Today's job seekers want to see a pay range,
not "competitive salary"
For a long time now, hiring teams have tried to boost their job
ads by stating they offer a competitive salary.
It's a step up from ignoring pay altogether, but the
term "Competitive salary" actually works against the
job ad.
Including it is long-standing practice, but today's
job seekers want something new - pay
transparency.
Using “competitive salary,” “pay commensurate
with experience,” or a similar phrase can deter
qualified job seekers. It can reduce the size and
quality of your applicant pools, and it can put you
out of compliance with pay transparency laws too.
The term “competitive salary” is
problematic for a number of
reasons.
First, it can signal below-market pay. Behind the scenes, companies can
do their best to meet or exceed the industry average. But that effort is
undermined by using the term.
Second, it doesn’t follow the current trend of pay
transparency laws. More companies are publishing
pay ranges all the time. (Including ranges that are too
broad to have any meaning, unfortunately.) And more
jurisdictions are enacting laws requiring pay ranges in
job posts.
Third and most important, it’s not what today’s job
seekers want, which is information. Today’s job seekers
want to see specifics in job posts. A pay range is top of
the list, so they don’t waste time with unnecessary
application processes.
And it’s not just about pay. They want to know what it’s actually like to work at a company. Specifics
on healthcare, paid time off, retirement plans, stock options, and more are also important to them.
(They even want to see a stance on diversity, equity, inclusion, and belonging.)
Today's job seekers want to see
specifics in job posts. A pay range is
top of the list, so they don't waste time
with unnecessary application
processes.
It's in employers' best interest to
offer a pay range to job seekers,
even before local or state laws
require it.
Find Out More At
https://datapeople.io/