Study Highlights Need for Employers to Disclose Salaries to Attract Top Talent and Comply with Evolving Regulations
New research from CareerBuilder, in partnership with Morning Consult, reveals a significant disconnect between employers and job seekers regarding pay transparency. As the job market evolves, job seekers now expect salary information to be included in job postings. Yet, many employers remain hesitant to share this crucial detail upfront.
Based on a survey of 415 hiring decision-makers, the study found that 55% of employers do not reveal salaries until the interview phase. Only 8% of employers are sharing specific salary information at the outset, while 37% share a range. This year, the Society for Human Resource Management (SHRM) found that 80% of U.S. workers are more likely to consider applying for a position if the salary is listed.
Read More: Why Talent Acquisition Teams Must Embrace AI In The Right Way Or Risk Being Left Behind
“This lack of transparency is impacting employers’ ability to attract and retain the best candidates,” said Jeff Furman, CEO at CareerBuilder. “Considering shifting candidate expectations, the adoption of state-level pay transparency mandates and growing concern over equitable pay, now is the time for employers to lift the veil on salaries.”
Employers that embrace pay transparency experience several benefits, including increased job visibility and better candidate matches. Job postings that include salary information tend to perform better in search engine algorithms, and CareerBuilder posts featuring salaries perform 30% better than those without.
“Given the competitive job market and evolving candidate expectations, the ‘first one to say a number loses’ strategy has become outdated,” added Furman. “Including salary details not only aligns expectations but also reduces drop-offs during the interview process, helping employers save time and resources.”
Read More : HRTech Interview With Frank Wolf, Co-Founder And Chief Strategy Officer At Staffbase
[To share your insights with us, please write to psen@itechseries.com ]