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Having Trouble Hiring? Merchant Cash Advance Can Fuel Your Recruitment Strategy

According to a recent report by Experian and Moody’s Analytics, small employers are increasingly struggling to find workers this year. Nearly 50% of businesses currently have job openings they consider difficult to fill, which is quite a change from the lack of employment opportunities/hiring budget many companies were seeing this time last year.

The kicker? Unemployment and underemployment are still relatively quite high. So why are workers not champing at the bit to fill these open jobs?

With work-from-home mandates, furloughs, and layoffs, many workers have shifted their priorities and lifestyle throughout the course of the pandemic.

So how do you best reach your ideal worker now that the landscape has shifted?
You might need to adjust your recruitment strategy.

Now is the perfect time to reconsider your job descriptions. When you read the description to yourself, how does it sound? Challenging, rewarding, exciting? Or does it fall flat? Do you clearly layout benefits, perks, work culture, advancement opportunities, etc.? Applicants want and expect this kind of information from the get-go, and with so many jobs open, you have to stay competitive. 

In addition, many companies are offering signing bonuses to further incentivize quality applicants. Would you consider offering bonuses if doing so helped bring on the best talent?

Also, you’ll have to consider whether you want to outsource a recruiter, boost your gigs on a new job posting site, market your openings at local job fairs, etc. Just keep in mind that whatever avenues you choose, it is truly an investment to overhaul your recruitment strategy, and just like with any investment, you’re likely going to need some cash upfront.

According to Glassdoor, the average cost to hire one employee (without the added expense of overhauling your recruiting methods) is about $4,000. That’s a lot, especially after coming off a chaotic year.

No worries, though — we’re here to help with that.

At Elevate Funding, we have funded nearly 1,000 companies since COVID-19 shutdowns began. Throughout all the stages of the pandemic, we have been there to support small businesses with all their COVID-related pain points — whether that was covering rent/payroll, buying bulk cleaning supplies and protective equipment, and now recruiting top talent. 

Our product, the Merchant Cash Advance (MCA), is a boutique alternative finance product geared toward helping small businesses take care of their urgent business needs. If you’re having trouble hiring and could use some extra cash flow to help with that, please reach out. It is our greatest honor to help small businesses not just keep afloat, but thrive during these unprecedented times.