Closing the Wage Gap Is the Biggest Benefit, According to Employers
Companies and employees in the creative industry are opening up about compensation, new research from staffing firm The Creative Group shows. More than three-quarters of advertising and marketing hiring managers surveyed (77 percent) said their organization offers some level of salary transparency, with 34 percent reporting full transparency. When asked to name the greatest advantage of instituting an open pay policy, the top response was helping close the wage gap (23 percent), followed by creating an atmosphere of trust and collaboration (21 percent).
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Advertising and marketing hiring managers were asked to describe their company’s current approach to open salary policies, as well as what they think it should be:
|
Transparency level |
What |
What |
|
Full transparency: Salaries for every employee are available to people within and outside the organization. |
34% |
37% |
|
Near full transparency: Salaries for every employee are available only to people within the organization. |
23% |
29% |
|
Partial transparency: Salaries for select positions are available to people within and outside the organization but are not associated with specific employees. |
20% |
23% |
|
No transparency |
23% |
11% |
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“Salary is top of mind for most employees and job seekers, and they’re doing their research to ensure they’re being paid fairly,” said Diane Domeyer, executive director of The Creative Group. “Companies are becoming more willing to share compensation information in an effort to demonstrate an organizational culture of fairness and trust and boost recruitment and retention.”
Domeyer added, “Regardless of a firm’s stance on open pay policies, employers should benchmark salary trends regularly. Highly skilled workers are in strong demand and short supply, and they won’t hesitate to make a career move if a better opportunity comes along.”
Managers Are OK Talking About Their Pay
The research also reveals most creative managers are open to discussing compensation with people inside and outside their organization. Seventy percent of respondents said they’d be at least somewhat comfortable sharing their salary with coworkers if asked. And nearly an equal number said the same of professional (68 percent) and personal (69 percent) contacts outside the company. Managers were most opposed to disclosing pay details with direct reports.
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