Inflation is placing increased stress on both businesses and consumers, leaving organizations in a tough bind—how do you balance employees demanding pay increases above historical levels with maintaining enough cash flow and margin to pay higher bills?
In this video, Rex Frank, vice president of Academy at Pax8 and an executive council member of CompTIA's Managed Services Community, offers some insights and tips on how to handle increased compensation requests and excessive costs to your business.
Be a great place to work
- Invest in employee benefits and most importantly strong culture
Understand what's impacting margins and how
- Billing rate
- Billable utilization
- Flat fee efficiency
Increase your rates to customers to offset rising costs
- Use a process that gives clients time to adjust their own costs
Other things to consider
- Give more to your most valuable employees
- Rate increases aren’t a bad thing
- Consider bonuses and non-payroll incentives
- Weigh replacement/recruitment cost risks with increased compensation
Watch now to learn about these points and more:
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