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With labor costs usually accounting for the largest share of agency expenses, it is no surprise that owners are particularly sensitive to any indication that salaries might be creeping up.
Recent conversations that Chip and Gini have had with agency leaders suggest that both prospective hires and current employees are asking for much higher salaries than many owners feel comfortable paying.
In this episode, Chip and Gini talk about why salary expectations are on the rise and what agencies can — and should — do about it.
Often the problem is that agencies have held their own rates steady even as salaries have increased, effectively reducing the firm’s profits. Paying more without charging more is a recipe for disaster.
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