A law that took effect Nov. 1 requires salary minimums and maximums on NYC job listings.
This week's newsletter was written by Ryan Ermey, a senior reporter covering money and investing for CNBC Make It. You can follow him on Twitter @RyanErmey. Starting Nov. 1, most private sector employers in New York City are required by law to list the salary range on all posted job ads, promotions and transfer opportunities. Experts say the landmark legislation, which applies to some 4 million private sector workers, is key to closing racial and gender wage gaps. And similar laws could be coming to a workplace near you, they told CNBC Make It's Jennifer Liu. The law applies to postings for any position that can or will be performed, in whole or in part, in New York City, whether it's done from an office, in the field or remotely. Employers must post a "good faith" salary range for each position, whether it's listed internally, or on a job site such as LinkedIn, Glassdoor or Indeed. The law applies to salary only, with no requirements to list things like health insurance, bonuses, stock options or other benefits or forms of compensation. |
While many large companies in the Big Apple have already gotten on board, small and midsized firms are taking a little longer to comply. But job seekers and workers can file complaints or leave anonymous tips with the city's Commission on Human Rights for companies that don't follow the rules. Experts say it's a matter of time before salary transparency laws begin to crop up nationwide. A similar law is already on the books in Colorado, and California and the rest of New York state are expected to follow suit next year. Pay transparency policies are overwhelmingly popular among job applicants and workers, who are no doubt tired of the verbal jiujitsu that follows the dreaded "what are your salary expectations?" question from hiring managers. The folks in human resources may feel the same way, and new laws on the books could empower them to get their bosses on board, experts say. "I think most HR leaders would like to be more transparent about pay, but have a hard time making that case to executives — the benefits you see with positive engagement and employee outcomes outweighs some risks," Tony Guadagni, senior principal of research at consulting firm Gartner, told Make It. |
Trending articles from CNBC Make It |
|
|
|
