Show me the money! 💰👀 No, literally. WA just inked a new law into effect, requiring employers in Washington state to include salary and benefits in all job postings. The law impacts companies with 15 employees or more.
Historically, many employers steered clear of showing their hand before extending an offer. But now, it looks like the playing field is about to get leveled.
Here’s Five Fast Facts on the new changes:
- ⏰ Still Got Time: The new law goes into effect on January 1, 2023.
- 💁 It's Generational: When it comes to salary transparency, millennials are more comfortable sharing how much they make compared to older generations. It's estimated that millennials will make up about 75% of the workforce by 2025.
- ✌💲 Transparency Is The New Black: WA isn't the only state jumping on the bandwagon. Cities like NYC and states like California, Connecticut, and Nevada all have some sort of salary disclosure requirement.
- 👷 Fair and Square: Supporters of the bill say it will make job seeking more fair for women and people of color. The information could help folks understand just how much a job is worth and negotiate a higher salary. Information is power!
- 😒 Not Everyone's a Fan: Salary transparency could hurt tech companies, especially start-ups. High-paying jobs at big name employers often snatch up top candidates from little guys who can't compete. So, if smaller companies have to open up about salary from the beginning, they fear a second interview won’t be on the calendar.
🔥Bottom line: Salary transparency is a huge help to job seekers. Knowing the salary before applying saves you from interviewing for what ultimately turns out to be a low-paying gig. However, transparency could also deter great candidates from working at a fun start-up with benefits outside of money.
Has salary transparency helped you in your job search? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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