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Hourly Rate Bidding Explained
Hourly Rate Bidding provides Businesses with the most efficient way to connect with and manage an on-demand workforce. This guide provides a detailed walkthrough of offered hourly rates, managing bid acceptance settings, and handling bid reviews to optimize your hiring process.
Benefits for Businesses
Hourly Rate Bidding on GigSmart offers several advantages for Businesses:
Reward Your Top Talent
- Incentivize Performance: By offering higher rates to your favorite or best-performing workers, you can encourage higher productivity and loyalty. Recognizing top talent with competitive pay rates can also improve overall job satisfaction and retention.
- Build a Reliable Workforce: Rewarding dependable workers fosters a sense of trust and reliability, ensuring that your most crucial shifts are always covered by the best talent.
Cost-Effective Hiring
- Prioritize by Lowest Bid: The bidding system allows you to prioritize hiring workers who bid at lower rates, effectively reducing labor costs without compromising on finding the workers you need.
Data-Driven Decision Making
- Understand Market Rates: No more guessing what rate Workers are looking for to get your Shifts filled. Review bidding data to gain insights into the current market rates and Worker expectations. This information helps set competitive yet fair wages that attract quality talent while controlling costs.
- Identify Trends: Analyzing bid data over time can help identify trends and seasonal variations in labor costs, allowing for better financial planning and forecasting.
Competitive Advantage
- Attract Better Talent: Offering a transparent and dynamic bidding process can make your business more attractive to workers, positioning you as a preferred employer in the gig economy.
- Boost Reputation: Demonstrating a commitment to fair and competitive compensation through the bidding process can enhance your company’s reputation as a fair and desirable place to work.
Setting the Offered Hourly Rate
Updating the Pay Rate
The Pay Rate step in the creation flow now reflects an "Offered Hourly Rate", which Workers will be able to review and bid below, at or above the offered rate if they choose to do so.
Reminder: Offered rates cannot be below the Shift location's minimum wage. Additionally, Workers will not be able to bid below the minimum wage.
Bid Acceptance Settings
Navigating to Bid Acceptance
A new tab has been added to Organization Management for Bid Acceptance Settings. All bid-related settings live on this page, ensuring Smart Hire offers align with your bidding criteria.
You can now pay higher rates to just your Favorite or Worker Group Workers for their experience and quality of work!
Bid Acceptance Priority
This setting allows you to prioritize workers within each Smart Hire tier based on criteria such as Worker Groups, prior engagements, or by lowest bid.
Whether you want to prioritize costs or worker experience the choice is now yours and can be updated at any time.
Max Bids Customizable by Worker Group
Set one maximum bid rate for all Workers or customize max rates by Worker Group. Workers will automatically receive Shift offers if their bid does not exceed the maximum rate setting. Workers who bid above the maximum rate will not be automatically offered, but can be manually offered or you can counter their bid.
This flexibility allows you to set your offered and maximum pay rates at the most efficient market prices.
Counter-Offer Bids Automatically
The best part? If a worker submits a bid above the max rate, you can allow the app to automatically generate and send a Counter-Offer for you. This saves time and effort, allowing you to focus on other important tasks. For more information on how this feature works, please contact your account representative.
Reviewing Bids
Navigating to Bid Reviews
Find Bids ready for review in the Worker Management > Bid Review tab. The Bid Review modal displays relevant Shift and Worker information, the bid amount, bid history, and available actions based on the bid.
Available Actions
- Accept: Worker receives an offer to be scheduled.
- Reject: Worker moves to Inactive (Application Denied).
- Counter-Offer: Send a different rate to the worker, who can accept, reject, or counter again.
How Workers are Hired
Workers must submit a bid to be considered for a Shift. Once a bid is submitted, you can accept, reject, or counter the bid. Smart Hire will also automatically send offers based on your acceptance settings.
Requests to Bid
If a worker hasn't submitted a bid, Smart Hire will send a Request to Bid, prompting them to submit their desired bid amount and attest to the Shift requirements.
Bid Accepted Offer
If a worker's bid is accepted, they receive a Bid Accepted Offer to be scheduled for the Shift. These offers appear in the Offered tab on the Worker Management screen.
Counter-Offer
For bids above your maximum rate, you can manually create counter-offers, or allow the app to automatically generate and send a Counter-Offer for you. Workers can accept, reject, or counter back. For more information on how counter-offers are determined, feel free to speak with your account representative.
Old Offer Flow
If either party is not on the updated app version, Workers may receive the prior offer flow to be scheduled on the Shift, which does not include a bid.
Tracking & Reporting
Bid Negotiation History
Each bid state is timestamped in the Bid History modal, showing the worker's initial bid and subsequent actions. Actions by multiple Requesters in your Organization are displayed with their names.
Adding Visibility
Bid timestamps will be added to the Worker's timesheet, providing transparency into the Worker's finalized pay rateReporting Updates
Bid History modal opens from the hourly rate tooltip, providing insights into why a worker was paid a specific rate.