Market Rate Intelligence
Accurate, up-to-date labor market rate guidance
Historically, a lack of market labor rate intelligence has prevented healthcare organizations from fully optimizing their hiring decisions. This results in significant unnecessary spend by paying higher market rates by role and/or location.
Overpaying for contingent workers can adversely affect the bottom line, while underpaying can impact talent quality. Market rate intelligence helps managers drive cost savings and increase talent quality by providing guidance on what the market will bear for a specific resource — as it considers job title, skill set and location.
This on-demand access dramatically increases market intelligence, allowing health systems and academic institutions to make more informed hiring decisions and optimizing the cost and location of resources.
Better data also provides superior guidance and empowers organizations with contingent market intelligence to win the talent management war while controlling staffing agency fees.
Both staffing suppliers and organizations recognize the importance of contingent labor “markup” costs. These are the costs between what a worker gets paid and what your organization gets billed and factors in pass-through costs and supplier profit.
Real-time, market-rate intelligence supports best-practices by helping your organization research and define markups that are appropriate for labor types, location and volume of supplier business.
Additionally, many organizations struggle when converting contractors to employees utilizing contract-to-hire sourcing methods. This is due to the challenge of understanding the difference between how contractors and employees are compensated. Market rate intelligence gives organizations access to the right data to understand contractor bill rates, markups and pay rates as well as current market salaries.