Knowing if you’re getting paid fairly for the work you do is an ill-informed mystery. There is a possibility. Voluntary or government mandated, companies are increasingly revealing how much a job or current position will pay.
Navigating Salary Ranges
So far, about 10 states and local governments, including California, Colorado, Washington, and New York City, have mandated access to payroll information. Businesses in a jurisdiction are generally required to post salary ranges showing minimum and maximum wages. Rules vary, some require only job applicants to be notified, others allow current employees to request information about salary ranges.
Roberta Matuson, president of Matuson Consulting in Boston, consults companies looking for top talent. She believes payment transparency is “a step in the right direction.”
People are also reading…
“Knowledge is power, so if you don’t know you can make more money, you won’t even ask for it,” says Matheson.
Is this the end of salary negotiations?
Payscale transparency doesn’t eliminate salary negotiations, said Lexi Clarke, vice president of Payscale, a national provider of payroll data and services. Instead, Clark says it will encourage discussion about current and future wage expectations.
This helps employees and candidates “understand what their expectations should be, where there are (salary) boundaries and where there is flexibility. It will level the playing field between parties and allow for more open and transparent conversations,” she says.
Lulu Seikaly, senior corporate attorney at Payscale, also said that current law requires employers to offer higher salaries than posted for a position, as long as the company can provide an objective reason for the exception. is not hindered.
In the past, companies often offered salaries based on how much an individual earned from previous jobs, Seikaly said. “Many states now ban it.”
When potential employers ask about your salary history, Matuson says: Just flip the question. “
Will the wage gap be eliminated?
While salary transparency reveals salary ranges, will gender and ethnic pay gaps narrow? It may be too early to say.
But Payscale’s Clark says organizations that are more open about pay tend to have clear compensation structures and are less likely to have pay inequality.
She predicts how the gender pay gap will narrow.
Read the full story and learn more about this week’s top financial news.
US consumer price inflation eased again last month, raising hopes that the impact of inflation on the economy will continue to ease this year.
Your holiday “buy now, pay later” bill may be coming soon or has already been billed. If you’re not ready to pay, you can deepen your debt with late fees and other charges. The situation could change in the coming weeks due to economic setbacks such as job losses and unforeseen…
You are probably familiar with the more obvious effects inflation has on your finances. For example, your money doesn’t go to the grocery store often. But other ways inflation can help or hurt have received less attention.
Since the onset of the COVID-19 pandemic, small business owners have faced ever-changing regulations, cash flow shortages, and general economic uncertainty. And 2022 brought its own set of challenges: inflation, rising interest rates, and a shortage of workers. In fact, 66% of small business owners expect their revenues to increase…
Did you know that I booked a room that was originally advertised for under $100 a night and then suddenly skyrocketed to over $150? Partly due to taxes, but another big part is the resort. It can come from rates.Some hotels have resort fees that are more offensive than others, but resort fees tend to be higher…
Setting financial boundaries can be a daunting task, but doing so can put you on the path to financial health. If you’re struggling with sticking with it, there’s no better time than the beginning of a new year. What are financial boundaries? “Money boundaries are limits…
Now that the New Year is here and the holiday fanfare is over, it’s the perfect time to set your money goals. Especially if you’ve spent a lot of money on gifts and travel lately and want to keep your finances in order. Solve all your money problems…
2022 was a high price year, with inflation pushing up the cost of living and interest rates rising accordingly. With talk of a recession continuing, 2023 could present its own financial challenges. And consumers are worried. NerdWallet’s annual Household Debt Survey found that nearly 7 of her 10 Americans (69%) have financial concerns…
🎧 Hosts discuss why 88% of Americans believe cheating on taxes is unacceptable, but only 44 say it’s their responsibility to report criminal activity to the IRS % was.
