nextSource Glossary of Terms
The Administrator is the user within your organization who has extra capabilities when using the PeopleTicker. The Administrator can set Shared Job Titles, Disable Accounts, add Managers and Suppliers to the system and oversee the activity of all other users.
The Bill Rate is the amount of money you pay the Supplier for a contingent resource. This is a combination of Pay Rate (what the worker gets paid) and a Markup, which is comprised of Suppliers costs & profit components.
This is the term used to describe a situation where there are legal questions regarding the true employer of the temporary worker. Some companies such as Microsoft who have contracted directly with individuals for temporary work have been judged to be the "employer" of the temporary and the temporary has been afforded some if not all of the privileges of a full time employee. In the Microsoft case the temporaries were granted access to the same stock option plan as the full time employees. There are other risks associated with the inappropriate use of temporary employees including payment of employment related taxes, access to company benefits, the tax exempt status of a company's pension fund, etc.
Employer Market Report
The Employer Market Report is a summary of market activity for a specific skill level for a Job Title.
An Engagement is when your company utilizes a contingent (temporary) worker from a Supplier.
Full Lifecycle Recruitment
Full lifecycle recruitment involves sourcing, screening, submission, negotiation and offer presentation. This is considered to the standard model for agency recruitment of contingent or permanent placements.
When using The PeopleTicker, anyone within your organization who acquires resources is labeled a Hiring Manager.
Internal Rate Card
An Internal Rate Card is your organization's Rate Structure. It is created by analyzing market rates, engagement type, and internal metrics. This card will define your negotiation targets to support your savings and retention strategies.
The PeopleTicker will show you Market Rate information for the Job Descriptions you analyze. Market rates are from multiple sources and give you visibility into the Pay Rate of the worker and the Markup and Bill Rate of the Supplier.
Market Rate Card
A Market Rate Card is a collection of one or more Market Rates you have searched using the PeopleTicker. By creating a Market Rate Card, you can easily monitor changes to this rate card to track changing market conditions for your Job Description.
When engaging contingent labor, the Markup will be added to the Pay Rate (what the worker gets) to generate a Bill Rate (what the Supplier gets). The markup is comprised of Tax obligations (costs to the supplier which can vary by state and type of engagement) Overhead Costs, and Profit.
The Negotiation worksheet found in the PeopleTicker, will help you analyze a Bill Rate that a Supplier has submitted to you. Use this worksheet to identify the location of the engagement to see the Supplier's tax obligations (costs) and how the Profit component breaks down. Often you will find room to negotiate in the profit component. This worksheet can identify the Pay Rate that will result from negotiating the markup with the Supplier.
The Pay Rate is the part of the Bill Rate that goes to the worker. Bill Rate minus the Markup amount will result in the Pay Rate.
This is a service offering of nextSource where we convert all of a corporation's temporary workers that have been contracted directly by the corporation (and not through a third party temporary service provider), to a W2 employee of nextSource for the duration of their assignment. Through this conversion, nextSource, as the employer of record, assumes all employer/employee responsibilities for these individuals.
Sourcing is the process of name generation and the initial step of the
recruitment process that involves talent identification through multiple
channels including job boards, social networking sites, university
alumni programs, cold calling and advanced methods of internet sourcing
via search engines. Sourcing is evolving and is becoming a specialist
role in the world of recruiting.
Talent Acquisition Management Solution (TAMS) is a robust and scalable 10th generation Web-based application that automates the entire acquisition and management life cycle for temps, consultants, contractors, direct hires and project deliverables.
The Bureau of Labor offers the following definition of temporary or contingent labor: workers who do not have an implicit or explicit contract for long term employment and who therefore view their tenure as unpredictable. The industry has refined this definition to be those individuals, who perform services of a temporary nature for the corporation either directly or through arrangements with temporary services firms. Individuals contracted through temporary services firms are employees of the temporary services firms who are responsible for all employer/employee related matters such as wages, taxes, payroll, benefits, worker's comp issues, insurance, vacations, other absences etc. It is that group of temporary workers that are contracted directly by a corporation, and not through third party temporary services firms, that pose the most risk for the corporation.
When using the PeopleTicker while comparing Market with your Internal Rates, the variance will be the difference between the items you compare.
The PeopleTicker defines volume as the number of records matching your search terms.