As sure as night follows day, an infrastructure spending boom will follow COVID-19.
Why? Past experience tells us that there is no better, faster or more effective way for the Government (federal, state and local) to inject cash, jobs and spending stimulus into the Australian economy.
There can be no doubt that the planning for this stimulatory infrastructure spending is already underway. The resultant projects will be rolled out as soon as it is practical and safe to do so.
The above scenario poses a number of challenges for Contract Labour Hire firms, as follows:
- The current contraction in major project activity will make it difficult to maintain an adequate pool of workers to respond to a sudden increase in demand
- Tightened funding availability and an associated increase in red-tape and approval delays will make it hard to respond quickly to new opportunities as they arise
- As the current slow-down bites into the cash reserves of Contract Labour Hire firms, capacity to fund the gap between 75% of invoice value (covered by traditional finance providers) and receipt of full payment 30 - 60 days later, reduces capacity to take on new projects
Unless the above issues are addressed quickly, many will miss out on the benefits that will flow from the forecasted infrastructure spending boom.
- 100% Funding - Unlike factoring, which typically leaves you needing to fund 25% of invoice value for 30 – 60 days, HirePay will advance 100% of total invoice value in 24 hours, leaving you free to pursue the next contract.
- Affordable - You will be charged a single upfront fee of 1.5% (14 days) or 3% (30 days) whilst the debt is outstanding. No hidden fees. No surprises.
- Easy - Your HirePay application will take 2 minutes to complete, and will be assessed and approved online in just seconds.
- Accessible - Our credit providers have confirmed ongoing availability of funding for HirePay. No extra red tape. No delays.
- Flexible - With HirePay, there are no lock-in contracts. If your business circumstances change, you can terminate your HirePay contract at any time. Without penalty.
This leaves you with just one problem: maintaining your talent pool during the slow-down.
Whilst you are figuring out how to maintain your talent pool, we suggest you contact us to put the funding you need in place now. Call us before the infrastructure spending boom hits and you are left standing in the starting gates.
Written by HirePay
HirePay is a technology platform that solves cash flow issues associated with the hiring process. The company was founded to help businesses hire better people by enabling them to use professional recruiters, or top consultants and pay their invoices in 4 easy monthly instalments (HirePay pays in full within 24 hours). HirePay also advances funds for contract work and labour hire. HirePay’s solutions have turned financing for hiring from a painful process into an easy one that’s completed and approved in minutes and is a win-win for all parties.