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: