Posted by Many people have different ideas about whether or not job postings should include a pay range. Some professionals say that putting a salary range in the job ad is the best thing to do now and should be a regular part of all training for hiring people. Others think that a certain number can cause candidates to drop out of the process or cause disagreement within the group. Ultimately, it’s up to the company to decide whether or not to put a salary range in a job posting.
Here are 7 benefits of including salary range in job ads:
1. It’s one of the first things people look for when they want a job.
SHRM says that when people look at a job posting, they are mainly interested in the pay and perks. It is a reason to do something and shouldn’t be easy to ignore. In fact, LinkedIn says that 70% of workers will want to know about salary in the first message from a recruiter. So, just put it in the job offering and cut out the middleman. It will save you time and give possible candidates important information at the same time. Recent research has shown that seeing a salary range in a job posting makes 91% of candidates more likely to apply. This is a highly motivating factor.
2.No matter what, candidates will try to find out.
Candidates want to know what kind of pay to expect, whether they ask right away or do their research on sites like Glassdoor or Salary.com. Most of the information is already out there. Candidates shouldn’t be kept in the dark about pay. In the end, every prospect has to be offered something. Be honest, and don’t hide anything. Don’t forget that pay is important, but it isn’t always the most important thing. In fact, many people looking for work will even take a pay cut to ensure they have open hours or a more welcoming workplace.
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3. Diversity, equity and inclusion.
Being open about policies, actions, and results is becoming increasingly important in any business. Whether it’s how companies affect the environment, how they treat their employees, how diverse they are, etc., the corporate veil is quickly being pulled away. Putting out pay ranges is one way to show that your company is committed to equality and fairness. It’s a strong move showing your company doesn’t care about dangerous aura. Being honest about pay can build trust, and keeping it a secret causes emotional liability.
HBR has also said that being open about pay in a company can help close the pay gap between men and women, make workers more involved, and build trust.
4. Young people want it to be that way
What Millennials Want from Work, a top-rated book by Jennifer Deal, found that:
“Most millennials talk about their pay with their parents (71%) or their friends (47%). Older workers, on the other hand, are much less likely to talk about their pay with coworkers (19%), friends (24%) or parents (31%).
This group has a long history of being open about money. And since millennials will make up 75% of the working population by 2025, it might be a good idea to think about how to draw them. Since this age is interested in salary ranges, including them in job postings makes sense.
5. People don’t usually leave jobs to get paid the same amount.
Payscale’s 2020 Compensation Best Practices Report says that one of the main reasons people leave their jobs is to get paid more. It is important to know that a candidate’s salary past doesn’t tell you how much they’re worth. Their last salary was $35,000, but because of a pay freeze in the company, it has been that amount for the past 4 years. Does that mean the candidate will be happy to work for your company for a salary of $36,000? Perhaps not. Decisive, committed people will likely apply if a job’s pay is transparent.
6. People are getting used to it
Tradition is one of the biggest reasons job ads don’t list pay ranges. Job description usually has years of experience, certain college degrees, and many other standards that don’t matter. When it comes to job postings, companies typically have a set way of doing things that could be wrong. Change is coming, which is good, and many businesses are already seeing the benefits of being open. Glitch, Basecamp, and Buffer have all gone against the trend in a very public way.
7. Being different from the rest
Even though adding a salary estimate to job postings is becoming more popular, many companies still don’t do it. Most of the time, the best people are picky about the jobs they apply for, so why not get their attention where possible? Being open and honest about a job, including how much it pays, can give you an edge in a market that is already full. Now, a salary range that is too low could turn away applicants. But is it better to know this from the start and not waste time for both the candidate and the recruiter/manager? It could hurt the individual’s experience and cause more problems in the future.
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Anisa is a writer who focuses on career and lifestyle topics in an effort to motivate both job searchers and employers towards greater fulfillment in their professional lives.
Reach me at anisa@jobstore.com.