Leveraging Rate and Market Intelligence to Inform Smarter Talent Landscaping

In 2020, COVID-19 upended both candidate hiring and the workforce landscape. According to a recent study, almost twice as many employees are working from home as at work.

For employees and employers alike, this new situation has brought both obstacles and opportunities. For sophisticated organizations, one such possibility involves looking to untapped locales to fill positions, opening up ways to decrease costs and improve talent levels and diversity.

To best take advantage of these opportunities, companies need strong rate and market intelligence. Without it, there could be a lack of alignment between locations, positions and rates, negating potential benefits.

A recent Forbes article discusses this development and how organizations can optimize business intelligence in the new remote workforce world.

Data Issues and Obstacles

As the article explains, organizations have long been interested in rate intelligence. For many years, companies that wanted to bring in the best talent have sought to improve their knowledge of workers, pay rates and market dynamics. But in recent times, it’s simultaneously become more critical to develop this understanding, and more difficult to do so.

Revealing New Insights

Today, innovative technology is helping organizations parse through millions of job descriptions, location data, billing rates and other data points to help reveal new insights, such as:

• Location Variation: How do rates change when looking at different places around the globe? By widening the search to new locales, your company may be able to increase savings, improve diversity and expand the options available for specialized skills.
• Remote vs. On-Site: What do rates look like for remote workers compared to on-site? More people are expected to work remote post-coronavirus, and since they can’t take advantage of on-site perks, their rates are typically slightly higher.
• Contingent vs. Full-Time: How do rates for non-employees contrast with full-time employees for the same role? While many factors inform whether to hire contingent or full-time, leading solutions can pull in both data sets to provide insights.

For much more about this topic, including additional use cases, how rate intelligence is becoming more accessible, and steps you can take to realize the benefits, check out the Forbes article, “How to Optimize Business Intelligence in the New Remote Workforce Landscape.”

For more information on Magnit's Total Talent Intelligence - Pay Intel solution and how it empowers users to make more informed hiring decisions, visit the Total Talent Intelligence page.

If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.