The rental industry has been gradually rebounding from the pandemic, with the ARA’s most recent 2021 forecast projecting a 3.5 percent increase in equipment rental revenue over 2020 and continued growth into 2022. However, new challenges have emerged – including one that’s making it particularly difficult for rental businesses to keep up with day-to-day operations: staffing shortages.
These shortages are not exclusive to the rental industry. Companies of all sizes – and across a variety of industries – are finding it difficult to hire new employees. The most recent National Federation of Independent Businesses Monthly Jobs Report found that 50 percent of business owners reported job openings that could not be filled – an increase of one point from July (49 percent) and a 48-year record high. Meanwhile, nearly a third of business owners say they plan to create new jobs in the next few months.
While some business owners – around 26 percent, according to the NFIB report – plan to raise compensation in the next three months, that isn’t always feasible for rental companies that are already facing high labor costs. That also looks to the future for a potential solution – while day-to-day work still needs to be done now.
One of the ways that rental businesses can do more with their current team is to increase efficiency in their current processes. By taking unnecessary or redundant steps out of their most common workflows – or otherwise prioritizing work that’s most crucial for immediate completion – rental owners can empower their current team to complete more tasks in less time. For instance:
At InTempo, we understand what it’s like to run a rental business because we’ve done it ourselves. Our team has decades of first-hand experience in the rental industry – from the operations side to the technology side – and we know what it takes to respond to the industry’s most common challenges.
To learn more about the ways InTempo’s rental management software can help you work more efficiently, contact us today.