How Market-Wide, Data-Driven Pricing Can Save Your Business

Many service companies are surprised to find how much labor rates fluctuate by week, month or location. Labor rates are also influenced by factors like population density, cost of living, duration of work, the availability of skilled labor, and market shifts.

For example, an hour of audio-visual work may have an average pay of $155 in South Portland, ME. However, that same job could have an average pay of $68 per hour in Minneapolis, MN. And average networking hourly pay rates in Bend, OR, fell from $65 in June to around $46 in August.

This variability, and sometimes volatility, makes it difficult to set the right hourly pay rates for projects or deployments, remain competitive when bidding on new work, and avoid eroding profitability in the process. Because when you do win a bid, you also need to make sure you win on margins.

Also, bidding on and fulfilling projects based on data from within your own four walls is limiting and incomplete. By the time you’ve gathered the data, market rates may have fluctuated due to general volatility or other factors.

So, how can you accurately price work for any location or skillset? Field Nation is here to help. With more than 10 years of market pay rate data for different work types and locations, Field Nation can provide you with an accurate average wage for any project, anywhere in the U.S. and Canada. Specifically, Field Nation has average rates by location, timeframe, and work type, and our data includes the low-end rate, average rate, and high-end rate based on historical data.