Evolve YT
TRENTON, N.J. – Americans all over are facing the brunt of inflation inside their wallets. From soaring food costs to rising gas prices and more, everyone is feeling the pain that the dollar isn’t going as far as it used to.
According to the February CPI Inflation report, the price for goods and services has increased 7.9% from February 2021 to February 2022, accounting for the highest inflation rate since January 1982. With continuing rising prices and people returning to work, companies are faced with challenges on ways to give their employees raises while still finding ways to cut costs to adjust to the growing inflation.
According to a Forbes article, a Mercer report found that through a survey of “more than 300 U.S. employers in March and found that 45% do not factor inflation into salary budgets. Less than 25% say they are making changes to their salary budgets because of inflation—yet 42% say workers have been asking them to take financial actions to help with rising costs.”
In order to retain top talent during “the Great Resignation,” many companies are considering offering higher wages and raises that employees are requesting; however, they are faced with challenges in doing so.
For many pest control companies, rising gas and supply prices are forcing them to increase service prices in order to still make a profit, yet they are at risk of losing customers because of the increased prices. With inflation hitting every market, how can pest control companies keep their employees satisfied, customers happy and still increase their bottom line without sacrificing elsewhere?
“Now, more than ever, it is important to look at every little detail and understand how you can cut costs and still increase profitability,” said Phil Cooper, CEO, Evolve YT. “Especially in today’s market, saving anywhere you can makes a difference, and we’re here to help companies find ways to cut costs and increase their bottom line without sacrificing employee or customer satisfaction.”
Cooper explained that Evolve YT’s Rubber Meets the Road: Understanding Costs to Increase Profitability course in their Supervisor Development Series gives service managers the tools needed to examine where and how they can save.
“Mid-level managers and their technicians have a direct impact on a company’s bottom line but yet we don’t give them the appropriate tools and training needed to properly understand their role in the position,” Cooper said. “They can make small changes that can have substantial impacts on gross profit.”
The Rubber Meets the Road course is designed to examine different operational expenses that you may encounter and show you ways to increase profitability, even by making the smallest change. Students will learn how to decrease downtime, examine staffing, understand billable hours, revenue per employee, and much more. By the conclusion of the course, students will have a detailed analysis of one of their company’s accounts, strategic ways to increase its profits, and measures learned to help the continued growth of their company.
Cooper believed that despite the challenging market conditions, there are ways to cut back on costs that will still help increase gross profit.
“Even though we are faced with an unprecedented employee shortage and rising inflation costs, we need to make the shift to focusing on our front-line workers and the impact they have on a company’s bottom line,” Cooper said. “By giving them the development and training they need, the behavior changes will create a positive ripple effect across the board, and one of the biggest impacts of the changes will be on your gross profit.”
The next Rubber Meets the Road: Understanding Costs to Increase Profitability will take place April 12 and 13, 12 p.m. to 4 p.m. EST. To register for the upcoming course, click here. For more information on the Supervisor Development courses, visit https://www.evolveyt.com/courses/.