It’s been one week since New York City’s pay transparency law took effect, and as of Nov. 5 about 60 percent of New York City job postings included salary ranges. That’s up from 30 percent the month prior, according to a Nov. 8 report from workforce intelligence company Revelio Labs, which analyzed data from job market firm LinkUp.
Companies that don’t comply with the law—which requires employers with four or more employees to include a “good faith” salary range for every job, promotion, or transfer opportunity they advertise—could be ordered to pay up to $250,000 in civil penalties. The city is giving employers who don’t comply a grace period of 30 days to fix their first violation before they’re fined.
“We knew this law was coming, and they had a lot of time to prepare,” said Reyhan Ayas, a senior economist with Revelio, of New York City firms that haven’t yet posted salary ranges for open jobs. “They might still be ramping up that internal HR effort of coming up with a range that makes sense for them.”
If companies post a range that’s too low, it could affect the number and quality of candidates that apply. Posting a higher range could have consequences as well, as it could create tension among current employees who realize they are being underpaid.
Salary ranges are more likely to be posted for senior roles than junior ones. Just 53 percent of entry-level roles complied with the salary transparency law over the last week, compared to 73 percent of director positions....
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