Salary transparency laws are requiring companies to list salary ranges on job applications. It's also forcing them to pay existing employees fairly.
"Pay transparency isn't just willy-nilly going out and posting salary ranges on a job posting, because there are more steps that companies need to take internally before they can get to that point," said Lulu Seikaly, a senior corporate attorney focusing on employment law at Payscale, a compensation software and data company.
Companies can use tier levels to decide salary ranges, Seikaly said, where exact salaries are based on experience, education, time with the company, and managerial level, for example, but overall, employees in comparable positions know they're all making the same range as their peers. "In the long term, organizations that are more resistant to pay transparency will begin to see a decrease in the number of applicants and a lowered quality of candidates applying to their roles," Creighton said. And he added that in a tight labor market, companies that want the best talent might need to increase pay transparency, even if it's not mandated by law.
If companies don't prioritize pay transparency and equip managers for these conversations, workers are more likely to apply at companies that do offer these benefits.Pay transparency, as it becomes a cultural shift starting with frontline and entry-level employees, will increase overall morale and trust within an organization.
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