How do I handle rate changes to an existing placement?
When the Pay and/or Charge rates for a placement change, there are two different approaches to updating those rates in Invoxy.
Edit the Existing Placement
The quickest option is to update the rates on the placement, but this does require careful timing of when you make the updates.
When you update the Pay and/or Charge rates on a placement, the new rates will take effect immediately - any time entries that are created or edited from that moment on will have the new rates applied. That means two things:
- Even if the time hasn't been paid or billed yet, all existing time entries will remain at the old rates - the rate change won't apply to existing time entries unless they are then edited, updated, or deleted and re-entered.
- If the candidate has already started recording some of their time for the new rate, then those time entries would also be set at the old rate. You'll need to use the Update Timesheet Rates function to update those time entries.
If the rate change takes effect from the beginning of a new pay and billing period, then this is usually simple to manage - wait until all time entries at the old rate have been recorded (and ideally approved, so there's no risk of the candidate editing them after the new rate has been applied), then update the rates.
Create a New Placement
If you'd like to setup the rate change in advance, it can be easier to create a second placement for the new rate.
To do so, you would simply:
- Set the end date on the existing placement to be the last day at the old rates
- Create a new placement with the new rates, and set the start date as the first date of the new rate and the end date as the planned end date of the placement. All other details should be completely identical to the original placement.
So long as the Placement Period on each of those is set correctly so that the Start and End dates don't overlap each other at all, it will be impossible for the candidate to record their time against the wrong rate.
For example, if you had a placement with rates changing on August 1st you'd end up with the original placement looking like this:
And a new placement that looks like this:
Note that the only differences are the Billing Rate, Resource Rate, and Placement Period, and that most importantly the Placement Period doesn't overlap - the old placement ends on the last day at the old rate, and the new placement begins on the first day at the new rate.
Using an ATS
If you're using JobAdder or Bullhorn with Invoxy you can still use either of the options listed above, but make sure you make any of those changes in your ATS and then wait for them to Sync through to Invoxy. Any changes shouldn't be made directly in Invoxy, otherwise they may be overwritten by the data that's still in your ATS.