- Who is the sponsor of this initiative within my company?
- Human Resources - Acts as the functional program coordinator and liaison to persons who are Account Users. An Account User is defined as those designated representatives who enter the IQX system to list available talent for loan, search for required talent, manage talent profiles and negotiate talent agreements within the IQX system.
- Line Supervisors / Managers - The Account User for employees who currently work with them. We believe this is essential because Line Supervisors / Managers currently work closely with a talent being entered into the IQX system. This direct use of IQX will ensure continuity with their employee, good communication, and maintain the current evaluation process.
- What is my personal role in driving this initiative forward?
- Member - Executive that joins IQX by signing the membership agreement.
- Account User - Person designated by the Member to conduct business within the site.
- Program Champion / Liaison - Company designated coordinator(s) who becomes one or more of the subject matter experts for the program and works with all members of the company, usually Human Resources / Talent Manager.
- Talent Profile - Employee listed on IQX made available to other member companies.
- How will my company measure success?
- What are the benefits of IQ Exchange for me and other stakeholders? (Employees, leaders, shareholders, recruits, other companies, etc.)
- Who will be impacted by IQ Exchange?
- What are the benefits to being put into the IQ Exchange for employees, hiring managers and leaders, companies?
- What does it cost the company to be part of IQ Exchange?
- How can our company improve our employees rankings in the search results on IQ Exchange?
While each company will choose how to implement and align IQ Exchange (IQX) functions, we recommend maintaining as many current relationships as possible. Our recommendation includes:
Note: Every company is structured differently and will therefore need to decide where functions best align to their departments / workforce.
We have identified four internal roles to help smoothly implement IQ Exchange (IQX) within your company:
While success can be measured in many ways, IQ Exchange will help companies retain more of their talent through turbulent or unexpected business cycles. Keeping valued employees and their companies connected is a strong measure of success. Increasing retention rates, profitability, and employee satisfaction are just a few of the areas where our members should see improvement over time.
Companies, leaders and shareholders benefit through continued retention of their talented employees by providing temporary coverage during unbillable / business downturn periods. IQ Exchange provides loaned talent with increased experience, professional networks and personal development through exposure to external projects, companies and processes.
Employees, their company and the borrowing company are all positively impacted. Employees can remain with their company until there is another position available and continue to receive their pay and benefits while on loan to other members. The company is able to retain valued employees through challenging business cycles and therefore remains more competitive to win new work. The borrowing company is able to access well-qualified talent through IQ Exchange to temporarily fill "key" revenue generating positions. IQ Exchange creates win-win solutions for all parties.
Employees remain engaged and employed, companies retain talent, hiring managers retain trusted / proven employees.
Membership fees are determined by the size of your company, but remain very affordable and well below the cost of hiring one employee. Whether you want to join IQ Exchange with unlimited transactions for a full year or simply try out the "exchange" for a full 30 days, placing / retaining one talent in a billable role will generally pay for the full member cost. Please apply through our sign up page to view actual membership costs.
IQ Exchange will offer suggested attributes based on the most searched terms for a position. We also suggest looking up your position on O*NET at http://www.onetcenter.org, entering your position description to see other available descriptors for your listed talent.
- What happens to my benefits once I’m put into the system?
- Why is my company implementing this now?
- What if I want to stay with the company who is borrowing me?
- What happens to my performance appraisal process?
- Is anyone going to lose their job because of IQ Exchange?
- Will I still receive a bonus, 401K contribution, and employee communications?
- Will I still be eligible for my company’s reward and recognition programs?
- Does my manager get credit for putting me into the exchange?
- I have a less than satisfactory performance review - can I go into the exchange?
- What if I just want to change companies? Can I use IQ Exchange as a way to make a permanent move to another company?
- Can I list preferences for the companies I want to work for?
- What happens if I’m committed to the borrowing company but my old company suddenly needs me back right away?
- What if the new opportunity requires more travel or a possible relocation? Is money available to assist with those costs?
- How long can I stay in the exchange without being selected?
- What happens if I was due a salary increase while I am on loan via the exchange?
- What happens if I quit the company while I’m in the exchange?
- Who pays my worker’s compensation claim if I am injured on the job?
- Do all of my leave plans still apply while in the exchange?
- What if I have an EEO complaint about the new employer? Who do I go to with that complaint?
