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For finance and tech jobs the compensation will be tied up in performance bonuses and equity, so salary ranges aren't the most meaningful for these roles, except when there is no non-salary pay.
Exactly. And the base comp is largely the same everywhere. It’s the equity that matters.
I get why employers would hate this, but overall, wouldn't greater transparency in the labor market drive economic growth by virtue of making the labor market more efficient by doing a better job of connecting skilled, hard-working and motivated employees with employers who can pay more?
By what mechanism does legally enforced transparency make the labor market more efficient?
While I am supportive of this, I expect a lot (majority?) of listings with ranges like "$40k-200k based on experience". (Or the example from the article, "$17-50/hr")
I get why employers would hate this, but overall, wouldn't greater transparency in the labor market drive economic growth by virtue of making the labor market more efficient by doing a better job of connecting skilled, hard-working and motivated employees with employers who can pay more?
In other words: software (like most other industries) relies in part on employees low-balling themselves (and stigma around sharing salary information), which is harder to do when you know what the actual salary band is.
I get why employers would hate this, but overall, wouldn't greater transparency in the labor market drive economic growth by virtue of making the labor market more efficient by doing a better job of connecting skilled, hard-working and motivated employees with employers who can pay more?
I don't think they'll hate it. If they know what a prospective employee is making, they can offer a minimal increment on that within their (wide) salary range. Currently, only the employer knows their real budget (and that may change if they get the right candidate) and only the employee knows what they'll move for. Salary negotiation is based on those two secrets. This legislation makes the latter secret public know…
I get why employers would hate this, but overall, wouldn't greater transparency in the labor market drive economic growth by virtue of making the labor market more efficient by doing a better job of connecting skilled, hard-working and motivated employees with employers who can pay more?
By what mechanism does legally enforced transparency make the labor market more efficient?
For finance and tech jobs the compensation will be tied up in performance bonuses and equity, so salary ranges aren't the most meaningful for these roles, except when there is no non-salary pay.
This will make it a lot easier to gather financial data on individuals and target ads to people who make $x. If the job and salary are posted, it will be scraped, and compared to job titles in profiles at places like LinkedIn.