US pushes for pay transparency

Zhao points out that there are other potential benefits of pay transparency beyond narrowing pay gaps. When hiring, for example, being open about salaries eliminates information asymmetries in which a potential employee’s compensation expectations differ wildly from those of an employer. Salary transparency can help make the job search more efficient for job seekers and employers, allowing both parties to skip interviews when compensation expectations are too far off, he says.

In the short term, he believes, increased pay transparency could lead to higher turnover by showing employees what their skills are really worth in the open market; it could give some workers who find they are underpaid more confidence to quit. But in the long run, adds Zhao, a less opaque market will likely lead to less turnover and more stability due to higher retention rates, which will benefit everyone.

No quick fix

However, for all the potential benefits of pay transparency regulation, experts also warn that it should not be seen as a panacea for making the labor market overall fairer.

On the one hand, the publication of salary ranges could still lead to certain groups of applicants such as minorities being offered a salary at the lower end of a set range and other applicants such as white men to negotiating a high-end salary. . In the United Kingdom, where since 2017 all companies with 250 or more employees have been required to publish an annual report on the gender pay gap, some institutions have exploited loopholes to minimize their pay disparities.

Nor is there conclusive evidence of causation: that all companies that accurately report their pay gaps are necessarily all more effective at making their workplace fairer and more equitable. “For organizations, this could be a catalyst for positive change, explains Mabel Abraham, associate professor of business at Columbia Business School in New York. But the reality, she adds, is that it will not lead uniformly to the closure of all wages.” Furthermore, closing a pay gap should never be taken as a perfect indicator of creating a fairer workforce.

Abraham’s ongoing research shows that one of the biggest predictors of whether or not a company will close a pay gap is whether leaders have actually taken the time to understand why a gap exists in the first place. Those who do are significantly more likely to improve or close the gap, she says.

Organizes Draganova agrees. [Salary transparency is] a step in the right direction and may well help solve long-standing issues of equal pay and fairness among workers, she says, [but its] being just one piece of the puzzle on its own, it cannot guarantee a good workplace for employees or a thriving business for employers.

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