October 27, 2022
3 Tips for Job Seekers as Pay Transparency Movement Grows
A New York City law making it mandatory for employers to share wages in postings goes into effect Nov. 1. How will it affect your job search?
Starting next month, job seekers in New York will be able to see how much employers are offering for particular positions, when the city’s wage transparency law goes into effect.
Pay transparency is a growing movement, with states including California, Connecticut, Colorado, Maryland, Nevada, Rhode Island and Washington boasting their own disclosure laws – or in the process of rolling them out. The laws are popular with job seekers. New data from job board Monster found that 98% of workers believe employers should disclose salary ranges in postings. More than half (53%) said they wouldn’t even apply to a job that doesn’t disclose the salary range.
“We expect the recent wave of pay transparency legislation to continue,” Mariann Madden of benefits consulting firm WTW told CNBC. But, she added, regulations are only one factor when it comes to pay disclosure: “Job seekers and current employees want to know and understand that they are treated fairly and are provided with equal opportunities to thrive and grow within the organization.”
Studies have shown that when employers are upfront about the range of compensation they’re offering for a position, it can help to narrow the wage gap, leveling the playing field when it comes to salary negotiations. But salary isn’t the only factor to consider when you’re interviewing for a new position. Consider these three things during your job hunt.
1. Know your worth. Before you even apply for a position, you should understand the market value of your experience and skillsets. Do your research on what the industry norms are, so you enter salary negotiations from a position of strength, whether or not the pay range was advertised in the job listing.
2. Look at the entire offer. For many, flexibility and work-life balance can be almost as important as the figure on your paycheck. Before accepting a position, make sure you’re clear on things like vacation time and other benefits.
3. Make sure your values align. It’s important to look for workplaces that have a vision compatible with your own needs. Do your research on a company before showing up for the interview. Not only will that knowledge help impress the recruiter, it will show you whether the company would be a good fit for you. Look for recent news articles to find out what’s happening at your prospective employer. Considering how close-knit the promotional products industry is, you could also reach out to current or former employees at the firm where you’re applying to get their read on company culture.