If I were to ask you, 'what makes a market rate a good rate?' What would you say? Would you say 'it depends?' Because the reality is that it does – more than you might think. It depends on the source of the data, the quality, the integrity, the depth of coverage, the intricacies of the factors of the rate like the location, source type, resource type, contract length, the skillsets needed for the work, the job level, and the list goes on. And the truth is, if you're not reconciling across all those things, you're missing something, leaving you with a “bad” rate that can cause poor program performance and/or overspending.
With TDX, we take a very complex process and make it simple for you. And with the launch of our newest tool, Rate Intelligence, we provide you rates that indeed are the gold standard.
Rate Intelligence delivers a much more comprehensive experience to our market rate and fillability tools. With Rate Intelligence, you gain role-level market insights on rates, program performance, and ideal locations for hiring. The core of which is based on TDX's data asset of nearly $400B in transactional spend - a critical point we’ll elaborate more on below.
So, what makes our rates best-in-class? Several reasons I’ll list now and many that we’ll elaborate on in the coming weeks, but let's break down a few today.
First, the source of our data is 100% real transactional data. No self-reported data. No survey data. No 'expert opinions.’ And nothing beats that source of truth. Period.
Second, the type of our data is contingent labor. FTE data does not compare and isn't helpful when trying to understand your extended workforce.
Third, the recency of our data reflects the current state and nature of the market. We receive data uploads daily, which is crucial given today's climate.
Fourth, we understand and account for the granularity of context. If the source type was a competitive bid, master supplier, or pre-identified, these are things that impact the rate and need to be reflected.
Lastly, and very importantly, we use advanced AI modeling to identify rates for roles across 45 countries. Our global coverage includes outsourcing and emerging talent hotspots, which is critical as companies look to either expand their footprint or increase remote workers.
Now, if you’ve read our most recent Extended Workforce Intelligence Report, you know that it’s been extremely difficult for companies to find quality workers quickly. In fact, it takes 41% longer for an organization to secure a contingent worker than it did a year ago. And while you might think that simply raising your bill rate would help improve that, we found no correlation between higher rates and improved speed for most roles. So, to ensure you aren’t overspending but that you’re staying competitive in the market to get talented workers, you need to rely on market-rate data that’s as extensive and real-time as the rates you find in Rate Intelligence.
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