NYC to require salary ranges be included in job postings

#1

Post by O__________O » Mon, Oct 31, 2022, 5:45 PM UTC

NYC to require salary ranges be included in job postings
nytimes.com

Re: NYC to require salary ranges be included in job postings

#2

Post by spamizbad » Mon, Oct 31, 2022, 6:04 PM UTC

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?

Re: NYC to require salary ranges be included in job postings

#3

Post by diceduckmonk » Mon, Oct 31, 2022, 6:05 PM UTC

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.

Re: NYC to require salary ranges be included in job postings

#4

Post by throwaway1777 » Mon, Oct 31, 2022, 6:07 PM UTC

diceduckmonk wrote: post #3

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.

Re: NYC to require salary ranges be included in job postings

#5

Post by gsk22 » Mon, Oct 31, 2022, 6:08 PM UTC

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")

Re: NYC to require salary ranges be included in job postings

#6

Post by cronix » Mon, Oct 31, 2022, 6:10 PM UTC

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.

Re: NYC to require salary ranges be included in job postings

#7

Post by Carrok » Mon, Oct 31, 2022, 6:11 PM UTC

It has been this way in Colorado for some time, and it has been nothing but fantastic.

Re: NYC to require salary ranges be included in job postings

#8

Post by jstx1 » Mon, Oct 31, 2022, 6:13 PM UTC

spamizbad wrote: post #2

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?

Re: NYC to require salary ranges be included in job postings

#9

Post by gsk22 » Mon, Oct 31, 2022, 6:14 PM UTC

spamizbad wrote: post #2

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 suspect employers are more interested in attracting talent by _appearing_ to pay highly than by actually doing so.

Re: NYC to require salary ranges be included in job postings

#10

Post by robertlagrant » Mon, Oct 31, 2022, 6:15 PM UTC

spamizbad wrote: post #2

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 knowledge.