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Pay transparency gets a lot of airtime. People want to know what a job pays before they invest their valuable time in applying. After all, even the most incredible job in the world is not viable if it does not pay enough. As a recruiter for 15+ years, “How much does it pay?” is one of the most common questions I hear up front. But now, in HR circles, I’m hearing more and more about another concept: the salary floor. This is the baseline amount that every employee in a company will make. While it’s not exactly relevant to the pay of a specific position — after all, a contender for a management or leadership role doesn’t necessarily care about the salary floor — this metric is indicative of a company’s general talent economics and pay transparency values. As one excellent example that Worklife shared last month, the independent, nonprofit news agency 19th News, headquartered in Austin, has a salary floor of $70K in a market where the average journalist makes far less: $57K. Reading this, I think, “19th News is committed to paying talent well.” Important to publishing salary floors: revisit them periodically to ensure they align with cost-of-living increases. Otherwise, it’s all just lip service.

The one place where our hiring sucks 🙄 Is transparency, but here’s how to solve for it Companies try to play smart by trying to underpay rather than pay for the talent, expertise and worth of the incoming employee. This is usually done by not sharing salary brackets and just 'topping off' on the individuals previous salary. If someone or a company did manage to hire someone at a lower pay, great! You’ve won a shortsightedness competition that will eventually cost you and the company more. When the person realizes they were tricked and are being underpaid, that would be a good time to imagine that the employee stops caring about the organization and starts looking for a switch. Trust, with an organization starts with knowing that one is being paid for his or her worth. All the talk about psychological safety is of no use, if you rob your employees right at the doorstep! A piece of the ‘mental peace’ also comes from the fact that they are being paid fairly. So here’s to empowering everyone to get a sense of their worth! Posting the Salary Guide 2024 that I think everyone should have. Go get your worth! and share with someone who might need to see this. #wellness #salaryguide #selfworth

We all know discussing mental health at work can be tough. But salary conversations? That's a whole different level of awkwardness. Why is the corporate world so obsessed with keeping pay a secret? This week's Insight Edge by Vantage Lens dives deep into the controversial world of salary transparency. 🤐 Nearly half of US workers are forbidden or discouraged from discussing their pay.  🤫 23% of private sector employees face outright bans on salary conversations.  😶 Almost 20% of workers are uncomfortable sharing their salary with anyone. Should salary transparency be the new standard? Will it lead to greater productivity and pay equity? We want to know your thoughts! 👉 Swipe to explore the debate and share your perspective in the comments.

Smart people advised me against internal salary transparency. We did it anyway! Since day 1, every person at Woven could see everyone's compensation and our full financials. Surprising benefits after 5 years: 1- We made a leadership mis-hire. Peers and direct reports gave me very direct feedback about that very early and specifically cited this person's compensation. Because they knew what we were paying, they had more conviction that it wasn't the right use of funds. And they were right. 2- It was easy. No need to make a redacted financial model or maintain complex permissions. The whole team could see what I saw. 3- Comp bands were self-adjusting. When we had compensation conversations, I could pull up the actual data. This made fighting rumors easy! And I still haven't seen a negative impact. Maybe this was because we started from day 1. Anyone else tried transparent compensation or financials? h/t to Luke Mercado and Chris Vannoy for the topic idea!

What are the best practices for introducing salary transparency? Answers: https://lnkd.in/gtBUtAAK #SalaryAccess #HRBestPractices #EmployeeDevelopment Hey there! 👋 I’m in a bit of a dilemma and would love your insights. I have a junior employee who’s doing an amazing job with onboarding and R&D projects. But here’s the catch: I need to give her more system access, which includes visibility into our company’s salary information. Now, I know that introducing salary access can be a sensitive subject, especially when the person isn’t familiar with corporate pay bands beyond entry-level roles. Here are a few pain points I’m concerned about: Confidentiality: This is a biggie! We want to make sure she understands the importance of keeping salary details private and the potential implications if anything slips out. Overwhelm: Since she's only worked with hourly roles, diving into pay scales might feel like we’ve thrown her into the deep end without a life jacket. 😅 Understanding context: She might not grasp why salaries vary based on roles, experience, and market conditions, leading to confusion or misunderstandings. So, how do we navigate this? Here’s what ...

