Applying for a job posting that doesn’t list pay range is frustrating for job seekers, and can be a waste of time. Only a handful of states require it. But several others, including Virginia and D.C., are considering it.
More companies are including pay transparency in job postings voluntarily, and seeing benefits.
“They are appearing more competitive. And that means they are getting more qualified applicants,” said Emily Dickens, chief of staff at the Alexandria, Virginia-based Society for Human Resource Management. “And that is key, especially as you know what we’re dealing with a talent shortage.”
Big jobs site Indeed.com recently reported the number of job posts that include salaries has jumped 137% in the past three years, with almost half of national listings having pay information.
A SHRM survey of HR professionals shows they’ve found 82% of workers are more likely to consider applying to a job if the pay range was listed in the job posting, and 72% are less interested in applying to job postings that don’t list pay range.
Pay transparency in job postings is also good for a company’s existing employees, to see if they’re getting paid fairly for a similar job.
“Our research found that 36% of organizations said pay transparency has caused more current employees to ask about receiving a pay raise,” Dickens said. “For those employers who are investing in being transparent about pay ranges in job listings, they may want to make sure they do some pay audits so what they are posting is more aligned with what they’re paying.”
Another benefit of pay transparency is reputation. The SHRM survey found 73% of workers are more likely to trust organizations that provide pay ranges in job postings than ones that do not.
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