IT and Business Insights for SMB Solution Providers

How to Keep Employees—and Your Bottom Line—Healthy and Happy During Inflationary Times

InflationInflation 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

  • Pay
  • 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:

Related Blog: Create a Better Employee Experience for your MSP Business

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