Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services, today announced its new patent-pending IQ Rate Optimizer℠. The prescriptive solution, which seamlessly integrates into Workforce Logiq’s Total Talent Intelligence® platform, is the first to give employers actionable, company-specific compensation insights. The AI-powered solution uses 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℠, geographic locations, role requirements, brand attributes, competitive dynamics, supply and demand balances, and more.
“The IQ Rate Optimizer reimagines how customers use compensation insights to make more impactful hiring decisions,” said Jim Burke, Workforce Logiq’s CEO. “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.”
The IQ Rate Optimizer is Workforce Logiq’s fifteenth patent filing and includes four first-in-market innovations:
– The first IQ Adaptive Taxonomy℠: 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.
– 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℠, 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.
– 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 role requirements.
– 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.
“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,” added Burke.
Workforce Logiq maps, triangulates, validates, and leverages data from its more than 40,000 sources, including anonymized client data, supplier feeds, millions of job postings, social and public networks, Workforce Logiq’s other patented and patent-pending algorithms, and more. The patent-pending innovation 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℠.
“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 – brand sentiment, retention trends, competitive position, required skills, location dynamics, and more,” said Dr. Brooks Holtom, senior associate dean, McDonough School of Business, Georgetown University and Workforce Logiq data science advisor. “Workforce Logiq’s prescriptive pay optimization capabilities are transformative, enabling employers to attract, and ultimately retain talent, based on personalized context and intelligence.”
The IQ Rate Optimizer module will be available in the U.S. and Canada to start and rolled out globally. To learn more about the tool and how Workforce Logiq equips employers worldwide to win and retain the talent they need to grow, visit workforcelogiq.com.
About Workforce Logiq
Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, enables organizations to win and retain the talent they need to grow. With clients in 50+ countries, Workforce Logiq provides expert guidance, real-time and predictive analytics, and patented and award-winning technologies. Workforce Logiq’s universal sourcing solution addresses all elements of its clients’ acquisition and retention programs, including contingent (MSP), full-time (RPO), and freelance/“gig” (FMS) workers. Backed by global investment firm The Carlyle Group, the company helps clients attain greater management, performance, and financial control over their talent supply chains.
For more information visit http://www.workforcelogiq.com, follow on Twitter @WorkforceLogiq, or connect with Workforce Logiq on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210428005229/en/