What Is IQNdex?
IQNdex measures the magnitude and direction of change in temporary labor bill rates and reflects market conditions based on actual assignments, a far more direct measure than surveys or estimates made from direct hire wages.
A flow of new assignments provides continually updated information about market rates, putting actionable business intelligence into the hands of Program Offices and making it easier to benchmark programs and further drive performance.
The U.S. IQNdex and U.K. Office IQNdex provide a powerful combination of market focus, directly applicable transactions, and visibility across a range of industries. The rates for hundreds of job titles are calculated and summarized into broad job sectors with consistent job title weightings:
- Light Industrial
Why IQNdex Is Unique
In contrast to the many sources concerned with wage trends, the U.S. IQNdex and U.K. Office IQNdex are focused exclusively on hourly rates for contingent and project labor paid to staffing agencies. This makes it immediately relevant to a company’s bottom line. Unlike estimates of the labor market derived from surveys or job postings, the indexes are based on actual market-clearing transactions. The insight into market levels is direct and not dependent on inference.
For each new U.S. and U.K. Office IQNdex, IQNavigator analyzes the data and compares the findings on temporary worker hourly rates to current market conditions and economic indicators. This deep-dive analysis provides insight into how the non-employee labor market outlook is affected, both positively and negatively, as a result of market and economic shifts.
How the IQNdex Information Is Derived
Upwards of 1 million assignments per year provide IQNavigator with real-time, transaction-based bill rates. Over 88% of the assignments are generated from clients who are found on the Forbes Global 2000 and represent a broad range of industries, including Financial Services, Retail, Energy, Telecommunications, Media and Technology, and more. The information is normalized to a common set of job titles and is anonymized and aggregated to ensure client data confidentiality.
The U.S. IQNdex is published quarterly, and the U.K. Office IQNdex is published biannually. IQNavigator also provides frequent commentary on the monthly Bureau of Labor Statistics unemployment reports.