What are the best practices for introducing salary transparency? Answers: https://lnkd.in/gyg-bfYd #SalaryAccess #HRBestPractices #EmployeeDevelopment Hey there! 👋 I’m in a bit of a dilemma and would love your insights. I have a junior employee who’s doing an amazing job with onboarding and R&D projects. But here’s the catch: I need to give her more system access, which includes visibility into our company’s salary information. Now, I know that introducing salary access can be a sensitive subject, especially when the person isn’t familiar with corporate pay bands beyond entry-level roles. Here are a few pain points I’m concerned about: Confidentiality: This is a biggie! We want to make sure she understands the importance of keeping salary details private and the potential implications if anything slips out. Overwhelm: Since she's only worked with hourly roles, diving into pay scales might feel like we’ve thrown her into the deep end without a life jacket. 😅 Understanding context: She might not grasp why salaries vary based on roles, experience, and market conditions, leading to confusion or misunderstandings. So, how do we navigate this? Here’s what ...

Why hide the numbers? Less than half of job ads show salaries. It’s often a sign that the hiring company doesn’t have internal pay transparency. So why wouldn’t a company be fully transparent about salaries? After all there’s some well known benefits. The case for transparency: 1️⃣ Builds Trust 2️⃣ Promotes equity and fairness 3️⃣ Encourages clear career paths 4️⃣ Simplifies performance reviews 5️⃣ Aids in recruitment And yet I've seen many companies with opaque salary structures. Often it develops over time, falling into the trap of raising salaries for new hires while ignoring market adjustments for existing employees, creating an imbalance. Perhaps there’s a belief that tenured employees won’t complain and that this is a viable money-saving strategy. ..It’s not.. Over time secrecy grows and cracks appear The Cost of Secrecy: 1️⃣ Dissatisfied and demotivated employees leave. 2️⃣ Reputation damage - One or two bad glassdoor reviews can make it harder to attract top talent 3️⃣ Legal risks - Unfair pay practices can disproportionately affect certain groups 4️⃣ Challenges in performance management Eventually, the cost to reputation, employee motivation and turnover far outweigh the savings. What’s your view on salary transparency? 💸

What are the best practices for introducing salary transparency? Answers: https://lnkd.in/dap8K9dQ #SalaryAccess #HRBestPractices #EmployeeDevelopment Hey there! 👋 I’m in a bit of a dilemma and would love your insights. I have a junior employee who’s doing an amazing job with onboarding and R&D projects. But here’s the catch: I need to give her more system access, which includes visibility into our company’s salary information. Now, I know that introducing salary access can be a sensitive subject, especially when the person isn’t familiar with corporate pay bands beyond entry-level roles. Here are a few pain points I’m concerned about: Confidentiality: This is a biggie! We want to make sure she understands the importance of keeping salary details private and the potential implications if anything slips out. Overwhelm: Since she's only worked with hourly roles, diving into pay scales might feel like we’ve thrown her into the deep end without a life jacket. 😅 Understanding context: She might not grasp why salaries vary based on roles, experience, and market conditions, leading to confusion or misunderstandings. So, how do we navigate this? Here’s what ...

What are the best practices for introducing salary transparency? Answers: https://lnkd.in/dK_JF-jj #SalaryAccess #HRBestPractices #EmployeeDevelopment Hey there! 👋 I’m in a bit of a dilemma and would love your insights. I have a junior employee who’s doing an amazing job with onboarding and R&D projects. But here’s the catch: I need to give her more system access, which includes visibility into our company’s salary information. Now, I know that introducing salary access can be a sensitive subject, especially when the person isn’t familiar with corporate pay bands beyond entry-level roles. Here are a few pain points I’m concerned about: Confidentiality: This is a biggie! We want to make sure she understands the importance of keeping salary details private and the potential implications if anything slips out. Overwhelm: Since she's only worked with hourly roles, diving into pay scales might feel like we’ve thrown her into the deep end without a life jacket. 😅 Understanding context: She might not grasp why salaries vary based on roles, experience, and market conditions, leading to confusion or misunderstandings. So, how do we navigate this? Here’s what ...

Can there be pay transparency without pay equity? Pay equity is the first step towards pay transparency. Being transparent about your pay indicates that you have achieved or are working towards pay equity. Employees and incoming candidates appreciate working in a company that is transparent about its equity efforts.