As the employment landscape changes in favor of employees, employers are finding new ways to write job ads that attract a greater number of potential candidates. But many employers still shy away from including the most important part of the job in job ads: the salary.
The reluctance of employees to disclose salaries does not work out in their favor. According to one research, salary is one of the most important factors for millennials to switch jobs. Therefore, employers who don’t disclose salary for jobs can miss out on the most talented candidates.
But this is not the only reason companies disclose salary for jobs. More reasons are as below:
Shows Transparency
These days, not only employees but also consumers expect transparency from businesses. Transparency in business refers to a business’s goals and its ethics and performance when reaching these goals. In short, businesses that show transparency aren’t afraid of communicating with their stakeholders, customers, or employees and being accountable for their business practices.
Transparency has developed greater trust between businesses and all their affiliated parties. As a business practice, transparency can result in greater and faster business growth.
Promotes Employment Equity
Diversity and inclusivity have become key recruitment trends for many businesses. However, the pay gap is still a reality and an issue. But companies who disclose salary for jobs can appear more trustworthy and attractive to diverse talent.
Disclosing salaries diminishes the pay gap and helps promote a positive work culture. It keeps employees guessing each other’s salaries and competing against each other. Instead, it allows them to respect each other for their experience and contribution to the team.
When there’s no pay gap between genders and ethnicities in an organization, it leads to better teamwork, resulting in greater work output. Promoting employment equity in the workplace can also allow a business to develop greater trust with its customers.
Attracts More Candidates
There are many advantages to paying employees equally and fairly. But businesses cannot enjoy these benefits until they show their commitment to equal and fair pay.
Companies that disclose salary for jobs benefit from this act greatly. Job ads with disclosed salary or salary ranges get greater attention from those searching for an employee. Combined with the company’s transparent reputation and promoting employment equity, the disclosure can result in a large pool of talented candidates to fill the vacancy.
This results in the company filling the vacancy with the most appropriate candidate who delivers their expected results.
Saves Time
Recruitment can be difficult. The pile of applications for a job vacancy is first sorted to find suitable profiles. The suitable profiles are then screened and contacted if they pass the screening test. Then begins multiple interviews with each profile and checking their references. The finalized candidate is made an offer. Negotiations and wait follow the offer, which can be turned down if the candidate is not happy with the salary.
Disclosing salary can greatly shorten this process. It allows only those candidates to apply who are happy with the offered salary, saving the recruiters’ time significantly.
Last but not least, the most important reason to disclose salary for jobs is that not disclosing it doesn’t achieve anything. Therefore, companies should disclose salaries for jobs to enjoy the benefits that come with it.
