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It’s no secret that rising costs continue to have a dramatic impact on the field services industry. The price of everything from gas to essential materials has risen, and higher costs can eat into profit margins.
While you can’t control the macro factors driving inflation, you can lessen the pain by understanding the current economic landscape and taking specific actions to combat rising costs. Here are three primary cost drivers and three strategies for mitigating their impact.
TOP TAKEAWAYS
- Travel costs are up across the board: Hotel prices +7%, airfare +16%, rental car costs +48%
- Labor costs continue to rise: Average wages for U.S. workers +5.2%, field service labor costs +8%
- Cost of goods has escalated: Equipment costs +18%
A note about our model: Field Nation is a software company and labor marketplace that enables companies to connect with thousands of independent contractors with skills in a variety of work types. Companies are responsible for defining and posting the work, negotiating and engaging the technician, and reviewing and approving each work order. Independent contractors are responsible for entering and updating their platform profiles to advertise their skills, experience, and preferences, as well as choosing when and how they want to work and manage their business.
