DENVER, CO —(Marketwired – May 02, 2016) – IQN, the leading, independent provider of non–employee workforce management solutions, unveiled its new Rate, Time & Expense (RTE) functionality at last week's IQNsiders conference in Washington, D.C., giving customers and partners a preview of the functionality they will soon be able to take advantage of. The RTE functionality will enable IQN customers and MSP partners to efficiently and accurately manage complex rate, time and expense entry rules and regulations that vary from industry–to–industry, country–to–country and region–to–region.
The RTE functionality will automate and streamline the costly and time–consuming processes employed to ensure contingent workers are always paid correctly and on time — based on their location, days/shifts worked, hours logged, pay rates and expenses. RTE brings together calendar and shift definitions, pay rates and rules, overtime rules, local insurance and pension rules and timesheet definitions that can be configured to meet unique organizational and MSP needs and ensure local compliance.
“Varying rates, overtime and shift payment agreements along with country–specific fees and taxes create tremendous complexity in the hiring and management of non–employee labor and third–party services,” said Simon Fahie, IQN's Managing Director of EMEA. “Many organizations spend thousands of hours adjusting and auditing rates and payments, which leads to increased costs and compliance risks. The RTE functionality will help automate these complex tasks so that IQN customers and partners can achieve significant time and cost savings, reduce manual errors and ensure country–by–country compliance.”
At the heart of the functionality is the IQN RTE engine, a highly secure, scalable platform optimized for Software as a Service (SaaS). It enables customers to apply their own rule interpretations, when and where they want, leading to a fully customized solution supporting customer needs both today and for the future while minimizing risks and supporting full compliance. The RTE engine is made up of functional capabilities that can be used as standalone solutions or integrated as part of a broader collection of rules to meet specific individual customer and MSP requirements. IQN will release the first RTE functions during the second half of 2016 and roll out further capabilities through 2017.
The Kentucky Rules
One of the first examples of the IQN RTE engine in action is new functionality designed to automate the unique rules of overtime for contingent workers in the U.S. state of Kentucky. This will allow IQN customers with contingent workers who live in Kentucky to automatically calculate overtime payments based upon hours worked instead of manual calculations.
In the state of Kentucky, contingent workers reach overtime once they exceed a 40 hour work week, and can also be paid overtime if they work seven consecutive days, with the hours on the 7th day considered overtime — even if they worked less than 40 hours overall during the 7–day work week.
“The complex overtime rules in Kentucky is just one example of how the IQN RTE rules engine can be used to efficiently and accurately manage complex rate, time and expense rules and regulations globally,” said Jeffrey Varon, Chief Strategy Officer. “This new release represents a major milestone for IQN and positions us to deliver more features and functionality to automate customer procurement processes, and ensure rate and payment compliance for the growing contingent labor market.”
About IQN
IQN is the leading, independent technology provider of Vendor Management System (VMS) software for Global 2000 companies. IQN's products enable enterprises to intelligently manage and optimize complex services procurement and contingent workforce programs. Since 1999, IQN's products have been delivering procurement visibility and predictability, helping corporate leaders around the globe increase profitability, mitigate risk and compete more effectively. For more information, visit www.IQN.com.