Pay transparency has become the cool new thing as companies intend to be more progressive in the hiring realm. Not only does it benefit demographics that are generally underpaid, but we’ve also seen how disclosing the salary for a position actually gets more clicks on job openings.
If you’ve been contemplating if sharing salary information on openings may improve your chances of securing top candidates, many recruiters at other organizations are in the same boat.
FACTORS TO CONSIDER FOR PAY TRANSPARENCY
Jumping into sharing all salary information right away when secrecy has been commonplace for so long isn’t necessarily feasible. So, decide what amount of transparency makes sense for your organization. Maybe that means sharing ranges on job openings now, if you haven’t in the past, for various levels of experience. You should implement a strategy for specific positions or groups, allowing candidates to establish where on the pay spectrum should expect to fall. Similar to the government’s General Schedule for salary and wages, this decreases the amount of surprised candidates when you get to the money discussion, helping you to save time in the process.
Today’s cleared workforce has much greater access to salary market data than generations before, so you’ll want to base your compensation model on accurate and trusted pay data. Another tip is to utilize external data sources like the Security Clearance Compensation Report.
IMPLICATIONS OF NOT DISCLOSING THE SALARY
In 2020, women earned 84% of what their male counterparts received, according to a Pew Research Center study of earnings of the workforce. Everyone knows pay inequality exists but have limited choices in discussing the issue. Playing the game of low-balling candidates will ultimately tarnish your reputation if there is a wide gap or pay discrepancy among team members on the same contract.
Discussions regarding pay transparency among the cleared workforce can make a company’s culture thrive or diminish – many organizations should revisit pay equity policies to ensure they are in compliance with state laws as they change, and to demonstrate authenticity in the workplace. If you don’t, it’s going to be a challenge to attract anyone worth hiring.
THE CLEARED RECRUITING CHRONICLES:Â YOUR WEEKLY DoD RECRUITING TIPS TO OUT COMPETE THE NEXT NATIONAL SECURITY STAFFER.
