID's cash advance can be approved just 24 hours after you've submitted an application. This means no waiting around just to find out you've been unsuccessful. Once you've been approved, the money can be in your account in a week, meaning that you can get straight to work on your employee retention strategies.
Another benefit of this business loan option is that repayments are made as a small portion of your daily credit/debit card sales. This means that the repayments are flexible and work with the natural ebb and flow of your business. The flexibility of this option works to put your own business on a strong footing, particularly during stages of growth. However, because this option only works if your business has a credit/debit card machine. If this is not the case, you may need to look into other options.
The great thing about this option is that it allows you to put your employee retention strategy to work sooner rather than later. Happy employees are engaged employees - engaged employees increase the productivity of your business.
Stop losing your staff, apply to GRID's online platform today and get a business loan that works with your business' cash flow.