What impact does payment transparency have? According to a new report, nearly 70% of organizations say their salary range listings have led to a surge in applicants.
It is beneficial to be transparent about salaries, not only for companies, but also for employees.
New research from the Society for Human Resource Management (SHRM) shows that introducing salary transparency into job listings has resulted in more applicants for these positions and more qualified candidates.
See also: ‘Deadpool’ turned business mogul Ryan Reynolds is doing well with Mint Mobile deal
States such as California, Colorado and Washington are beginning to require employers to include salary ranges in job listings, and New York will join the group in September. New York City already has payment transparency measures in place.
That’s why SHRM, a corporate organization whose goal is to create a better workplace and elevate the HR profession, has released a study on Equal Pay Day. We found that 70% of organizations that included salary ranges in their job descriptions saw an increase in total applications for: their posted position.
Additionally, 65% of the organizations surveyed said that including salary ranges in their job listings makes them more competitive in attracting top talent.
The survey was conducted between February 21 and February 27, 2023, among 1,386 U.S.-based HR professionals representing companies of various sizes and industries.
“There are systemic gaps in the road to equity that cause one group to adversely affect others,” Emily M. Dickens, SHRM’s chief of staff and public relations officer, said in a statement. We need more than recognizing and proactively addressing them: “More direct education about compensation processes, increased engagement with compensation and human resources We need an understanding of how to use our talents through personal advocacy, armed with alliances with
See also: Working 4 days a week is less stressful and just as productive
Also, if the job offers a salary range, it will improve not only the total number of applicants, but also the quality.
According to the survey, approximately 66% of organizations that list salary ranges say that creating a list has significantly improved their overall “applicant quality.”
Maggie Hulce, executive vice president and general manager of enterprise at job site Indeed, said in a statement:
Read more: Employers in these two states are now posting salary ranges in their job postings.Increased wage transparency for millions of workers
But there are data points employers may not be so enthusiastic about. About 36% of organizations also said that including salary transparency in job listings should increase the need for current employers to ask management for raises.
Case in point: A recent Twitter thread featured a New York-based UX (user experience) writer touting that her company would pay between $32,000 and $90,000 more for a staff position at her company. After seeing the information, it spread by word of mouth. as a contractor.
– Weston Brush
This content was produced by MarketWatch operated by Dow Jones & Co. MarketWatch is published independently of the Dow Jones Newswires and The Wall Street Journal.
(Closed) Dow Jones Newswire
Copyright (c) 2023 Dow Jones & Company, Inc.