Financial Organization Case Study

nextSource recently reviewed a large Financial Organization's (FO) consultant information and did an analysis of their current billing rates with the rates found within PeopleTicker.We used our PeopleTickerTechnology to review and benchmark applicable labor and bill rates for the categories and skill sets that the FO presented to us. (It should be noted that the current outlook for the IT consultant industry is that it is a buyer's market and it will continue as such for at least the next 12-24 months. This market offers clients and nextSource a great opportunity to insure that future pricing for hourly consultants reflects this analysis and rate benchmarks.)

One of our goals for the FO's vendor manager was to continually provide them with up to date salary and rate trends. With this information we worked with them to insure that consultant salaries and related billing rates reflected any significant downturns in the market. Through this type of proactive rate management, the FO was insured that their consultant resources would always reflect current market pricing. Our analysis turned up some drastic differences between the current FO's bill rates and current market conditions through PeopleTicker.

Problem

The customer's control of consultant spend and familiarity with current market rates was insufficient.

Solution

PeopleTickeris a real-time, dynamic, online software tool that enables users to perform full time salary and consulting/temporary bill rate benchmarking by cross-referencing skill set data by geographic area and incorporating experience factors and key word searches for specific positions.

The Model

Through our patent pending technology we are able to continuously monitor the market and incorporate movements in salaries and rates on a real-time basis, updating information as frequently as every fifteen (15) minutes. In addition, users may select any number of job titles to incorporate in their personal rate streamer that they create on their desktops to provide the latest salary/rate information in a format similar to the streaming technology employed by on-line stock brokers.

Data Type	Description
Job Seeker Resume	To track Direct Labor Rates and Annual Salaries, PeopleTickeranalyzes asking price information for un-represented job seekers (not represented by an agency).
Agency Resume	To help track Bill Rates and Agency Markup percentages, PeopleTickeranalyzes resumes posted by agencies (represented job seekers).
Agency Jobs	To help track Bill Rates, PeopleTickertracks jobs posted by agencies and the associated asking price.
Direct Employer Jobs	To help track Annual Salaries, PeopleTickertracks jobs posted by direct employers and the associated asking price.

nextSource's technology and development teams spent 18 months designing the tool, creating algorithms, and writing and testing the code. Currently, PeopleTickeris the first compensation tool to provide data on both full time salaries and consulting/temporary bill rates for all types of human resources as well as related agency fees and markups in one source.

Features

Real-time Rate/Salary Information Don't wait for that survey result. By the time you get it, it is already outdated. PeopleTickermonitors market rates and salaries in real-time. Read below to see how our solution is different from other compensation tools.

Survey Based Tools	PeopleTicker
Survey data is outdated	PeopleTickermonitors hourly rate and annual salaries in real-time.
Survey data leaves you comparing apples to oranges	Tired of selecting from a list of job titles and job descriptions that do not reflect the skill set you are trying to price? PeopleTickerlets you define the title and the skill set you want.
Survey data monitors only annual salaries	PeopleTickermonitors annual salaries as well as hourly rate information for every skill set.
Survey data is not market data	Survey data tracks what companies are spending on employees they have already hired. PeopleTickergives you the information you need to onboard at the current market rate.

No Pre-Canned Job Titles

Tired of comparing apples and oranges? PeopleTickerlets YOU define the job titles and skill sets so you can be assured the rate/salary information is exactly what you are looking for. PeopleTickerworks with the same Boolean search strings you have used to search for resumes. This approach allows you to specifically define job function and related skills and experience so that you can be assured you are seeing the rate that matches your definition.

Access to Agency Markup Percentages

Are your staffing suppliers charging you too much? Have they adjusted their Bill Rates to match the latest dips in the market? Find out how the average agency markups are affecting the bill rates you should be paying today. PeopleTickerwill show you average agency markup percentages for the skill set and location you define. Not sure what markup your agencies are charging you? PeopleTickerwill tell you the pay rate (direct labor rate) for the hourly worker so that you can determine your current agency markup percentages.

Trend Analysis

Are rates going up or down? Should you renegotiate with your vendors now or wait? PeopleTickergives you access to pricing trends. PeopleTickermonitors market rates in a current 90-day window. Monitoring these trends provides invaluable information for affective negotiations.

The results of the spend analysis are as follows:

	Total Spend (in millions)	Savings (in millions)
Chicago Analysis Summary
Financial Organization	$4.8
PeopleTicker	$3.6	$1.2
Connecticut Analysis Summary
Financial Organization	$15.1
PeopleTicker	$10.9	$4.2
New York Analysis Summary
Financial Organization	$4.3
PeopleTicker	$3.1	$1.2
Total Analysis Summary
Financial Organization	$24.2
PeopleTicker	$17.6	$6.6

Conclusion

Some fairly significant differences were apparent between the locations. Taking this into account, we suggested that these differences be approached with caution, as the analysis did indicate that a significant savings opportunity existed for the FO. Our confidence level was high that we would be able to save the company 10%-15% of their current spend, with a strong possibility of achieving a 20% savings. Visit PeopleTicker.com.