Your standard benefits should continue while you remain employed by your company. When you are loaned to another member company, you continue to receive your pay and benefits from your company.
Recruiting, training and investing in an employees’ development represents a significant investment. To retain their talent, companies can now turn non-billable time into billable engagements. By maintaining a self-funded talent bench, a company increases competitiveness and remains stable / more competitive on their rates. Being more competitive means more contract wins.
IQ Exchange has a strict "No Poaching" policy for our members. We provide a system / process where members loan or borrow without worrying about losing their talent. While an employee may stop working for an employer, our members agree to pay certain fees if you apply for and are hired by the borrowing member within the 12 month restriction period.
Each member company may adhere to their appraisal process. We will provide a standard rating input template to be sent back by a borrowing company for each loaned individual for use in the evaluation process.
No. IQ Exchange (IQX) was created to help companies / employees facing involuntary turnover situations remain connected through non-billable periods. IQX offers the means for our members to temporarily loan their talent to other member companies in order to help bridge these non-billable gaps.
We recommend to our members that all pay and benefit programs remain the same while employees are on loan to another member. Each member company will adhere to their own policies regarding pay and benefits while away. We recommend you speak to your supervisor or human resources person with any questions you may have about what to expect while away.
We recommend to our members that all reward and recognition programs remain the same while you are on loan to another member. We recommend you speak to your supervisor or human resources person with any questions you may have about what to expect while away.
This depends on each member companies’ policies. Our member companies are looking to keep their employees employed and billable so they can retain them for the long term. Managers are generally rated for positive retention and cost performance within their business unit. Because IQ Exchange saves on both overhead and turnover costs, it would reflect positively on the manager - and employees benefit by being able to continue working with a company they like, gaining new work experiences and creating new networking opportunities.
Yes, if your company supports listing your talent profile and validates your skills and experience. All members participating in loaned talent transactions are subject to feedback on the quality of their employees' performance during the entire period of the agreement. Members choosing to list below average talent risk receiving negative feedback and having their employee sent back. IQ Exchange reserves the right to terminate memberships in such cases.
IQ Exchange is not a placement agency and was created to provide our members the ability to temporarily loan their non-billable or under-utilized employees to other members with immediate needs. We ask our members to engage in a "No Poaching" policy for 12 months following the end of your work engagement with another member. To deter this, our members agree to pay certain fees if you apply for and are hired by the borrowing member within this 12-month restriction period.
No. IQ Exchange's "exchange" process is set-up to treat all companies fairly whether a single person or a multi-thousand person company. We do not display the names of the companies associated with talent profiles. Search results are "best match" based on the search criteria and any filters applied. Once a contact request is initiated, and a response is received, the name of the company is visible to your company’s account user.
IQ Exchange, through it’s Members’ Agreement, provides a "reasonable notice" clause protecting both companies entered into an agreement. We ask our members to commit to at least 10-business days notification to recall / prematurely return a loaned individual talent to their parent company. While we recommend sticking with these guidelines, members can modify these terms in their agreements.
Any costs or movement for a loaned employee must be discussed and agreed upon by both parties in the "Talent Exchange Agreement" to determine which party, if either, would cover / share those costs. Relocation costs are generally expensive; we anticipate these situations to be an infrequent agreement exception.
Indefinitely, as long as the company supports the listing and the company maintains an active membership. The employee must be employed by the member company while actively listed in the exchange.
An employee remains employed by their company for pay and benefits. Loaned employees’ compensation decisions remain with their company and should follow the company timelines.
Individuals may choose to leave a company at any time. Customarily, employees would give 2 weeks advance notice. The loaning company would let the borrowing company know of the employee’s decision. The borrowing company can choose to retain the employee, send them back, or request a replacement. If the borrowing company subsequently hires the loaned employee within 12 months, the terms and conditions require a predetermined fee be paid to the loaning company.
The loaned employee’s pay and benefits continue with their company. While away on temporary loan to another company, the loaning company’s insurance program would normally cover these costs.
If there is an existing leave request at the time of entering into a talent agreement, the gaining company can decide if allowing the leave or vacation request will negatively impact their requirement. This discussion should occur between both member companies before an agreement is finalized.
An individual on loan should report any EEO issues or other types of complaints through their new (borrowing company) supervisor and attempt to work through issues with them. The loaning companies may want to be kept in the loop on any workplace issues in case of escalation.