July 8, 2020
Workforce Logiq’s exclusive Workforce Management Benchmark Report offers a predictive, quarterly snapshot of talent volatility across major industries, job functions,…
With so many employers pursuing the same candidates, you need a technology edge.
Workforce Logiq, via our integration of ENGAGE Talent, combines an enterprise’s internal talent data, external competitor data and broader market data, with proprietary, predictive AI models for the most holistic and validated talent intelligence worldwide.
Our data scientists and business intelligence experts have designed and built eight patented and patent-pending workflows and tools to help our customers more efficiently and quickly find, match, recruit, and manage the best talent at the right time and at the best possible cost.
For example, the Workforce Logiq proprietary workforce management platform analyzes hundreds of millions of data points to identify attributes and build AI-driven scores to help employers proactively address retention, recruitment, and skill supply and demand gaps.
The ENGAGE Difference: Insights You Can Actually Use
Employers need more than insights that just sit in a database or dashboard. They need useful and actionable intelligence. That’s why our platform is designed to be practical and user-friendly for non-technical HR, Procurement and hiring managers.
Check out these innovative solutions – exclusively available from Workforce Logiq:
The IQ Location Optimizer unlocks the predictive power in your contingent and full-time job reqs, providing the data-driven insights you need to identify the best and biggest pool of available talent – at the best cost.
This algorithm helps companies expand the recruitment talent pool by providing a faster, more effective, and data-driven approach to identifying passive candidates most likely to be open to contingent or “gig” opportunities before they self-identify by applying for an open job posting.
TRR is an employment volatility benchmark that enables real-time predictive recruiting and retention decision making. TRR Scores also position organizations to anticipate and plan for future skill supply and demand gaps. A Harvard Business Review article revealed that candidates identified as “most likely” to be receptive to new job opportunities were twice as receptive to unsolicited recruitment messages and 63% more likely to change jobs, as compared to those who were predicted “unlikely” to be receptive.
5D Profiles predict the optimal candidate-specific workplace attraction characteristics that create maximum job appeal and interest.
These profiles enable employers to tailor recruitment and retention messaging based on the unique attributes most likely to optimize job appeal, including company environment, organizational stability, strength of leadership, and opportunities for growth.
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.
Spotlight: Data Science Insight
What makes people stay in or leave their jobs?
Answering this question can give you a competitive edge in recruiting, retaining and managing your workforce. And it involves the type of complex data and artificial intelligence challenges we love, such as mapping the intricate but hard-to-spot relationships between people, their roles, the companies they work for, and how dynamic markets impact them over time.
Our commitment to excellence and integrity in data science is evidenced by our panel of Key Science and Industry Advisors who provide expert, independent perspectives on ethical use of advanced capabilities.
Chief Data Scientist and Talent Economist
Christy is our Chief Data Scientist and Talent Economist, leading the strategy and design of our predictive AI algorithms and machine learning models. Christy holds a PhD in Economics from Clemson University and has focused her career on employment and labor economics. Her previous experiences include key data science roles with PeopleMatter (acquired by Snag A Job) and Equifax. Christy is a frequent speaker in HR Analytics and machine learning conferences. She is also an active member of the Federal Reserve Roundtable.
Click here to read Spend Matters’ conversation with Our CEO, Jim Burke, About Workforce Logiq’s Investments in AI.
Patented and Patent-Pending Workflows
What a difference a year makes... (Workforce Logiq has) not only rebranded itself (from ZeroChaos), but truly transformed its solution to meet the evolving requirements of the Future of Work. On the heels of Workforce Logiq’s exciting new partnership with digital staffing provider Upwork, the acquisition of ENGAGE Talent is another step in its ‘year of innovation.'"
Christopher Dwyer, CPO Rising