By Sandra Block
From Kiplinger’s Personal Finance
Mariann Madden, the North America Fair Pay co-lead at WTW, a global human resources consulting firm, has some advice for job seekers.
Question: Under a new New York City law, companies that post a job that may be performed in that city are required to include a salary range, even for jobs that are hybrid or remote. California also has a new salary-transparency law, and 15 other states have some kind of transparency requirement. What’s behind these initiatives?
Answer: It’s twofold. One is to help reduce the pay gap among women and minorities. Studies have shown men tend to achieve higher pay in negotiating job offers than women, and that may happen because they don’t have access to information about pay. Given how small salary budgets are, if a new hire starts a job with a salary on the low end of their peers, it’s difficult to catch up, even when they’re promoted to higher-paid jobs….