Milestone 5 RATH Mockup: Compensation Suggestion Tool
Compensation Suggestion Tool
The tool is designed to provide requestors with transparency into the market both real-time and historical and provide an easy mechanism to determine "fair compensation".
The Tool has three parts:
- HIT Variables - Aspects of the HIT including type, time to complete, requirements, etc.
- Compensation Stats - Shows histogram of historical compensation for task with same variables - includes Mean, Minimum Pay, Your Offer, and relationship of Your Offer to the Mean
- Other Interesting Stats - Other stats that may be of interest such as "# of workers who qualify" or "# of Similar HITS currently on market"
As the requester inputs various variables on the left side of the page (see below) additional relevant variable may be provided. As the requester adjusts HIT variables the mean and minimum price change accordingly. This allows for market forces (time/expediency, worker availability) to exert influence over price.
The requester will be required to pay no less than 2 standard deviations below the mean price for a comparable HIT. This will insure that while requesters can not offer unreasonably low wages. Over time as the pricing becomes more standardized the standard deviation should decrease, therefore bringing up the minimum price.
This functionality will also be available to the workers as well if they so choose. Workers could have a version of this diagram that would allow them to enter HIT variables and by default their own current demographics. It would provide transparency as to what the current range of compensation is for a given task type. Additionally, we could provide an opportunity for an additional variable in searching for HITS such as "Top xx% of comp".
- Transparency both realtime and historical into the time value of money. Requestors can determine the depth and availability of a defined worker pool.
- Manage expectations on ability to complete task on time, the budget for task.
- Define the scope of work and align with a fair price range; level setting comp expectations against current and historical activity.
- Informed Decisions- Drawing on these data sets, this dynamic pricing tool, provides relevant information for requesters to make informed decisions about appropriate compensation.
Empathy through Transparency: Requesters will be able to see if their offer truly is fair.