While more than half of the ~2,500 respondents reported being satisfied (or better) with their pay, roughly 43% reported some level of pay dissatisfaction. It’s a fabulous dataset to check out.
With pay transparency laws popping up across the country, you might ask what this means for your current employees. The answer is, of course, nuanced.
A recent article by the Washington Post highlights how pay transparency legislation in New York will impact employers, employees, and job seekers. The new law, which was enacted in May, requires job postings to share a salary range. The goal of the law is to close gender and racial wage gaps.
Organizations have an opportunity to review their pay practices and correct disparities. Pay dissatisfaction is linked closely to low employee morale – so it’s critical that employers fix discrepancies before job postings go live.
Pay transparency laws may help improve employee morale, too. For example, many employees who aren’t happy with their compensation may actually be overpaid. Pulling back the curtain on pay practices can help organizations become more competitive in attracting and retaining talent.