Blog/News

Boosting Morale

Sadie Keljikian, Express Trade Capital

Is your workforce happy?

Many businesses struggle to answer that question, and those who don’t usually know the answer: “no.” Contrary to popular belief, people aren’t categorically miserable in their day-to-day work. Generally, they find specific aspects of it frustrating, but managers and business owners often fail to identify the components that need to change. A happy workforce is a productive workforce, so taking an active interest in your employees’ satisfaction is both kind and shrewd. Here are a few ways to keep tabs on morale and address issues as you learn about them:

  • Ask your employees what they want.

Most CEOs and managers assume their employees want more money, but the reality may surprise you. The solution is often simpler (and cheaper). Although most entry-level employees wouldn’t argue with a pay raise, they’re usually more concerned with things like life-work balance, health benefits, and other resources like childcare, transportation assistance and higher education for themselves and/or their children.

Giving your employees a voice allows you the opportunity to address the actual problems your workforce faces instead of guessing and potentially wasting money on the wrong solution. Distribute a company-wide survey or implement a suggestion box to let your employees air their thoughts and concerns anonymously, the results will inform your next move.

  • Make sure they know their work is appreciated.

In the day-to-day hustle and bustle, it can be easy to take your employees’ work for granted. However, appreciation for hard work done well can make all the difference to a hard-working employee. Make a point of showing your appreciation in whatever way possible; whether it’s a large-scale reward system like “employee of the month” or smaller rewards like a free lunch for the most productive team members, make sure your highest performers know that you appreciate them.

  • Offer discounts and sponsorships for day-to-day essentials.

Offering to help your employees with daily expenses like transportation or childcare demonstrates an appreciation for their concerns outside of work. Employees, particularly in large-scale businesses, often feel that their humanity is ignored in the workplace. So, helping them with a non-work aspect of their lives will make them feel seen and appreciated.

  • Take a vested interest in your employees’ futures.

This may sound difficult, and it will be at the beginning, but taking an interest in your employees’ dreams and future plans will tell them that their job, whatever it may be, is a means to their personal ends. This goes back to listening to your employees. If you can find out what their aspirations are, you may be surprised how easily you can facilitate them. For example, if you have employees who’d like to receive higher education of some sort, you may be able to work out a deal with a local community college or state school to get your employees access to cheap or free classes.

  • Make time for fun experiences that bring your team together.

Although company outings and team building activities are often seen as cliché, it’s important to establish trust and a friendly rapport among your employees. Whether you decide to institute a pet-friendly office (after inquiring about all office workers’ allergies, of course), install a foosball table, or occasionally plan social gatherings, your staff will appreciate the stress relief and the opportunity to bond with one another. Even just one casual gathering (IE a bowling night, board game night, or potluck dinner) per month can make a dramatic difference in a team’s ability to work together.

No one expects their workforce to be overjoyed all the time, but taking steps to keep your employees happy and motivated is easier than you think and will do wonders for your team’s productivity. All you have to do is listen.


Full-Recourse vs. Non-Recourse Factoring

Sam Permutt, Express Trade Capital

Receivables factoring is a tried-and-true solution for insufficient cash flow in business-to-business sales relationships. It allows vendors to sell large orders to retailers and assign the receivables to a factor, helping to avoid depleted operational funds while outsourcing collections labor and, in many cases, the risk of unpaid invoices.

Lately, we’ve received numerous inquiries about the difference between “full-recourse” and “non-recourse” factoring.

To address these queries, here are five things to know about these different types of factoring:

Full-Recourse factoring means that the vendor, not the factor, bears the risk if the retailer does not pay the invoice.

Non-Recourse factoring means that the factor, not the vendor, absorbs the credit risk. If the retailer goes bankrupt or insolvent – or even refuses to pay without reason – the burden falls to the factor to pay the invoice.

Hybrid recourse/non-recourse factoring means that the factor will provide credit protection for a portion of the invoice.  The amount of risk the factor will take on depends on how much of that invoice the retailer will likely pay.

The risk of normal chargebacks and disputes is not covered in these instances.

The benefit of non-recourse factoring is that the vendor knows that once her invoices are factored she can rest assured that one way or another, she will be paid.

To speak more about non-recourse factoring, please contact us.


ETC Representatives Attending IFA Conference in Miami

Express Trade Capital is sending two representatives to the IFA conference in Miami, FL, which begins tomorrow. If your factoring prospects or clients require letters of credit, financial instruments, purchase order or inventory funding, and/or logistics services, let’s connect while we’re here!

In short, ETC partners with banks and alternative lenders to offer a one stop shop for all trade financing services that allows lenders to enhance offerings while expanding their network beyond the standard third party molds and models.

If you’d like to attend, email David Estrakh at david@expresstradecapital.com or Sam Permutt at sam@expresstradecapital.com

 


Join us at Small Business Expo NY!

Representatives from the ETC team will be exhibiting at the Small Business Expo NY at New York City’s Jacob K. Javits Convention Center all day tomorrow!

Join us at BOOTH 511 to meet with some of our staff and learn how our financial and logistical solutions can help your business grow and thrive.

We are thrilled to attend this event for the third year running and look forward to networking with old friends and new!