New York City employers are now required to list salary ranges in their job posts. Here's how that will affect candidates and companies.

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New York City employers with four or more employees must now list 'good faith' salary ranges on job ads, promotions, and transfer opportunities

, the phenomenon in which new hires' pay gains more and more ground on existing staffers' pay. Employers in this case may need to adjust their salary bands, or risk losing talent."Employers really want to start to think about how to create a salary range that reflects your current workforce," said Farrell Fritz employment attorney Domenique Camacho Moran.

"Get ahead of it by communicating it to your employees rather than letting them find that information of their own accord," Boersma said."Make sure there's an outlet for people to have those conversations without building up any sort of resentment."Though the law takes effect on November 1, it'll take a while to get to full compliance.

 

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