Many types of businesses consistently operate on slim margins – that’s the nature of their industries. When the COVID-19 pandemic hit, some businesses had to close their doors, institute capacity limits and invest in additional safety measures. These actions severely impacted profits and created a massive strain on communities across the nation.
MentorMe is helping business owners turn unexpected hardship into triumph by focusing on key core business concepts.
“The biggest cost of doing business is often labor,” said MentorMe Co-founder Italo Campilii. “That makes recruiting and retaining talent during these unprecedented times crucial for entrepreneurs.”
Between employee wages, payroll management, benefit offerings and taxes, labor can easily account for upwards of 50 percent of a company’s overall expenses. The key to retaining strong profitability is investing in employees.
Studies show that when an employee terminates their employment, it costs a company approximately one-third of their salary to find a replacement. That figure can be a real shock to a smaller businesses already reeling from the effects of the pandemic.
Investing in employees means keeping them happy and satisfied with their work, said Campilii. In order to achieve this, company leaders must be willing to balance the needs of their business operations with the expectations of its staff members, many of whom today are part of the millennial generation.
Through strategy sessions, MentorMe’s business strategists stress the importance of professional development. They demonstrate to owners and managers how their actions can increase sales and enhance their company’s culture in a positive, productive manner simply by bridging the gap between millennials and leaders to find common ground that appeal to them both.
To learn more about MentorMe and its mission, visit https://www.mentorme.com