How pay transparency pays you back
(Image: Sam Dan Truong)
The demand among jobseekers for salary ranges in job posts has become impossible to ignore. In several major markets – including the state of Colorado and New York City – it’s even become required by law. (Find a running list of salary range laws here.)
“We’re hearing from jobseekers every week telling us that job postings without a salary listed just aren’t worth their time to pursue,” said Work for Good Senior Client Development Manager Chelle Shell. “In fact, we’ve never seen jobseekers reaching out in these numbers.”
In the midst of the Great Resignation, you probably realize that employers need every advantage they can get in the competition for top talent. But if you’re still unsure about the value of listing salary ranges upfront, and of pay transparency in general, here are some points to consider, taken from recent commentary on the state of the labor market.
Employee satisfaction: Fast Company has been reporting on the value of pay transparency in relation to the Great Resignation, most recently covering a new survey that shows “in companies where leaders are not perceived to be transparent, twice as many employees are likely or very likely to leave.” On the other hand, those who consider their companies to be transparent feel “more satisfied, valued, and fairly treated.”
One key they point to, in discussion with several experts, is that pay range information “has to be simple enough for every employee to understand” in terms of how it’s affected by years of experience and other factors. “It’s about companies having ongoing conversations with employees to share what they are doing to benchmark salaries.”
As quoted in Inc., human resources expert Diane Domeyer notes that “without [salary transparency], people will always feel they aren’t being paid enough.”
Equity and inclusion: A story from CNBC notes that “decades of research show salary secrecy disproportionately harms women and workers of color,” which makes transparency around pay an important part of the move toward greater equity and inclusion at our organizations.
Beyond directly addressing the historic pay gap between white men and everyone else, pay transparency demonstrates a commitment to inclusion that represents a big draw for today’s talent.
Time and effort: The Undercover Recruiter blog points to the fact that jobseekers have an enormous number of open positions to choose from, and that applying carries a cost in time and effort. Salary information gives candidates a good reason to spend their limited resources on your listing.
It’s also worth noting your own limited supply of time and energy – and the fact that any details missing from your job posting will need to be communicated to applicants one-at-a-time: “Oftentimes, you’re faced with a bunch of unnecessary questions that could have been answered in the job posting – namely salary information.”
Of course, Work for Good is also here to save you time, energy, and expense: Purchase a job posting package today (your credits never expire!) and you'll get access to our unmatched client management team, always ready to answer questions and provide tips for making your job post a standout.
And if you currently have a live job posting without salary information listed, just reach out to our team at email@example.com – we will be happy to make the change for you!
Marc Schultz is communications editor at Work for Good.