Transparency in pay is becoming a trend

CompTIA has a new report, Workplace, and Learning Trends, citing that 73% of human resources professionals expect hiring to become even more challenging over the next 12 months. Two-thirds believe that persistent hiring constraints may become the new normal. 

In case you missed it, Starting November 1, job listings in New York City require a maximum and minimum salary for the role.     While not the first law here – Colorado has one, and Washington State just passed one, with about a dozen more states considering – it’s a very high profile one.    This date was pushed back over business objections, arguing that competition for workers is stiff, and they want flexibility on pay.       Still, it’s coming.    

And, per the Employment Cost Index released at the end of last week, Total compensation for all workers in the U.S. in Q1 was up 4.5% from last year.   It measures how much employers pay for workers’ wages and benefits.  Total comp in the leisure and hospitality sector rose 8.4% year over year. 

There’s a solid argument to be made about getting ahead of certain trends.   I happen to believe this transparency is going to be good for workers.  Making your organization more worker-friendly is a crucial strategy.   Thus, why not get ahead of this?   Lean into the transparency trend now.   

As with many ideas like this, many won’t.  Speaking as one tracking trends, this one seems easy enough to be a leader on.