03 Dec Payroll Issues Can Prevent Your Business From Retaining Talent
Retaining talented employees is absolutely critical for the success of your small business. These employees are hard to find, and increasingly expensive to replace. Keeping your payroll running smoothly will ensure that your employees stay happy in their jobs. But if your employees are not getting their paychecks on schedule, they may start to look elsewhere. Most small businesses face these problems at some point, and the good news is that there are financing solutions that can help you resolve your payroll issues. Let’s take a closer look at why payroll problems can cause trouble for your employees.
Talented Employees Desire Stability
A recent survey from Work Force Institute at Kronos suggests that:
- 51% of college graduates measure their success based on their salary.
- More than a third (39%) of Gen Z would never tolerate paycheck errors.
Your best employees know that they are skilled and have options. They want to work for a company where they are valued and where they can use their skills to meet the challenge of the day. When you can’t meet your payroll obligations, your employees are going to see that as company instability. That uncertainty and frustration can reduce productivity and increase workplace tension.
Payroll Issues Can Make It Difficult To Hold On To Top Employees
Even though most small businesses go through payroll issues from time to time, employees don’t want to face these problems. If you start missing paychecks, your most talented employees are going to start putting their resumes on the job market. If you don’t want your best employees to start looking elsewhere, then you need to make sure that your payroll issues get fixed–fast.
You Need To Retain Talent To Compete
Retaining key talent is important for a number of reasons. When talented employees leave, it can sap morale from the rest of your team. Talented employees are also difficult and expensive to replace. Finding a new manager can cost a lot of money, especially when you have to interview new candidates and then train them once they’ve gotten the job. Efficient companies keep their key employees around for longer. If you are having payroll issues, it is going to be pretty hard to get those key employees to hang around.
You shouldn’t have to worry about if payroll issues are impacting employee morale. If you are fearful that payroll issues are preventing your business from retaining top talent, then it is time to take a look at Payro Finance. With Payro Finance, you can get up to $20,000 in payroll financing immediately and up to $500,000 if approved. That means payroll is processed smoothly, and you don’t have to think about NSF occurrences. When your employees get paid in full and on time, they are happier and more productive. And they’re much more likely to stick around in their current positions. If your business has struggled with payroll issues, don’t wait–call Payro Finance today.