The concept of pay transparency is becoming increasingly popular in the workforce. By making salaries transparent, organizations can help reduce pay gaps based on factors such as race and gender. This benefits both employers and employees. Studies indicate that almost all job seekers (98%) prefer to know the salary of a position before applying, with 77% claiming that salary is a top priority during the job search. And organizations that are already disclosing pay rates are seeing a 16% increase in candidate applications.
If you are looking to hire top talent or seeking a new job, check out our infographic to understand the advantages of salary transparency.
Infographic sources: https://www.betterup.com/blog/paytransparency#:~:text=Pay%20transparency%2C%20also%20known%20as,about%20salary%20and%20pay%20information, , https://www.linkedin.com/pulse/pay-transparency-could-cut-gender-gap-40-caroline-fairchild%3FtrackingId=P0skURDZRHOKY5qQthdPTg%253D%253D/?trackingId=P0skURDZRHOKY5qQthdPTg%3D%3D, https://www.beckersasc.com/asc-news/over-25-of-us-workers-protected-by-salary-transparencylaws, https://www.compa.as/blog/pay-transparency-statistics#:~:text=60%25%20of%20organizations%20want%20to,market%20data%20with%20team%20members
Watch our short video here to learn how your organization can implement better pay transparency.