How Pay Transparency Is Changing the Job Search
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Here's your money briefing for Monday, October 24th. I'm J.R. Whelan for The Wall Street Journal. More companies are listing salary information in job postings as states like Colorado and California pass pay transparency laws. And New York is expected to follow next year. By taking some of the guesswork about compensation out of the equation, it's changing the job search process.
You know, pay ranges require more homework than people might think when they're job hunting. And it's more than just taking the jobs posted pay range at face value.
On today's show, we'll talk with our reporter, Ray Smith, about questions job seekers should still be asking about salaries. Plus, we'll hear from one woman in California about how posted salary ranges are helping her in her current job search. That's after the break.
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New laws in some states require companies to post salary ranges in job listings, and that can help job seekers narrow down their search for positions that meet their professional and financial needs. But these kinds of pay transparency laws can still leave job seekers with questions. In a moment, we'll talk with Wall Street Journal reporter Ray Smith about how job seekers should think about published salary info.
What do new state pay-transparency laws require employers to include in job listings?
But first, let's hear from a job seeker about how having this info on hand can factor into finding the right job. California resident Paris Clark is 24. She lost her job in August and now is searching for work in the customer service and banking fields. And she joins us now. Hey Paris, thank you for being with us. Hi. So how are you going about your job search and why are published pay ranges important to you?
So right now I'm perusing LinkedIn and Indeed for any job postings that seem like they can be applied to my current skills. And the published salary ranges are definitely beneficial to me because so many of the listings I've seen, they don't have anything listed as far as pay ranges. or even some of them are very outdated. I've noticed a few of them have minimum wage from like one, two, three years ago. So I think that would definitely help me and many other job seekers to know exactly how competitive a job is and how we can pay our bills.
Now, what do you do if you see an attractive job that doesn't have a pay range listed?
So if a salary range isn't posted, I may not be so inclined to apply just because, you know, I have to be mindful of my current bills and any savings goals I have. If the job duties seem like something I would be interested in or are within the scope of my experience and I feel like it would be a good fit, I may apply, but sometimes I do skip over them.
Now, what's been your experience when you've applied for a job that doesn't have the pay range listed?
Sometimes I do feel a bit discouraged when I finally get into the interview process and then they reveal what the salary is. And from there I do have to kind of weigh the pros and cons. Do I feel like I could do this job?
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