Economy NYC to require employers to disclose salaries in job postings

Queen B

Queen B

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Not sure why this isnt common practice.
Its already illegal to ask for your previous wage, as it discriminates against women, who often struggle with negotiating salaries compared to men.

This is going to take compensation equity a step further
I think eventually all companies will do this, and for companies that dont, they will not have many applicants

. Under a new law passed by the New York City Council, which will go into effect in April 2022 if not vetoed by January 14, 2022, employers in New York City will have to include the minimum and maximum starting salary for any "advertised job, promotion or transfer opportunity."

This unfair one-sided way of doing business is detrimental to the person seeking out a new job. An applicant would be forced to interview with more than three to six people for up to six months. After the culmination of an arduous, emotionally draining interview process, an offer could be made that is far below the expectations of the eager candidate. The ordeal was a complete waste of time and energy for everyone involved in the hiring process. The experience looks bad on the company. The disheartened job hunter will surely share this horror story on social media and with friends, which could make it harder for the company to recruit people in the future.
Click to expand...
https://www.forbes.com/sites/jackke...laries-on-job-advertisements/?sh=39e688aa4b38
 
Speaking as an HR professional, this isn’t as easy as it sounds. I work at the top of the top companies in the world. The majority of my time is spent analyzing and planning compensation.

SOME roles have defined compensation bands and some don’t. I suppose it would be possible to post the ones that do, however I am not confident you could do it across the board. Furthermore, for companies that offer equity, a starting compensation would not be equal to an individual who has racked up years of equity awards.

All to say, I guess my job just got harder.
 
Rob Battisti said:
Speaking as an HR professional, this isn’t as easy as it sounds. I work at the top of the top companies in the world. The majority of my time is spent analyzing and planning compensation.

SOME roles have defined compensation bands and some don’t. I suppose it would be possible to post the ones that do, however I am not confident you could do it across the board. Furthermore, for companies that offer equity, a starting compensation would not be equal to an individual who has racked up years of equity awards.

All to say, I guess my job just got harder.
Click to expand...

Don't you ever feel like hiring the kind of person who wants equity in the company they work for, aka a smooth brain, is a mistake?
 
Rob Battisti said:
Speaking as an HR professional, this isn’t as easy as it sounds. I work at the top of the top companies in the world. The majority of my time is spent analyzing and planning compensation.

SOME roles have defined compensation bands and some don’t. I suppose it would be possible to post the ones that do, however I am not confident you could do it across the board. Furthermore, for companies that offer equity, a starting compensation would not be equal to an individual who has racked up years of equity awards.

All to say, I guess my job just got harder.
Click to expand...

Wouldn't you say most of those top tier positions are not advertised?

Although, IIRC in Oz there are laws requiring positions to be advertised before anyone is promoted internally so that may be a factor.

Anyway, what's stopping companies from give very low/high minimum/maximum starting salaries? (Didn't read full article)
 
There is a range for a reason in every white collar job. This is just leftists not understanding meritocracy and destroying businesses. What will happen is less job postings and more references
 
I prefer being able to negotiate my salary when looking at positions. To each their own I guess.
 
HeffDoesWant said:
What's bad about wanting equity?
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Compared to cash value you could invest in the SP500? Well, when it turns out your CEO and CFO were riding the Lolita Express, your company stock tanks, and they fire you, you lose your investment and your livelihood at the same time. Especially when the odds of your company stock returning something close to what a total stock fund returns, it is a horrible investment.
 
SummerStriker said:
Don't you ever feel like hiring the kind of person who wants equity in the company they work for, aka a smooth brain, is a mistake?
Click to expand...

Why? Imagine working for Apple as a product manager. Your offer will consist of 4 parts.

Salary
Bonus
Equity
Sign on bonus

the equity is where you make the real money.

axion said:
Wouldn't you say most of those top tier positions are not advertised?

Although, IIRC in Oz there are laws requiring positions to be advertised before anyone is promoted internally so that may be a factor.

Anyway, what's stopping companies from give very low/high minimum/maximum starting salaries? (Didn't read full article)
Click to expand...

All positions must be posted externally for at least 5 days prior to hiring.
 
SummerStriker said:
Compared to cash value you could invest in the SP500? Well, when it turns out your CEO and CFO were riding the Lolita Express, your company stock tanks, and they fire you, you lose your investment and your livelihood at the same time. Especially when the odds of your company stock returning something close to what a total stock fund returns, it is a horrible investment.
Click to expand...
That’s…. Not really how it works. You could also immediately sell the equity as soon as it vests to reinvest in other areas. I sell mine to invest in crypto for example.
 
Imagine arguing against transparency of pay. No more of this "competitive pay" bullshit. Not sure how it'll work in practice, but I like the idea.
 
Rob Battisti said:
That’s…. Not really how it works. You could also immediately sell the equity as soon as it vests to reinvest in other areas. I sell mine to invest in crypto for example.
Click to expand...

Then it is a word game because it is just cash. I am talking about taking company equity, obviously. You have to walk through two steps of thinking to interpret what other people say, so that you can have a conversation. That's how talking works.
 
I'm surprised this isn't already a thing in America.

Yet another insignificant thing that surprises me about the country.
 
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