Solutions to Employee Turnover: Strong Partnership With Your Payroll Funding Lender

When high employee turnover and lackluster payroll funding service collide, where do you turn? One light industrial, general and administrative staffing firm wasn’t given the guidance or support to overcome these challenges with their previous lender. They found themselves in a tough situation.

 

The staffing firm owner knew that a sustainable solution and growth could be on the horizon with the right partnership. Having worked successfully with Encore for 16 years prior to engaging their last lender, they reconnected with the same Encore team for trusted support.

 

Our team welcomed this firm back with the reassurance that we would take care of cash flow and invoicing with strong communication that was lacking at her previous lender. Read on to learn how this firm overcame employee turnover with payroll funding and partnership from Encore.

The Challenge

Loss of key personnel and invoicing issues with one of their biggest clients compounded to create a tough situation for this staffing firm. A large factory with three divisions was billed for all divisions on one invoice; these invoices were going unpaid. Worse still, it was difficult to reconcile cash coming in to issued invoices due to the unhelpfulness of the previous lender.

 

The core challenge was that the past lender didn’t take time to truly understand this firm’s business, its needs and how to support the team. They didn’t provide a high level of consistent service. This owner sought a team partnership that was on her side to proactively overcome challenges before they even happened with a team who cared about hers. Having worked with Encore leaders for 16 years at their previous company, this firm owner saw the power of trust and organized payroll funding firsthand.

 

The Solution

With the trusted team reunited at Encore Funding, the staffing firm owner was hopeful that the account executive who supported them in the past could help overcome challenges again. Our team was ready to show them that our values of trust and support hadn’t changed!

 

First, we reassured the owner and their team that we could help them overcome their challenges and grow in the market. We made sure they knew we were there for the long haul by stepping in during staff transitions and providing guidance and assistance when key leaders at the staffing firm departed. Better still, the staffing firm owner got to work with the same account executive they had worked with over the past 16 years. This single point of contact streamlined communication.

 

To resolve the large factory client issue, our account executive for this owner collaborated with their client to gain clarity on how to best invoice them. This resulted in the approval and payment of invoices, averting potential financial disruptions in the future if things were left as-is.

 

Additionally, we ensured all necessary reports were meticulously collected and promptly delivered. To further empower our client, we facilitated their transition to E-Factor, offering comprehensive training to help them use the platform for efficient monitoring of aging and collection reports.

 

 

“We have very long standing, trustworthy,  relationships with clients that we treat like family not just a partner.  We roll up our sleeves when needed and work right along side our clients daily to resolve issues, none being too large or too small to tackle so that we help them to grow and thrive!!” – Maryanne Gustkey, Senior Account Executive, Encore Funding

 

 

Featured Services for This Client

• Funding-Only Access to Capital

 

The Results

After rediscovering Encore as a supportive ally for structure and growth, this staffing firm owner can finally breathe a sigh of relief. Cashflow issues are a thing of the past for this client thanks to the diligence of our team to meet their daily needs. We keep this owner informed about any skipped invoices to enable timely client communication. This ensures that invoices are received, preventing any from transitioning to past due status

 

Maintaining consistent communication with the owner during the periods of change resulted in regained trust, stronger outcomes and a path for future growth.

 

Our commitment remains unwavering as we navigate these challenges together, fortifying our partnership with this client and ensuring the continued success of our payroll funding collaboration.

 

“Having a reliable partner during both the good and bad times assures me that I am not limited. The team at Encore Funding has earned my trust, and I am confident that they will always be there for me whenever I require strategic assistance or business funding. They have a wealth of experience in the staffing industry and know what support I need to succeed day in and day out.

– Staffing firm owner, Arkansas

 

It’s not easy to find a payroll funding team who’s dedicated to your team for the long haul and delivers the high-quality service. Our expert team is ready to support with payroll funding, back-office support and strategic consulting services. Apply here to begin the next chapter of your staffing firm’s growth.