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Many New Yorkers may soon discover how underpaid they are.
On September 17, New York is set to be the eighth state to implement pay-transparency legislation and the fourth this year, after California, Rhode Island, and Washington. The new law could help companies statewide attract talented new hires by making clear from the start of the interview process the salary and workplace expectations. Though, it could hurt the retention of longtime employees, who are set to see how much they're making compared with new hires in similar positions.
New York's law requires employers to publicly disclose the exact compensation or a range of compensation — as well as a job description if one exists — for any job, promotion, or transfer opportunity.
In November, a New York City law went into effect requiring employers with four or more workers, at least one of whom works in the city, to disclose "good faith" salary ranges in job postings. The law covers base pay and mandates that the ranges can't be open-ended, meaning an employer can't write "$18 an hour or more," for instance.
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