Mar 29, 2024, 12:00 AM
(From Forbes) Pay transparency is officially a best practice as the majority of organizations (60%) now publish salary ranges in job ads, up 15% over last year, according to Payscale’s 2024 Compensation Best Practices Report. However, this transparency can also lead to challenges, as 14% of organizations have experienced employees leaving after discovering higher-paying job ads, and 11% have had employees realize they were being underpaid compared to similar internal roles.
(From SHRM) While 42% of HR professionals must include pay ranges in postings due to local laws, 67% voluntarily list start pay, according to a recent SHRM survey more of than 1,300 HR professional. Notably, 32% started including start pay info in the past year, indicating a proactive response to transparency trends. SHRM advises transparent wage decision-making and equity checks. Moreover, 70% of organizations listing pay ranges report increased applications, 66% see higher applicant quality, and 65% find it boosts competitiveness in attracting top talent.
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