HR Glossary

What is Market Rate?

The going rate of pay for a specific job in the external labor market, determined by analyzing salary survey data across comparable employers, industries, and geographies.

Why it matters in hiring

Market Rate comes up whenever teams compare candidates, set policy or report on people data. Getting the definition right keeps decisions consistent, which is the same reason springhire scores every applicant against the same criteria rather than on impression.

Related terms starting with M

• Management by Objectives (MBO)
• Management Training
• Manager Review
• Maternity Benefit Act
• Meal Vouchers
• Medicare (Australia)
• Medicare Tax
• Medicare

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