No More “Competitive” Pay
Job seekers rejoice as, effective today, New York City-based employers will be required to include starting salary ranges for every job listing.
This means that every NYC-based job listing on LinkedIn (MSFT), Indeed (RCRRF), and other such platforms will need to include a “good faith” salary estimate or range. The law also covers physical job listings like flyers, classifieds, or job fairs.
Here are a few of the specifics that you should know about the law.
• It applies to businesses with four or more employees, with at least one working in NYC.
• It applies to full/part-time positions, internships, and independent contractors.
• Employers who do not abide by this law are liable to be sued, after a 30-day grace period.
• The law applies to listings for all jobs that could be performed in NYC — including remote positions across the country.
So, although the law is currently specific to NYC, it will likely have wide-ranging implications across the US.
A Big Win for Workers
Since so many companies operate at least partly in NYC, there is a good chance that many major employers will choose to comply simply by changing their policies across the board. One of the city’s largest private employers, Citigroup (C), has already done so, adding salary listings to all active job openings. For companies of a certain scale, it may be easier to implement company-wide change than to segment jobs by the cities in which they could be performed.
Additionally, if salary transparency becomes the norm, even companies that don’t operate in NYC will likely follow suit, or risk being shunned by workers.
Finally, the remote work clause of this law is critical, as it will bring transparency to any job that can be done remotely. Since remote work is a growing trend, this bill will apply to thousands of jobs across the US.
This bill is a major stepping stone on the road to ensuring that all workers earn a fair rate for the work they do.
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