On November 1, 2022, New York City enacted its pay transparency law in the spirit of promoting fair wages for job seekers. However, as HR Brew reports, some companies are listing salary bands that are two to three times – sometimes even four! – in size. Take this snafu from Citi, for example:
According to Citi, who posted a job ranging from $0-2 million, the posting was due to a clerical error.
How should employers approach this new requirement without stepping on any toes? Another Source recently polled readers on LinkedIn, “In your experience, what is the best way to prepare for conversations around compensation?”
- 45% of respondents said “Do your research on pay ranges”
- 25% said “Perform a pay equity audit”
- 20% suggested “Reevaluate job postings,” and finally,
- 10% selected “Other” (we’re all ears)
If you are in HR and want to learn more on this topic, listen to this helpful conversation from the Building Culture podcast on equity in compensation.