Show Me the Money
A new trend highlighted by an Adobe (ADBE) workforce study shows recent graduates are less inclined to apply to jobs that don’t disclose salary in the job posting. In fact, out of more than 1,000 respondents, 85% reported they were less likely to apply to such jobs.
Historically, employers avoided publicizing how much employees make. But, today, sharing pay ranges seems to be a key differentiator that helps attract new talent — and provides an advantage over competing employers with less transparent income practices.
Gen Z Leads the Way
Asking how much money someone makes is no longer the faux pas it once was. Compared to previous generations, Gen Z employees are more willing to discuss salary with their employers and their peers.
Some suggest this trait could be due to the fact that they grew up in the digital age. With the rise of social media, sharing more details of your life feels more common now than it did for previous generations. Also, this is a generation that lived through the pandemic, a period in which workers’ rights were underscored.
Regardless of the reasons, Gen Z has made it clear income transparency is important — and they’re being heard.
More Power to Workers
A number of states have already taken action to implement pay transparency laws. As of January 1, California, Rhode Island, and Washington became the latest states to implement salary transparency laws. Those laws require most employers to include a wage scale and description of benefits and other compensation in every job listing.
This action not only simplifies the process of negotiating job offers, but it assists employers in closing the wage gap that can exist across genders, races, and backgrounds. With more open salary practices, there is less room for discrepancies between employees.
If you’re seeking a job, it should be easier now than ever to find out how much you’ll be paid for it — or, at least, deserve to be. And, if those two figures don’t line up, it could be a sign to keep looking.
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