When businesses are in slow periods, or in between contracts, the biggest challenge they face is how to handle staff.
Tim Walmsley joined The Mentor with Mark Bouris podcast to talk through his business Bench On helps to smooth that process.
“The power of the model is if businesses could keep those employees then they’ve not only kept their staff, but have grown their business through opportunity,” Tim said.
“Employees are a company’s capability and they bring value to a company. And what this does is allow them to maximise the value on their return from their employees.”
The most important asset of any business is its staff - and companies should do everything in their power to hold onto them.
“If your people - who are your capability - are fully employed and bringing in the most revenue possible, that increases your cashflow allowing you to bring in more capability and achieve more revenue,” Tim said.
Mark probed Tim to think more deeply about why he wanted to create the Bench On business.
“What was it that sits behind the intellect? Do you have a sense that you want businesses who are contractors to retain their hard-fought for and well trained employees? What’s the emotional and philosophical thing that sits behind it?” Mark said.
“Since I started this company, there are two options in the downturn for a business,” Tim said.
“Either let go of their staff - which no business likes to do - or they try and do the right thing by their employees and keep them on the bench and try and find them work and then financially cripple the company.”