And to get your money's worth, nextSource Inc.'s The People Ticker, a real-time rate and salary benchmarking tool, can help manufacturers hire the right employees at the right price point based on skill set, experience and geographic location.
According to Melissa Alexander, product manager for The People Ticker, other Web-based tools offer data that are not based on the current labor market and supply and demand. "The People Ticker enables users to look at current information and see if you are in line with the market -- to make sure you are not paying more for labor."
Adds Joseph Musacchio, president and CEO of nextSource, "Manufacturing in the late 1980s was just-in-time (JIT) manufacturing. This is JIT hiring -- peak periods, seasonal, temp labor. We help you determine price, availability of labor and where to do that project."
Musacchio notes that a scanner manufacturer in Arkansas saw pay rates go through the roof when a Wal-Mart store opened nearby. There were no people left to fill positions, therefore demand for workers dictated higher wages.
Musacchio also mentions The People Ticker can help manufacturers retain employees. For example, if the market is paying $1 you can use The People Ticker to justify a raise.