Over half a dozen states have implemented pay transparency laws, some requiring salary information upon request or after interviews
New York's pay transparency law is seen as an opportunity for companies to attract and retain top talent by showcasing higher-paying job postings
This encourages employees to discuss their salary goals with their managers and consider applying for positions within the stated salary range
Employers are advised to update job postings with salary information, evaluate pay structures, and create compensation plans to ensure compliance
Pay transparency also helps address pay gaps and ensures fair compensation for new hires compared to existing employees
An executive advisory firm found that many employees, primarily women, were in the lower salary percentiles for similar positions, raising concerns of gender pay disparities
Corrective actions, such as pay raises, may result from compensation analysis, but not necessarily immediately
Some companies may adopt gradual pay raises or create multiple compensation levels based on factors like experience or education
Companies that share wage information in job postings attract more and higher-quality applicants, reducing the risk of lowball offers
While some oppose pay transparency laws, others believe they will normalize salary expectations and promote fairness in the job market. Small businesses may face challenges in compliance