IQ Rate Optimizer^SM: Company-specific compensation insights to hire and keep contingent and full-time talent.

Making a competitive pay decision goes well beyond meeting or exceeding an industry benchmark or dated rate card. To remain competitive, workforce leaders need to embrace predictive analytics based on their organization’s unique characteristics.

Workforce Logiq’s patent-pending IQ Rate Optimizer is the first to give employers actionable, company-specific compensation insights. The AI-powered prescriptive solution is transformative, using over 40,000 proprietary and public sources to benchmark how much an organization needs to pay to attract and win contingent and full-time talent based on unique, company-specific factors such as proprietary Talent Retention Risk (TRR) Scores^SM, geographic locations, role requirements, brand attributes, competitive dynamics, supply and demand balances, and more.

Four first-in-market-innovations for the total workforce.

• The first IQ Adaptive Taxonomy^SM: The IQ Rate Optimizer uses over 40,000 proprietary and public data sources to create an evergreen, adaptive taxonomy which provides real-time labor market mapping. Hiring managers can stay agile and optimize compensation insights and benchmarks by seamlessly aligning their company-specific talent taxonomy to the most up-to-date job titles, knowledge, skills, and abilities using natural language processing and AI-powered mapping.

• Most valuable skills analysis: The solution identifies a specific role’s most in-demand and expensive skills and professional experience for real-time, candidate-specific scenario planning, enabling employers to balance budget with roles requirements.

• Coming Soon Competitive rates recommender: The IQ Rate Optimizer is the first solution to give employers personalized rate recommendations based on the company’s competitive market position, including brand attributes, talent supply and demand, geographic locations, desired skillsets, competitors’ TRR Scores^SM, and more. The optimizer goes beyond simply listing average rates and identifies how much an organization needs to pay above or below market to attract the talent needed for a specific role at their organization.

• Coming Soon SOW cost optimizer: This proprietary algorithm analyzes and optimizes overall Statement of Work (SOW) cost by recommending scope adjustments by role including optimizing skill requirements based on market value, demand, and cost.

Compensation rate information and benchmarking to date has focused mainly on permanent talent. The IQ Rate Optimizer is built for the total workforce. It expands prescriptive intelligence to include the contingent market, and at a time when flexibility of on-demand talent is immensely valuable as organizations build back their workforces.

Predictive Compensation: Real-time. Integrated.  Optimized.

The IQ Rate Optimizer is fully integrated into Workforce Logiq’s Total Talent Intelligence® platform, providing real-time data and insights into Workforce Logiq’s VMS, MSP, SOW, Direct Sourcing, RPO, workforce planning, and market analytics offerings, which are all supported by Workforce Logiq’s expert advisors. The complete, modular, and fully integrated 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’s new proprietary insights also enhance the performance and expand the capabilities of Workforce Logiq’s existing 14 patented and patent-pending solutions, including its IQ Location Optimizer^SM.

The IQ Rate Optimizer module is currently available in the U.S. and Canada and will be rolled out globally.

Get in Touch Today to learn more about Workforce Logiq’s latest Predictive Workforce Management℠ innovations.