As many of you know, New York City passed a law requiring wage transparency in job postings, being the second jurisdiction, behind Colorado, to do so.
Just recently, Washington State became the third jurisdiction to mandate that employers provide a fair estimate of the salary range for every advertised job.
Eight other jurisdictions, including California, Connecticut, Maryland, Nevada, Rhode Island, Cincinnati, Ohio, and Toledo, Ohio, require that employers disclose wage ranges upon request.
These wage transparency laws apply to all businesses, big and small. Many businesses have no real idea of what the salary range is for most of their jobs compared to the market. Establishing a wage market reference range requires an in-depth analysis of the position and then a review of wage data surveys for similar jobs. Certain jobs unique to the job market may require a review of several salary surveys to develop a hybrid salary range.
For businesses in New Jersey, it’s just a matter of time before wage transparency similar to that of New York City becomes a reality. Even before wage transparency laws were being passed throughout the country, Marzano Human Resources Consulting was telling clients the importance of understanding the wage market reference range for their positions. It is important in pay equity analysis, talent retention and for attracting qualified job candidates.
A job analysis takes time and doing an analysis on multiple jobs takes planning on the part of a business. Start the process now. In the long run, it will help ensure you understand the amount of money you will need to pay employees to ensure your company’s continued success and budget accordingly.
Marzano Human Resources Consulting is experienced in determining the salary ranges for positions. We do an analysis of the job which helps us then compare the job to market positions contained in salary surveys.