Looking for a job truly feels like a full-time job. There’s nothing quite like scrolling through a two-page document that lists every required qualification, degree, and certification under the sun but somehow manages not to list the pay rate.
It can be frustrating, maddening, and downright discouraging. A little help is on the way.
New laws surrounding pay transparency are coming. Job seekers will see more information on the job post that could help them decide if applying is worth their time.
Pay transparency will be required in California, Colorado, and Connecticut. Maryland and Washington will enact a version of salary transparency law as well. New York passed a salary transparency law on November first.
Sounds great, right?
It can be. However, with any new law, there is bound to be a learning curve and a few kinks to work out. There have already been a few oddities.
Take, for example, the Citibank ad that listed a job’s salary as $0 – $2 million. Wait, what? You read that right. That listing is obviously not super helpful. The company has since taken the ad down and blamed it on a technical issue, but you can see already that there could be some issues with the new laws.
These laws are designed to ensure that people traditionally underpaid – women and minorities – get an equal salary to the white men in the company.
There could be legitimate reasons for a wide swing in salary ranges – geographic location or experience, for example. But all too often, there are significant discrepancies for no good reason.
With any good idea dedicated to equity, these new laws could create some work upfront for the companies posting jobs with salary ranges. Suppose an employee of a company sees a new job post with a salary range and realizes they’re at the low end of the scale. In that case, HR will most likely be involved in negotiating compensation.
Hopefully, companies will embrace this time of change. These conversations will benefit everyone and make the workspace more equitable in the future.
Information Leads to Power
Employees are now getting more resources to work with and ensure their pay is aligned with others. This is fantastic news. Earning less money adds up to a massive loss over time.
“On average, women employed in the United States lose a combined total of nearly $1.6 trillion every year due to the wage gap. These lost wages mean women and their families have less money to support themselves, care for their families and communities, and save and invest for the future. Families, businesses, and the economy suffer as a result.” – National Partnership.org.
This is a big deal. When people are paid fairly and equitably, economies thrive.
Fair pay could lead to employee retention
Are you looking to make a career move? Gather information upfront about a company. These new laws will make more information available to job seekers. Not only that, but it could lead to employee retention if companies ensure their teams are well taken care of and compensated. It could mean fewer people are looking to jump to another company because they feel secure and cared for in their current role.
Experts report that employees may value fairness more than actual pay.
People stay at jobs when they feel that their leaders are empathetic, transparent, and invested in their futures. Employees stay dedicated if a career path is evident and the pay structure is laid out. If you feel uncomfortable negotiating, begin to learn and practice.
Negotiating is part of the business. You absolutely have the right to negotiate for more money, benefits, or both.
Negotiations
This is your career, so take notes. Literally, take notes. Your manager may or may not be keeping track of all your hard work. Take ownership of your accomplishments. Track the projects you’re working on and the measurable results. Do this in a personal workspace that’s not tied to your workplace. You’ll want it in a place you control and one to which you will always have access.
Google Docs is easy and free.
Evernote is a good option too.
Having a mobile app makes it easy to take notes on the go. Sync your information to the cloud so it doesn’t get lost if your device dies.
You’ll be prepared when you’re ready to negotiate or ask for a raise. You’ll have your notes about your goals and team successes. Please share them. You know your work better than anyone else, and you can talk about how you’ve positively impacted the team and the company.
Check public salary ranges as a guideline, but remember that you can still ask for more than the maximum number listed. Employers may offer more money or add perks to bump the offer even higher.
Fairness is the way forward
The new laws will be helpful to job seekers everywhere. As more companies begin listing salary ranges, others will follow suit. Even if the state doesn’t require it, posting will become the norm. Job seekers could look at a job post without a salary and perceive the company as secretive.
Companies want to keep up and stay progressive. They want to appear dialed-in and show they care about workers’ rights. Pay transparency is an easy way for them to do it.
Remember, information leads to power.
Fair pay could be great for businesses and help you negotiate more salary or benefits. Long-term employees may have the most to gain here, but these new laws will benefit all job seekers and employees.
These new laws taking effect may seem minor, but they could have a lasting positive impact. The money that will shift into the hands of more women and minorities will mean a more robust economy and a more equitable country.
