Staffing shortages are challenging small businesses in many industries, primarily in accommodation, food services, and manufacturing.
Raising wages and offering more competitive benefits packages can help you attract new talent and retain your existing staff, but there are many other strategies you can consider to boost hiring and reduce the impact of staff shortages, such as automating routine processes or investing in new software or equipment that will help your business operate more efficiently.
Many of these strategies require an investment of working capital that small businesses may not have on hand after two years of shutdowns and restrictions and major changes in consumer behavior. Merchant cash advances (MCAs) may be an ideal solution for small businesses that want to boost cash flow in order to hire, innovate, and grow. In our latest post for Smarter Loans, we explore how small businesses can use merchant cash advance funding to address staffing shortages, including:
- Hiring new staff
- Offering higher wages and better benefits
- Upskilling existing staff
- Offering employee referral bonuses
- Providing flexible work hours
- Investing in automation technology to reduce staffing needs
- Working with a staffing agency