Workforce Logiq Files for Patents on Staff Augmentation and Statement of Work Market Rate Comparison Workflows

Workforce Logiq, the workforce management company transforming how organizations win talent across the globe, has filed for two new patents on market rate benchmarking analytics for Staff Augmentation and Statement of Work (SOW) hiring workflows. Both automated tools are available through Workforce Logiq’s Vendor Management System (VMS) and leverage a proprietary algorithm that combines Workforce Logiq and 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.

“Acquiring high quality talent should not come at an unnecessarily high cost. By making more data-based decisions about where and how to hire workers, organizations can get the talent they need to grow more intelligently and cost effectively,” said Jim Burke, chief executive officer of Workforce Logiq. “This shift starts with obtaining more visibility and control over the recruiting process, and we’re committed to delivering the technology, analytics and expert teams our clients require to effectively manage their total workforce.”

Workforce Logiq’s VMS is an integrated element of the company’s overall Managed Service Provider (MSP) program – and is trusted by organizations around the world to drive operational efficiencies and bring visibility and control to their entire workforce. The company now has five patented and patent-pending workflows as part of its VMS solution. For more information, visit workforcelogiq.com.

About Workforce Logiq

Workforce Logiq — the global leader in workforce management intelligence, technology and expertise — enables organizations to win the talent they need to grow. With customers in 50 countries, Workforce Logiq provides expert guidance, real-time analytics and patented and patent-pending, award-winning technologies, including Managed Service Provider (MSP), Vendor Management System (VMS) and Recruitment Process Outsourcing (RPO) solutions. The company helps clients attain greater management, performance and financial control over their talent supply chains. Powered by more than 1,000 workforce management experts, the company currently manages 15,000 global supplier relationships and USD $3 billion in spend globally. Workforce Logiq is headquartered in Orlando, Florida; its European headquarters is in Stockholm, Sweden. Formerly operating as ZeroChaos, the company rebranded to Workforce Logiq in January 2019. For more information visit http://www.workforcelogiq.com, follow on Twitter @WorkforceLogiq, or connect with Workforce Logiq on LinkedIn.

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