Happy Holidays, everyone! As we reminisce on this past year here at Brightfield, we can’t help but consider all our conversations internally and externally about how difficult it is to update rate cards, meaning that they’re woefully out of date and ignored by the business.
Combine that with the tough economy, the volatile market rates and companies working hard to find cost savings without sacrificing performance, and you get something pretty tough to swallow…kind of like pure lemon juice.
But here at Brightfield, we’ve discovered the sugar that makes lemon juice into lemonade, and that is our new Rate Card Manager that we’ve soft launched earlier this month.
If you’re a Brightfield customer, the answer is simple: You use our new automated rate card manager feature, which recommends rates based on your chosen objective, and then you utilize our analytics to forecast and project program results to your rate card edits before you save them.
If you’re not a Brightfield customer, the answer isn’t so simple: It’s a manual process where you go to your system of record; create reports on all your assignments; create fields that calculate medians and averages; compare those averages to the market; and then, go line by line through each job title without a way to justify the changes you’ve made.
Rate Card Manager displays useful metrics like Median Hourly Bill Rate, Compliance to Max Rate and Average Time to Fill on your current assignments, so that you have an understanding of where your rate card currently stands. It then combines all those calculations, the market benchmarks and your chosen objective (whether it be cost savings, internal program alignment or market alignment), to provide you a recommended Target Bill Rate and Max Bill Rate for each job title on the rate card.
Then comes the best part of the lemonade: Rate Card Manager shows you the forecasted impact of the rate card changes you want to make. In the example below, you can see that through the months of February and September, Rate Card Manager has identified several outlier assignments with bill rates much higher than the maximum bill rate guideline on the rate card.
TDX then calculates a recommended maximum bill rate that is still enforceable but that will not have a negative impact on time to fill, leading to possible cost savings.
Like that tall, cold glass of lemonade on a hot day, updating your rate card can be a sweet, refreshing thing. Let Brightfield help you turn this otherwise painful activity into a not just easy but mission-critical activity for your program and business. Request a live demo now!