IQNavigator Inc. has launched IQNdex, a new information resource that features data, insights and analysis about rates for temporary labor—information not available from any other source. IQNdex measures the magnitude and direction of change in temporary labor bill rates by skillset and geography that reflect the rapidly shifting relationship between demand and supply of non-employee workers.
What is IQNavigator’s IQNdex?
IQNdex measures the magnitude and direction of change in temporary labor bill rates compared to a baseline of January 2008. The IQNdex provides detail corresponding to U.S. Census regions and encompasses four job sectors:
- Light Industrial
- Office Clerical
- Professional – Managerial
- Technical – IT
IQNdex is a price index designed by IQNavigator to track temporary worker bill rate trends. With 75% of IQNavigator’s clients in the Forbes Global 2000, IQNdex reflects temporary labor trends affecting large enterprises. IQNdex allows clients to see trends in temporary-labor prices as well as discover underlying drivers of price changes such as unemployment levels, temporary labor hiring and skill levels. In addition to overall U.S. prices (see “Master IQNdex US”), IQNdex has more detailed values available by geography and job sector.
IQNdex is derived from actual bill rates collected by IQNavigator’s market-leading services procurement platform (also known as a Vendor Management System), which provides higher-quality data points than non-transactional information such as survey responses or job board postings. After a two-year effort to normalize and validate methodology and source data, IQNdex was launched in April 2011. Currently, the scope of IQNdex is limited to onshore U.S. rates, and IQNavigator plans to expand IQNdex to include other countries with sufficient transaction volumes. IQNdex illustrates price changes since January 2008, with the initial index value set to 100 at inception. IQNdex is adjusted for changes in volume and balanced for geographic and job sector composition to show true price changes. As there areno detectable price patterns by season, IQNdex does not adjust for seasonality.