Pay was a pain point for many businesses in 2022 — due in large part to rising wages and high turnover.
Employers are feeling the heat on multiple fronts, with a younger generation of workers demanding pay transparency — or just openly discussing their salary details — and a growing number of states requiring it. Pay transparency laws for job postings have taken hold in Washington state, Colorado and California — and New Yorkbusiness with more than four employees to disclose a range for annual salary or hourly rate for all advertised positions and in-house promotions.Deanna Baumgardner
Experts note pay transparency can also impact a company’s existing workforce as employees realize how much new hires and others are being paid, saidCompanies can get ahead of the laws by revamping their pay structure and even performing a pay-equity audit to make sure existing workers are paid fairly.
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