Pharmaceutical Company Case Study
Client Problem
A major pharmaceutical company needed a reliable and cost effective way to monitor hourly rate benchmarks labor in several geographies. The responsibility of determining rates was centralized to the Procurement Group who received requests from hiring managers for openings that needed pricing before distribution to the vendor base. Although the company had defined a certain number of general position descriptions, managers often needed to "customize" the general description by adding more skills, certifications, etc. The company needed a method of analyzing the market to determine the best pricing for their customized job descriptions on an ongoing basis.
Client Anticipated Solution
The company needed a solution that addressed the following needs:
- Easily accessible market pay rates and bill rates
- Market data based on specific job descriptions
- An understanding of the current market rates and trends
- Ability to refer to previously priced openings
- Centralized control of negotiation/retention strategy
Proposed Provider Solution
To meet their needs, the company chose PeopleTicker as their preferred solution because it is unique in its ability to meet the requirements of several user groups (HR, Procurement, Compensation and Hiring Managers).
Need
Easily accessible market pay rates and bill rates
Solution
With an annual subscription to PeopleTickerthe Company has unlimited access to the marketplace for both hourly and full-time labor benchmarks. Gaining access to both contingent and full-time data also provides the ability for the Company to evaluate cost factors in determining if a position should be sourced as a consultant or as an employee. In addition, PeopleTickerprovides the ability to evaluate price differences by geography on a country, state or city/municipal level, thus providing the market intelligence needed for the Company to source from or in locations that translate into greater savings for projects and day-to-day activities.
The goal is not always the lowest price, but a fair price balanced between the worker and the supplier. By analyzing both pay rates and bill rates, the Company understands the market conditions that exist for all parties and can negotiate with confidence. PeopleTicker interface makes it easy to analyze the market with just a few clicks requiring minimal training to the user.
Need
Market data based on specific job descriptions
Solution
PeopleTickerallows the Company to simply paste in their job description and specific skill set requirements to get market data. This means the Company can use their own job titles, and more importantly, their own definition of what a skill set entails. Companies that use traditional survey-based tools are presented with certain challenges. Survey-based tools utilize generic job descriptions that typically do not meet the needs of the specific skill sets required when sourcing candidates. For instance, a survey job description may present a DBA price point but does not make distinctions between Oracle, SQL, Sybase, PostgreSQL skills and Mainframe or Windows-based skills focus. These specifics may greatly impact the price point that should be utilized to arrive at fair market pricing. This is exceptionally true in volatile fields requiring specialized skills, such as information technology.
