A little over a year ago, we found that 70% of recruiters noted that disclosing the salary offered for a position received more clicks on job openings. A few months into 2023, pay transparency continues to be a hot topic among recruiting teams.
Recruiters and hiring managers can save valuable time and strike a balance of solid applicants if they are more descriptive of the role and clear about the salary. The need for equitable pay has been echoing for decades, and states like Maryland, Colorado, Washington, and California are on the growing list for localities with pay transparency laws.
WILL PAY TRANSPARENCY RESTRICTIONS AFFECT MY APPLICATION NUMBERS?
The Society for Human Resource Management (SHRM) conducted a study to see how talent acquisition professionals are tackling pay and their job postings. And while the sample wasn’t specific to just the national security sector, 42% of HR workers surveyed noted that they work in a location that requires compensation to be disclosed. But even if they don’t operate in a locale where its required, many professionals note that they list pay any way – perhaps in preparation for when pay transparency laws are enforced.
SHRM notes that “some have raised concerns that posting pay ranges may lead to negative outcomes, such as fewer people being interested in applying.” But the data says otherwise, and that 70% of organizations in the sample say they actually have more qualified applicants on jobs with salary noted. And 65% said they are more competitive in attracting quality talent by doing so.
On the candidate side for applying to companies, how does listing the pay influence their behavior? 82% note they are more inclined to apply to a position if there is compensation attached, and 73% are more trusting of a company that provides a pay range.
Instead of beating around the bush by keeping pay hush hush, and potentially wasting your time on a candidate that is outside your billets salary range, list the salary and get top talent for your opening quicker.
THE CLEARED RECRUITING CHRONICLES: YOUR WEEKLY DoD RECRUITING TIPS TO OUT COMPETE THE NEXT NATIONAL SECURITY STAFFER.