Market Pay

Policy

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.

Procedures

1. This policy applies to continuing/term and research grant and contract positions.


2. In special cases, a principal researcher or department head may provide documentation to Human Resources supporting the requirement to pay a job at market value which may exceed the maximum of the salary range.


3. When conducting a market worth survey, consideration may be given to any of the following market pricing issues:



Relevant Labour Market	Market Data Sources	Data Validity
• Industry specific • Local, regional, national	• 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



4. In surveying the appropriate market(s) the following information will be gathered:
   
   
   • Wage and Salary Policies
     • Job evaluation system in use
     • Overall salary structure
     • Merit adjustments to wages and salaries
     • Across the board increases
     • Miscellaneous performance related payments
     • Miscellaneous pay differentials
   • Benefit Policies
     • Pension plan
     • Insurance plans (ie. health, dental)
     • Pay for time not worked (ie. vacation, holidays, sick leave)
     • Major miscellaneous benefits (ie. education, P.C. purchase)
   • Scope Data
     • Type of organization (ie. Private industry, Public sector)
     • Size of operating budget
     • Number of employees
     • Number of hours worked per week

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.