Whether you’re working in a role now, or actively searching for your next position, at some point you’ve thought about the amount of money you would make—whether you want to make more in your current role, are fine taking a pay cut or if you’re looking to see what’s possible should you continue down this career path.
Salary is important. There’s no way around it. And for too long, talking about money has been regarded as a taboo, but newer generations in the workforce are looking to break from that trend in hopes of creating a workforce that is more inclusive, equitable and transparent.
Companies have caught on to this. Employers are looking for a way to set themselves apart from their competitors, and being upfront about pay has been one of the ways they’ve done this.
One of the first and most obvious reasons why you should include a salary range in your job description is because this is currently something job candidates are asking for. Seven states across the U.S. have required employers to post the salary range for every job opening they have. While it’s not the most important part of choosing a job, it is still something candidates look for first, and it does factor into the ultimate decision to pursue a new role and accept any offer. Posting a salary range in the job description brings clarity to the issue and sets the expectation early for any job applicants that there won’t be any surprises should they get through the next round of interviews and receive an offer.
You want to attract top talent to fill your vacancy, and the best candidates will be selective about where they apply. When you include a salary range, you make it clear to any applicant what to expect. Also, you can make sure to specify in the job description that the range is dependent on an equivalent level of experience. A competitive salary will also benefit your business in a tight job market by being upfront with applicants.
If you want to attract more applicants, it helps to be transparent with them. Millennial and Gen-Z professionals, who make up a significant portion of the job market, expect a certain level of transparency from employers. In a survey conducted by The Org, nearly 70% of respondents said they would take one job offer over another if the one company was more transparent. This transparency in your job descriptions helps create trust and respect which makes candidates more likely to apply for a position.
This also directly benefits employers by
Equity and inclusion are extremely important to today’s workforce and by placing the salary range in the job posting, you let your employees and future employees know your payment practices. Publicizing your compensation shows that your company is trying to be fair and inclusive. Participating in more pay transparency can greatly impact the job market by encouraging other companies to take a similar approach to create more equitable compensation for everyone.
Including salary ranges in your job descriptions can help you directly target and attract your ideal candidates, and save yourself time in the interview and negotiation process. It also helps show that your company has a culture committed to transparency, which helps build trust and will make any position more enticing for potential applicants.