Cision PR Newswire
New Research Reveals Disconnect Between Employer Pay Transparency Practices and Job Seeker Expectations
Study Highlights Need for Employers to Disclose Salaries to Attract Top Talent and Comply with Evolving Regulations
CHICAGO, Sept. 24, 2024 /PRNewswire/ -- New research from CareerBuilder, in partnership with Morning Consult, reveals a significant disconnect between employers and job seekers regarding pay transparency. As the job market evolves, job seekers now expect salary information to be included in job postings. Yet, many employers remain hesitant to share this crucial detail upfront.
Based on a survey of 415 hiring decision-makers, the study found that 55% of employers do not reveal salaries until the interview phase. Only 8% of employers are sharing specific salary information at the outset, while 37% share a range. This year, the Society for Human Resource Management (SHRM) found that 80% of U.S. workers are more likely to consider applying for a position if the salary is listed.
"This lack of transparency is impacting employers' ability to attract and retain the best candidates," said Jeff Furman, CEO at CareerBuilder. "Considering shifting candidate expectations, the adoption of state-level pay transparency mandates and growing concern over equitable pay, now is the time for employers to lift the veil on salaries."
Employers that embrace pay transparency experience several benefits, including increased job visibility and better candidate matches. Job postings that include salary information tend to perform better in search engine algorithms, and CareerBuilder posts featuring salaries perform 30% better than those without.
"Given the competitive job market and evolving candidate expectations, the 'first one to say a number loses' strategy has become outdated," added Furman. "Including salary details not only aligns expectations but also reduces drop-offs during the interview process, helping employers save time and resources."
For detailed insights and tips for employers, download the infographic here.
About CareerBuilder:
CareerBuilder is a two-sided marketplace providing talent acquisition solutions to help employers find, hire and onboard great talent, and helping job seekers build new skills and progressive careers as the modern world of work changes. CareerBuilder is majority-owned by funds managed by affiliates of Apollo Global Management, Inc. For more information, visit careerbuilder.com, and to learn more about our solutions for employers, visit hiring.careerbuilder.com.
About Morning Consult:
Morning Consult is a global decision intelligence company delivering insights and custom market research on what people think in real-time.
For media inquiries, contact media@careerbuilder.com.
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SOURCE CareerBuilder
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