There are plenty of ways that you can measure your company’s health. You can measure your net income. You can measure overall productivity. You can measure customer satisfaction. But one of the key metrics for evaluating the health of a business is actually employee satisfaction. When you have happy employees, they will be much less likely to leave your business. Lower turnover means lower costs in finding and training new employees. It also improves your productivity, as your current employees become more experienced over time. Here is why you should be keeping a close eye on employee satisfaction.
Companies which are competing at a high level within their respective industries have workforces which are satisfied. That is why you hear about so many of the top technology companies going the extra mile for their employees. Employee satisfaction is something that should be measured on a regular basis. More companies now conduct monthly surveys on how they can better meet the needs of their employees. This is a great way to get insight into how your employees are feeling.
If you’ve noticed a drop in productivity, employee satisfaction may be to blame. Employees who are upset with their job won’t put in as much effort, and companies won’t get as much out in productivity. That drop in productivity can come at the expense of industry competitiveness. When employees get too unsatisfied, they begin looking elsewhere for employment, which can cost you a significant amount of time and money.
Payroll is a huge component of employee satisfaction. According to a survey, 82 million U.S. employees — or 54% of the American workforce — are affected by payroll problems. When payroll isn’t being processed in full or on time, your employees are much more likely to feel less satisfied with their job. You want to avoid this problem at all costs, because low employee satisfaction means lower productivity and higher turnover. Those are two things which can cost your business a lot of money and reduce your industry-wide competitiveness.
A healthy company is one where employees feel satisfied and valued. That kind of business likely is making sure its employees get paid in full and on time. If that is a challenge for your company from time to time, you may want to look into payroll financing options. Payro Finance works with thousands of small businesses across the country, providing them with the financing they need to meet payroll each week. Your business is pre-approved for $20,000 in payroll financing available immediately and up to $500,000 upon further approval. This eliminates the need to worry about not having sufficient funds to cover payroll, which allows you to focus on improving your core business while keeping a positive work experience for your employees.
Morris Reichman is the founder and CEO of Payro Finance. Former Vice President at Infinity Capital Funding an alternative finance company, Morris possesses a versatile background in the finance industry. Having spent 7+ years working across global macro operations and start up corporate finance Morris's expertise is in business accounting, risk management and investment analysis. Morris founded Payro Finance to support business owners and ensure their business continuity.