Labour market changes may produce temporary shortages of particular skills and knowledge in employee groups. There may be occasions, also, when the university must attract or retain highly qualified individuals for key positions. In either case, it may be necessary to pay beyond the current hiring policy or the maximum of the established salary range in order to attract the appropriate candidate.
When either of these conditions is present, staff in Human Resources will undertake a market worth survey in accordance with the procedures described below. The university may then compensate qualified individuals at current policy levels, and adjust base pay by the 'factor' consistent with the current market conditions. The market will be monitored and the factor adjusted when appropriate.
|Relevant Labour Market||Market Data Sources||Data Validity|
• Industry specific
• Custom surveys measures
• Industry specific surveys
• Published surveys
|• Reputation/integrity of data source
• Quality of job match
• Data screening methods
• Availability of appropriate scope measures
• Reasonableness of output
Note: Funding of a market premium is the responsibility of the department head and/or the dean or vice-principal. Premiums are not funded centrally.