March 14, 2019
Procurement’s job is to acquire assets and control costs. HR’s role is to attract, develop and manage the workforce. The…
With so many employers pursuing the same candidates, you need an edge.
Workforce Logiq is already leveraging advanced technology–including five patented and patent-pending workflows–to more efficiently and quickly match and manage the best contingent, gig and full-time workers at the right time and the best possible cost for our customers.
Check out these examples of how Workforce Logiq is using advanced technology to help organizations work more efficiently today and prepare for the workforce of the future.
Advanced AI and machine learning help our candidate matching algorithm identify and prioritize the best talent before sending them to our customers. We leverage semantic search technology to more effectively match the meaning of the candidate’s content with the intent of the job requisition. That means candidate matching can include both fact-based requirements, such as years of experience and education, as well as softer characteristics, such as cultural fit. All at the touch of a button.
Here’s an overview of this workflow:
Now Workforce Logiq’s customers have access to unique market rate comparison insights for both Staff Augmentation and Statement of Work (SOW) projects–all at the touch of a button within our VMS.
Our patent-pending innovations leverage a proprietary algorithm that combines Workforce Logiq data with exclusive third-party data sources to calculate and benchmark actual versus market compensation rates. The innovation enables hiring managers to better manage and control costs associated with winning high-quality talent.
The Staff Augmentation Market Rate Comparison tool enables hiring managers to calculate and determine if prospective candidate bill rates are competitive with both local market conditions and actual historic rates for specific roles and geographic locations. These data-driven insights equip hiring managers to better negotiate worker rates and reduce the costs of engaging contingent workers. The patent-pending workflow also calculates a supply ratio of the number of job seekers to open positions in a given region, indicating whether desired target markets are favorable for hiring temporary workers, and suggests alternative metropolitan areas with competitive rates.
Workforce Logiq’s SOW Market Rate Comparison tool enables hiring managers to effectively manage the total cost of engagement with service providers. The patent-pending innovation automatically calculates actual versus benchmarked compensation rates to highlight talent supplier competitiveness, which hiring managers can use to negotiate rates with vendors, drive competitive bidding, set fair project budget expectations and analyze total SOW-based spend.
Here is an example of a Market Rate Comparison report:
Workforce Logiq’s patent-pending job requisition workflow is designed to guide hiring managers to the correct requisition template that is customizable to and consistent with an organization’s unique hiring policies, including compensation guidelines, using pre-defined questions.
Requisitions may also be tailored to specific industries or geographies to ensure data collection and candidate selection meet regulatory and compliance requirements.
The automated process enables customers to create, manage and approve all requisitions within the Workforce Logiq VMS. When the appropriate requisition is complete, the patent-pending workflow automatically triggers a requisition-specific approval process–improving efficiency, speed and performance.
The intelligent, automated requisition solution is available in nine language options to support Workforce Logiq’s global clients.
Workforce Logiq’s patent-pending workflow automates the SOW creation process and centralizes data collection, enabling greater collaboration between our customers and their vendors and increased visibility into project costs, milestones and deliverables.
The VMS-based solution increases financial safeguards and quality control for clients by automatically identifying SOW discrepancies and locking down the approval process if financial terms change or a stakeholder fails to comply. That means no work gets started until approved budget requirements have been met.
The patent-pending technology is available in nine language options in the Workforce Logiq VMS.
Click here to read Spend Matters’ conversation with Our CEO, Jim Burke, About Workforce Logiq’s Investments in AI.
Patented and Patent-Pending Workflows
According to a recent survey, only 15 percent of HR leaders use AI.
The good news? 40 percent expect to adopt AI within the next five years.*
*Source: Harvey Nash HR Survey, 2017
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