In this video, learn about pay rates and bill rates when you hire temp workers or long-term contractors through a recruiting firm or VMS.
- When you decide to partner with a recruiting firm or VMS…to hire temp workers or long-term contractors…and also manage them,…bill rates, pay rates, margins, and conversion fees…can be confusing,…so let me help you understand how they're determined…and what you might expect to pay.…Let's start out with a few definitions…that you need to know.…The first is pay rate.…The pay rate is a salary paid to the employee.…
Bill rate is what you pay the recruiting firm.…It's the total of the employee's salary,…taxes, benefits, and includes an additional percentage.…That percentage is called the margin.…When you employ a temporary worker or contractor…through a recruiting firm,…the firm is the employer of record.…They do all the work of sourcing…and onboarding the employee.…They pay the payroll and taxes and they manage the benefits.…The margin is the money the recruiting firm makes…for those services.…
Here's how it works.…When you hire a temp worker or long-term contractor…at $20 an hour, the pay rate or salary is $20 per hour,…
- Recall the purpose of a gap analysis.
- Recognize the most insightful way to analyze retention rates.
- List three aspects of a recruiting firm that should be analyzed to determine if they fit your needs.
- Name three types of information you can obtain by reading a recruiting firm’s LinkedIn profile.
- Determine two important areas that indicate a recruiter’s success.
- Identify pertinent information that should be included in an annual prospectus.
Skill Level Intermediate
Strategic Human Resourceswith Catherine Mattice Zundel55m 43s Intermediate
Administrative Human Resourceswith Catherine Mattice Zundel1h 25m Intermediate
1. Identify Your Needs
2. Questions You Should Ask
3. Determine Expectations
4. Documentation and Pricing
Next steps1m 10s
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