Tuesday, April 27, 2021
We’re announcing the launch of a workforce management innovation that will fundamentally reimagine and transform the way organizations win talent.
Our new patent-pending IQ Rate Optimizer is the first to give employers prescriptive and actionable compensation insights. The solution goes beyond simply listing average rates to identify how much an organization needs to pay to attract and win contingent and full-time talent. The competitive rate recommendations are based on unique, company-specific factors such as proprietary Talent Retention Risk (TRR) ScoresSM, geographic location, role requirements, brand attributes, competitive dynamics, supply and demand balance, and more.
Why is this noteworthy?
Economists are predicting a ‘hiring boom’ as the pandemic lifts, which will make competitive pay even more critical for acquiring and retaining the right workers. But making an attractive job offer goes well beyond meeting or exceeding an industry benchmark or dated rate card. There’s an entire picture — brand sentiment, retention trends, skills and location dynamics, the competition, and more – for employers to consider.
Our optimizer eliminates the traditional guesswork involved in determining the appropriate compensation to offer candidates. It allows our clients to make informed offers and more impactful hiring decisions based on personalized context and intelligence tailored to their unique market position, instead of on generic averages and benchmarks.
The IQ Rate Optimizer uses data from over 40,000 proprietary and public data sources to create the first evergreen, IQ Adaptive TaxonomySM, which provides real-time labor market mapping. This means hiring managers can stay agile and optimize compensation insights and benchmarks by seamlessly mapping their company-specific talent taxonomy to the most up-to-date titles, knowledge, skills, and abilities using natural language processing and AI-powered mapping.
In addition to the IQ Adaptive Taxonomy and competitive rates recommender, the IQ Rate Optimizer is also the first to include:
Workforce Logiq maps, triangulates, validates, and leverages anonymized client data, supplier feeds, millions of monthly job postings, social and public networks, Workforce Logiq’s other patented and patent-pending algorithms, and more for the IQ Rate Optimizer. The benefit for clients: Truly comprehensive and accurate compensation insights.
Rate information to date has focused entirely on the permanent workforce. One of the many reasons we’re excited to share the IQ Rate Optimizer is because we’re bringing prescriptive intelligence to the contingent market, and at a time where the flexibility of on-demand talent is immensely valuable as organizations build back their workforces.
Our continuous innovation roadmap
IQ Rate Optimizer was organically developed to meet our company’s specifications and client needs by our dedicated data science and talent economist team versus through external investments. We’ve built the IQ Rate Optimizer to seamlessly and fully integrate with our complete and modular Total Talent Intelligence® platform. This means that the proprietary insights provide real-time data and insights into Workforce Logiq’s VMS, MSP, SOW, direct sourcing, RPO, workforce planning, and market analytics offerings and enhance the performance and capabilities of Workforce Logiq’s existing 14 patented and patent-pending solutions, including its IQ Location OptimizerSM.
The new platform can interface with organizations’ internal systems, including their VMS, ATS, CRM, and HCM, through real-time APIs and file feeds. The IQ Rate Optimizer is supported by our expert advisors and available to our clients as a complimentary solution.
Clients get a holistic suite of insights for more confident and effective workforce decisions. And we’re even better positioned for further innovation to consistently address evolving client needs.
The best candidates gravitate toward the companies that offer the best compensation and opportunities. Learn more about how the IQ Rate Optimizer can help you attract and win top full-time and contingent talent.
Stay tuned for the subsequent posts in this blog series, which will dive into the specific capabilities of the new solution in more detail.
For additional insights on our IQ Rate Optimizer, read our press release.