A Rate Change Matrix (or RCM) is functionality that allows organizations to define changes to rates or fees that occur over the period in which the worker is engaged. A common use of an RCM is when a worker may get an hourly wage increase after their tenure reaches a certain milestone.
For example, WorkingNet may have an office in a country that requires contingent workers to gain wage parity with full time workers over the course of that worker’s employment. A Rate Change Matrix allows WorkingNet to establish that wage scale so that workers’ wages are automatically raised during their engagement with the company.
Once created, the RCM can be selected on job posting templates and will automatically be triggered based on its configured lookup data, rules, and time frames.