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Tom Meaglia, ChFC®, AEP®, CLU®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

September/October 2021

Hiring When Your Budget's Tight

Hiring When Your Budgets Tight

If your business’s profits declined during the pandemic, you may be looking for ways to build momentum. And that may involve hiring new employees. The challenge is to obtain the expertise that your business needs in the most cost-efficient way possible. Hiring an older worker may be the answer.


The Stability Factor
Recruiting, hiring and training new workers is an expensive venture. An older candidate who has already spent years in the workforce will tend to stay on the job longer than a younger employee whose goal is to follow the money. The experienced employee may be a more cost-effective hire, even though that person may earn a higher salary.


Experience Counts
Knowledge and critical thinking skils gained from many years on the job mean an older hire may need very little training to perform effectively at your business. The person may have had valuable experience working as part of a team and be willing to mentor younger staff, taking some of the burden off you and other managers and reduce the need for costly training programs.


Consider Flexibility
With their children grown, older workers may have fewer obligations, enabling them to focus more of their energy on the job. They may welcome flexible work hours and have the ability to work overtime to finish a project.


Potential Benefits Savings
An older hire may not need health insurance. By hiring someone who is enrolled in Medicare, your business will save money on costly benefits.


The Advantages of Old School
Older workers began their careers before email and text messaging were part of the workplace landscape, so they often have superior communication and people skills and strong professional networks. Their interpersonal skills may help build relationships with customers and vendors that will increase your business's revenue and improve the bottom line.


Need a Part-Timer?
An older worker may welcome the opportunity to work part time if your current budget won't support a full-time position. In addition to getting an experienced employee your company will save money on benefits, for which part-time workers typically won't qualify.


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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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