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1、2022 Q32022 Q3The Payscale Index|CanadaAs organizations realize that their workforce is the competitive differentiator during the best and worst of economic times,a solid compensation strategy based on current economic trends becomes crucial.Organizations need precise and timely data,along with the
2、capabilities to accurately analyze that data,to make informed decisions about allocating a limited compensation budget.This is important both on the macro level of developing competitive compensation strategies and also on the micro level of determining market-based pay for individual employees.The
3、Payscale Index should be included as a resource to stay informed of quarterly economic trends.The Payscale Index tracks quarterly changes in total cash compensation for full-time,private industry employees in 19 job categories,three company sizes and 15 industries across 32 major Metropolitan Statis
4、tical Areas(MSAs)in the United States.Payscale also produces a quarterly index for C|Canada|Q3 2022|The Payscale I|Canada|Q3 2022|The Payscale Index3The Payscale Index:HighlightsNational Year-Over-Year Percentage Change by Quarter This graph shows how annual wage growth has changed since 2009,with t
5、he quarter ending September 30,2022 at 4.0 percent.-2-1012345Percent of change2008200920000022Q1Q2Q3Q4Key:|Canada|Q3 2022|The Payscale Index4Data insights(Canada)Nominal wages in Canada notch upwardNominal wages in Canada grew by 1.2 percent Q/Q and 4.0 pe
6、rcent Y/Y.Of all metro areas,Ottawa had the strongest nominal wage Y/Y.Wages grew by 1.1 percent Q/Q and 4.5 percent Y/Y.This metro has a notable tech economy.Edmonton had the weakest growth in nominal wages in Q3.Wages grew Q/Q at 0.4 percent and percent growth for Y/Y was 2.3 percent.Vancouver had
7、 nominal wage growth Y/Y of 3.9 percent and 1.3 percent Q/Q.Montreal,4.1 percent Y/Y and 1.2 percent Q/Q.Toronto:4.2 percent Y/Y and 1.0 percent Q/Q.Looking for market information for your specific workforce?Use the interactive Payscale Index to view general trends by industry,metro,job family or co
8、mpany size.Or,better yet,get a free report,customized to a position specific to your workforce,to see how Payscales award-winning cloud compensation software can work for you.Methodology overviewThe Payscale Index tracks quarterly nominal changes in total cash compensation for full-time,private indu
9、stry employees since 2007(with a baseline of 2006).In addition to a national index,The Payscale Index(Canada)includes separate indices for six Canadian metropolitan areas,as well as the United States.32 major metropolitan statistical areas(as defined by the Office of Management and Budget)based on t
10、he 2018 revisions by the United States Census Bureau.19 job categories(as defined,in part,by the Standard Occupational Classification(SOC)system)15 industry categories(custom aggregates of the North American Industry Classification System/NAICS)3 company sizes:Small(under 100 employees),Medium(betwe
11、en 100 and 1500 employees)and Large(greater than 1500 employees).Please see the online methodology for more details into how The Payscale Index is calculated and the online FAQ for more details about the new |Canada|Q3 2022|The Payscale Index5How is The Payscale Index data collected?Payscale collect
12、s data 24/7/365 from people throughout the world who complete a salary survey to find out what theyre worth.This always-fresh data is then subject to rigorous algorithmic and human validation processes to ensure its integrity before being accepted into our data set.The validated data is then accesse
13、d from within our subscription software to provide highly accurate salary matches to your jobs in your unique labor markets.How often is The Payscale Index published?The Payscale Index is released quarterly.What can employers learn from The Payscale Index?Employers can use The Payscale Index to unde
14、rstand how trends in average wages are changing nationally.This information can be used to guide changes in midpoints of salary structures and grades,as well as give general guidance for pay adjustments for newly hired employees and raises for fully qualified employees.While The Payscale Index is us
15、eful for understanding broad market forces,for creating a market-based compensation structure for a specific workforce,we recommend companies use Payscales Cloud Compensation Software.Employees can use The Payscale Index to understand how the average market price(expected wages)for the services of b
16、road categories of employees is changing.It provides an accurate measure of“typical”market price increases for fully qualified workers doing the same job in the same way for the same employer,as it is directly measuring the price of labor in the market.How current is the data in The Payscale Index?W
17、age data is updated daily in the Payscale database.The Payscale Index measures quarterly pay trends and includes data through the end of the last month of the most recent quarter in the report.Can I use The Payscale Index to set wages for my workforce?While the Payscale Index is valuable for underst
18、anding general trends for certain market segments,good pay decisions depend upon compensation data customized to your workforce like you get from Payscales cloud software.You get the most up-to-date data that is specific to your workforce,factoring in all the relevant market factors and trends that
19、affect pay for your positions,along with software that makes it easy to manage.As the industry leader in compensation management,Payscale is on a mission to help job seekers,employees and businesses get pay right,and make sustainable fair pay a reality.Empowering more than 53 percent of the Fortune
20、500 in 198 countries,Payscale provides a combination of data-driven insights,best-in-class services and innovative software to enable organizations such as Angel City Football Club,Perry Ellis International,United Healthcare,Vista and The Washington Post to make fair and appropriate pay decisions.To learn more,visit .