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) ScoresSM, geographic locations, role requirements, brand attributes, competitive dynamics, supply and demand balances, and more.
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.
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 OptimizerSM.
The IQ Rate Optimizer module is currently available in the U.S. and Canada and will be rolled out globally.
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“The IQ Rate Optimizer reimagines how customers use compensation insights to make more impactful hiring decisions. Instead of making pay commitments based on generic averages and benchmarks, our customers now have a competitive advantage with predictive workforce intelligence tailored to their unique market position.”
-Jim Burke, CEO, Workforce Logiq