Satisfaction in Utah economy made easier with business lending

It seems that everywhere you look in Salt Lake City, small businesses are not only surviving, they are thriving. And along with that success comes happiness, something that can sometimes be in short supply, or overshadowed by the daily grind, when it comes to making a business successful.

The editors of Inc. magazine recently detailed the results of a survey from the job listing site called Comparably. It chose 25 small-to-mid sized businesses to see how their efforts to create a supportive, positive work environment leads to overall happiness and satisfaction of their employees.

In their list of companies that have the happiest employees around the country, there are two from Utah, and their examples show how great the Beehive State can be when it comes to providing jobs that are as rewarding as they are meaningful.

Straight from the employee’s thoughts 


Comparably looked at several factors when deciding on their list, with the feedback all anonymously received from employees at the companies who were surveyed. Among the factors that were studied were benefits, work environment, pay scale and fairness, as well as perks.

One thing was crystal clear during the survey — working at a smaller company has strong advantages over being part of a larger corporation. The Comparably study found that 98% of employees of small businesses said they work in a positive environment. That’s compared to 92% from larger companies that were asked the same positivity question by the job site.

As part of their study, Comparably also received quotes from the companies’ employees that were featured in the top 25 for small businesses. Here’s a look at the ones from Utah who made the cut.

No. 6 – Bamboo HR of Linden, Utah: “From the time you walk in the door, you are noticed and spoken to, and made to feel like an important part of the team. People are genuinely happy here, it’s not fake.”

No. 24 – Skipio of American Fork, Utah: “You become a better person by working at Skipio. Everyone is invested in helping you grow as a person and in your job. Everyone is upbeat and willing to help each other. We are all motivated to make Skipio the best place to work and product on the market. I feel lucky to work here!”

Keeping employees happy

So what is the magic elixir that these Utah companies and others use to achieve such a positive attitude among their employees? Utah Business magazine wonders the same thing, and that’s likely why they wrote a story about it recently. Culture and productivity go hand-in-hand, say the two authors of a book that helps entrepreneurs called “Prep for Success.” Paul Trap and Stephen Davis were interviewed by Utah Business to get their thoughts on how to keep employees in a happy state. Here are the four steps they suggest

• Give recognition. This can be just as important as the steps you take to recruit the right employees in the first place, Trapp says. “Business owners and leaders need to make the culture attractive and sustainable in order to retain the right talent,” Trapp continues. “Retaining is about recognizing and celebrating, showing gratitude and appreciation. Recognizing employees for exceptional work, and giving them a cash bonus or special trip, is a key element toward retaining them.”

• Work on the culture. To make sure that your employees are productive, meeting potential, and truly want to work for you, it’s important to establish a company culture that embraces the values you feel are most important. “Culture is created at the top and cascades downward,” Trapp says. “What values and ethics do you have as a business owner that can make employees passionately want to be a part of that culture?”

• Find the right people. Just above, we talked about recruitment as an important step toward any business’ success, but it also has a lot to do with employee happiness in the long run. “Recruiting is about connecting with people and connecting them with their passion, their purpose, and enabling them to reach their potential,” Davis says. “Recruiting isn’t an event, but a process, and sometimes finding the right person for a particular job can take months or even years. You’re always looking, listening, assessing and asking questions — and really getting to know the person you may hire.”

• Invest in your employees. This is a big one — making sure that employees truly feel they are a tangible part of the business. Giving raises isn’t always possible, so go beyond that. Let them know they are valued as an individual, and are not just a replaceable worker, Davis says. “It’s about making them feel like a part of your family, including giving them compassion and understanding when they need it most,” Davis continues. “Employees, in turn, embrace that kind of culture and own it. That’s what you want — a self-perpetuating work culture where everyone feels cared for and important.”

Ways that lending can boost your Utah business

Having the funds needed to not only keep the business afloat but also to provide resources for culture, recruitment and reward efforts may mean you need to take out a business loan at some point. First Utah Bank knows about the needs of small businesses and can help.

Term loans are a good way to have a specific amount of money available to fit the needs of your business. This type of business lending gives Salt Lake City businesses the option to meet distinctive needs or purchase assets. It’s on a predetermined schedule based on monthly principal and interest payments. Loan rates are usually fixed, but they can be variable depending on your business needs.

Among the uses for these type of loans are for long-term working capital, investment in commercial real estate, commercial vehicle purchases or business debt consolidation, among other options.

Talk to our knowledgable, hometown business loan officers to find out how this type of financing might benefit your small business. Learn more at our term loans website, or call First Utah Bank at (801) 308-2265