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Nirit Cohen – WorkFutures
Angela Howard – Culture Expert
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Jonathan Price – CRE & Flex Expert
New laws could alter the job application process forever.
On November 1, New York City’s Wage Transparency Law will go into effect, a trend that has begun spreading across numerous states.
States such as California, Connecticut, Colorado, Maryland, Nevada, Rhode Island and Washington are currently in the process of implementing similar legislation or already have their own in place.
The goal? Provide true transparency about job wages and instill a sense of trust between job seekers and hiring companies.
“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,” said Mariann Madden, director of work and rewards at benefits consulting firm WTW.
Although a relatively new concept in practice, salary transparency has been in workers’ rights discussion for decades. Now, change is finally underway, with a study from Monster finding that a whopping 98% of workers support these types of laws.
Not only do wage transparency laws help worker’s iron out their own financial needs during a time of economic uncertainty, but it also encourages better pay equity amongst all employees.
However, companies outside of states with pay transparency laws may want to reconsider their own internal policies, as 53% of workers won’t even apply for a job that disregards salary ranges in their job postings.
