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going rate


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The accepted rate of pay or pay increase within a particular occupational labour market or industrial sector. The ‘going rate’ might be used to refer to the accepted rate of pay for occupational groups working in a particular labour market or the rate of increase which is set within the process of annual wage negotiations in an industrial sector, such as the motor industry. The term has connotations of fair and equivalent payment and is often used by union wage negotiators to ground claims for wage levels or wage increases which are comparable with those in other employing organizations. As such, the notion of a going rate may be resisted by employers who are keen to tie wage rates and wage increases either to company or to individual performance within a particular employing organization. [See ability to pay, comparability, and rate for the job.]

Subjects: Human Resource Management.


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