Discrepancies between expectations and realities about salaries are a top reason candidates abandon a recruiting process. But a recent article by Kim Marie Lachance Shandrow from a LinkedIn blog post highlights the benefits of upfront salary transparency.
Compensation can mean many things, and HR managers and recruiters often are under pressure to maintain budgets. A recent FB post went viral for the wrong reasons when a recruiter posted about offering a salary well below the budget. From the article, “…many employers continue to grapple with whether to be upfront about pay. A common thread of the compensation debate [regards] the need for mutual trust between prospective employers and candidates. Recruiters and hiring managers are balancing budget considerations with the need to properly value applicants’ skill sets and experience. Meanwhile, job seekers are looking to limit the blind spots of salary negotiations while finding an employer that’s willing to invest in their career growth and happiness.”
What’s Your Worth?
Regardless of the budget, “the jugular” is often viewed as a good starting point for salary negotiations in the current job market. Also, from the article, “The benefits of sharing salary information are worth weighing. When companies release salary ranges from the start, they can:
- Streamline pay negotiations later.
- Give their company a competitive advantage in a tight job market.
- Boost their employer brand in the eyes of the talent.
- Filter out candidates who would decline job offers based on pay alone.
The Big G is Watching
State governments are beginning to take an interest in salary transparency. Shandrow shares, “Lawmakers are also helping to press the issue. At least 14 U.S. states have laws that ban companies from requesting applicants’ salary history. And some 20 states and Washington, D.C., legally safeguard workers who discuss pay.
Most significantly, perhaps, a new law in New York City requires “all companies hiring in the city to list expected pay on job listings as of May 15.” More states — Connecticut, Maryland, Nevada, Ohio, Rhode Island, and Washington — are following suit with similar pay transparency legislation.”
There is no return on investment for businesses putting a candidate through their recruiting process only to be dropped over salary. Transparency, early and often, is key to maintaining a competitive advantage in the hiring market.
If you are interested in learning more about getting the best IT talent in the Dallas metroplex, BCT specializes in recruiting IT talent in Dallas, Ft. Worth, and North Texas. So if you are looking for a rewarding career, contact us today.