As New York City joins localities requiring employers to publish pay ranges in job ads, more employers across the US are also adopting this practice, even in places that don't require them to. Here are some benefits of posting salary ranges in job ads.
1. It makes your company more attractive to job seekers. In a recent survey, 74 percent of respondents said they would only apply to a job if the salary were listed in the ad. Of those who wouldn't apply, the top reason was that they didn't want to waste their time applying for a job they were unlikely to get because their salary expectations didn't align with what the company was willing to pay.
2. It helps you attract a more diverse pool of applicants. A study by Glassdoor found that when salary information is included in a job ad, it leads to a 12 percent increase in applications from women and a 9 percent increase from people from underrepresented groups. When salary info is left out, those groups are less likely to apply because they assume they won't be paid fairly.
3. It saves you time and money. The recruiting process is expensive, so you want to ensure you're only spending time and money on candidates who are a good fit for the position and the company's budget. Posting a salary range ensures that only qualified candidates apply, which saves you time in the long run.
4. It builds trust with candidates. In today's tight labor market, candidates have choices, and they want to work for companies that are transparent and upfront about compensation. Posting salary ranges shows that your company is open and honest about pay, which can help build trust with potential employees.
More and more employers are posting salary ranges in their job ads, even in places where it's not required by law. There are many benefits to this practice, including attracting a more diverse pool of applicants, saving time and money, and building trust with candidates. As pay transparency legislation continues to spread across the country, this is likely to become standard practice for all employers.