Pushed along by new state and local laws, more companies are increasing their transparency about pay.
Seventeen percent of companies are already disclosing pay range information, even in locations where it's not required by state or local laws, according to a new WTW survey. At least 62 percent of employers are planning to disclose or considering disclosing pay rate information in the future.
Seventy-one percent of companies plan to use a consistent approach in determining which pay rate, and range information will be disclosed across all jobs. Fifty-seven percent are applying a geographic pay policy to determine the pay rates or ranges, and they will differ based on the job location, the survey found.
"We're in an era of change in terms of what companies have been sharing and hopefully will be sharing more of in the future," said Mariann Madden, co-leader of WTW's North American fair pay team in Chicago. "I would relate it to the various pay transparency laws that have been cropping up across the United States in the past two years. The labor market and complaints from the employee workforce have influenced this," as well.
Thirty-eight percent of companies that currently disclose pay rates are seeing more questions from current employees, and 27 percent are getting more questions from prospective employees. Sixteen percent also are seeing an increased number of candidate applications, the survey found.
Some employers may be facing internal and external pressures from...
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