In the dynamic realm of staffing and recruitment, administrators frequently face the intricate challenge of handling variable rate calculations.. In this article, we will delve into how an uncomplicated approach and increased visibility into calculations can help you!
Let's consider an example: If the client charge rate is $100, and the variable take rate is set at 10%, the candidate pay rate would be $90. Now, imagine the admin wishes to change the candidate pay rate to $95. In this scenario, the admin must manually calculate that this new rate represents a 5% take rate and then determine the bill rate necessary to maintain the desired 10% take rate.
The Solution
To alleviate the challenges associated with variable rate calculations, our user-friendly platform offers a solution. It automatically handles the calculations and provides administrators with clear and actionable insights.
Real-time Updates: The platform allows admins to input their desired candidate pay rate, and instantly display the corresponding take rate and the updated bill rate necessary to maintain that desired take rate. This real-time feedback enables admins to make informed decisions quickly.
Visual Representation: To enhance user-friendliness, the platform visually represents the changes. When a new candidate pay rate is entered, the platform automatically removes the old rate, shows the actual percentage difference, and displays the updated bill rate.
Customizable Take Rates: If an admin wishes to maintain a 10% take rate (from the example above), the platform will automatically update the candidate pay rate calculation accordingly, ensuring that the desired take rate is maintained. However, if they choose, a different take rate can easily be applied.
Benefits of Improved Variable Rate Calculations
Implementing a streamlined approach to variable rate calculations offers several benefits for you and your Internal team:
Time Saving: You can make rate adjustments quickly without the need for manual calculations, saving valuable time that can be allocated to more strategic tasks.
Accuracy: Automation reduces the risk of errors in rate calculations, ensuring that rates are always precise.
Better Decision-Making: Admins can make informed decisions regarding rate adjustments with real-time feedback and visual representations.
Enhanced Flexibility: The ability to customize take rates provides flexibility in meeting specific business goals and client requirements.
Conclusion
The demand for improved display of variable rate calculations is growing, driven by the need for efficiency, accuracy, and enhanced decision-making. Admins should no longer be burdened with manual calculations when adjusting candidate pay rates and take rates. A user-friendly platform that offers real-time updates, visual representation, and customization options can simplify the process, ultimately benefiting your Internal team, clients, and candidates alike. By embracing these solutions, you can stay ahead in a competitive and dynamic industry.