Hanover, Md. and Delray Beach, FL, November 12, 2020
– Allegis Global Solutions
(AGS), a leading provider of global talent acquisition and workforce solutions, and PeopleTicker
, a leader in compensation data specializing in contingent labor rates, have released a new report, “COVID-19 and Contingent Worker Pricing: An Unexpected Impact.
” The study draws from data on candidate submittals from 3,000+ staffing suppliers, workers placed by Allegis Group companies and rate benchmarking from AGS’ partner PeopleTicker, to analyze trends in rates across labor categories in the US, Canada and the UK for March through August 2020.
“As today’s business demands on the labor market increase, the need for accurate compensation data also expands,” says PeopleTicker’s CEO Joseph Musacchio. “Allegis Global Solutions, a pinnacle partner of PeopleTicker, has collaborated with us to address the challenge of today’s complex market and deliver clear rate and benchmarking global insights related to the COVID-19 pandemic. The early months of COVID-19 brought obvious downturns in labor needs but never decreased pay rates. As the contingent job market rebounds, increases in both pay and bill rates are occurring in all industries PeopleTicker is monitoring.”
Contingent Worker Pricing is Trending Upward
The impact on labor pricing in the early months of the COVID-19 business response varied during the March through May 2020 period, with the US, Canada and the UK seeing very different results. Those pricing trends can be attributed to the timeline of the initial reaction and each country’s economic environment before the pandemic.
Moving into June through August 2020, the data shows prices in the contingent labor space have rebounded, and even increased over pre-pandemic rates, alongside job recovery in the US, Canada and the UK:
Get the Report
- Overall US Rate Change: +1.0%: The US is seeing price increases in the majority of highly skilled industries except Engineering. Additionally, Light Industrial is flat, likely due to the increase in benefits and the challenge to attract talent to vacant opportunities.
- Overall Canadian Rate Change +0.8%: Pricing in Canada is increasing across industries except for the Light Industrial vertical. Notably, Canada has faced competition for IT talent in the top markets for multiple years, and the increased demand for Scientific/Healthcare workers is driving prices upward.
- Overall UK Rate Change +1.3%: While bill rates in the UK are increasing across most industries, more time is needed to determine a trend in the Professional Services industry due to potential impacts caused by workforce reductions in AGS’ staffing partners’ data. The UK also faces the expiration of core legislation that helped retain jobs during the shutdown, which may cause prices to shift again.
“The focus on applying data-driven decisions is always a sound practice for setting bill rates, but it is even more important than ever as we move forward from the uncertainty of the pandemic,” says AGS’ Global Senior Executive of Analytics Tim Johnson. “Drawing on extensive hiring data from our own networks and benchmarking insight from our PeopleTicker partnership, we’re giving companies the tools and information to make the informed workforce decisions they need to stay ahead in today’s complex and rapidly changing business environment.”
Get a free copy of AGS and PeopleTicker’s report, “COVID-19 and Contingent Worker Pricing: An Unexpected Impact.
” to better assess and drive effective strategies when engaging – and paying – the contingent workforce at https://learn.allegisglobalsolutions.com/report-covid-19-and-contingent-worker-pricing
Since 2014, PeopleTicker has been operating as an independent compensation software company. In the fast-paced human capital technology sector, PeopleTicker has established its presence as both a market leader and an innovator. Our extensive expertise with salary and contingent labor categories along with hands-on experience of global labor markets, make us the trusted partner of many of the world’s leading companies. PeopleTicker’s proprietary rate intelligence platform enables Procurement, Human Resource and workforce management professionals to have access to intelligent insights that not only present market rate benchmarking, but also provides direct access to information that drives prescriptive behavior to efficiently manage the costs of talent.
PeopleTicker Media Contact: Chrissy Dooley, PeopleTicker, 561-278-8383, email@example.com