DENVER, Oct. 25, 2012 /PRNewswire/ -- IQNavigator Inc., the leading provider of external workforce and services procurement solutions to Global 2000 companies, today released the findings from its Third Quarter 2012 U.S. IQNdex. IQNdex provides data, insights and analysis of temporary labor prices that is not available from any other source and reflects the rapidly shifting relationship between demand and supply of the U.S. temporary workforce.
Among the notable findings in the third quarter, the report outline:
- The supply of high-skill temporary workers is tightening, resulting in upward pressure on temporary labor bill rates for higher skilled roles in the Professional and IT sectors.
- Bill rates for less-skilled jobs such as in Light Industrial have largely remained flat for more than four years.
- The number of individuals employed by the temporary sector in 3Q 2012 has been level, hovering slightly above the 2.5 million mark.
Connection among education, employment and temporary bill rates
Workers over 25 with at least a 4-year college degree are experiencing lower levels of unemployment at the end of Q3 2012 (4%) as compared to the beginning of the recovery in July 2009 (5.3%). In contrast, workers with only a high school diploma are still experiencing high unemployment levels: 8% at the end of Q3 2012 compared to 12% in July 2009. As a result of the tightening supply of highly-educated workers, there is upward pressure on temporary labor bill rates for higher skilled roles. Professional-Managerial sector bill rates have risen as unemployment among the better-educated segment of the working population has declined. The supply of workers for less skilled roles remains ample in the current economy, as is reflected in Light Industrial rates, which largely have remained flat for more than four years.
"The trends in temporary employment are widely regarded as a leading indicator of broader private sector employment," said John F. Martin, chief technology officer and CEO of Emerging Markets for IQNavigator. "This makes sense given temporary employees are an employer's quickest way to meet an increased demand for labor and specific skills. Since the end of the recession, agency temp hiring and temporary labor bill rates have provided advanced notice into upcoming labor supply and costs for private sector employment."
IQNdex Provides Custom Rate Benchmarking for Global 2000
The Third Quarter 2012 IQNdex report provides insight into specific job sectors and geographic regions, and how other economic trends are impacting employers and workers. Further explanation and evidence on these findings is provided in the Third Quarter 2012 IQNdex report, available for download at http://www.iqntelligence.com. Clients of IQNavigator can also request custom market rate analyses and detailed benchmark rate reports (MarketIQ) via their IQNavigator account manager.
IQNavigator is the proven leader in services procurement solutions, helping global enterprises better manage all types of procured services and their external workforces around the world. IQNavigator's cloud-based VMS software processes tens of billions of dollars in yearly services spend, enabling clients to intelligently manage and optimize the cost-effectiveness, compliance, visibility and efficiency of complex services procurement and contingent workforce programs. For more than a decade, IQNavigator has been the leader in providing innovative technology solutions for managing companies' procured services including statement of work and project-based consultants, contractors, temporary workers and other contingent workers. For more information about IQNavigator and how its industry-leading offerings such as IQNtelligence are helping many of the world's most respected companies, visit www.IQNavigator.com.