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
- Billing rate
- Billable utilization
- Flat fee efficiency
- Use a process that gives clients time to adjust their own costs
- 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
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