At one time, very few companies posted their pay rates. Compensation was considered private, and packages were negotiated only when an offer was made. But this way of doing business is rapidly changing. Today, there are many good reasons to include your pay rates in your job postings. Here are just a few benefits of posting your rates or salary ranges.
Legal Requirements
More and more states and local areas now have laws requiring employers to disclose pay rates. Most of these laws allow you to share a salary range rather than a single number, though you may need to break down complex pay structures (base salary, bonuses, commissions, etc.). If your city or state requires disclosure, make sure you understand exactly what you need to share.
Prescreening Candidates
Public job postings tend to attract a lot of applicants. What’s the point in going through the entire screening and interviewing process with someone who would never work for the rate you are offering? Posting pay rates or salary ranges up front helps to ensure that you only spend time on applicants who agree with the offered compensation.
Increasing Pay Equity and Transparency
Historically, women and people of color tended to make less money than white men, even when performing exactly the same work. Although this is rapidly changing, bringing pay rates into the sunshine is the only way to ensure fairness for all. Pay equity and transparency are extremely important to many candidates, and disclosing pay rates from the outset shows that you are committed to these values.
Correcting the Record
In the Internet Age, it’s incredibly easy for job applicants to find pay information online. But these rates are not necessarily accurate. Maybe a former employee posted what he made 10 years ago. Or perhaps an algorithm came up with a likely pay scale based on companies similar to yours. Regardless of how the incorrect information ended up online, adding pay rates or salary ranges to your job postings is a simple way to correct the record.
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