keywords: salary transparency, internal equity, external equity, compensation, recruiting, employee satisfaction, pay equity, job market, regulations, career development

summary: In this conversation, Tracey Andrews discusses the complexities and importance of salary transparency in the workplace. The discussion covers the definitions of salary transparency, the significance of internal and external equity, and the responsibilities of employers in a transparent salary environment. Tracey emphasizes the need for candidates to know their worth and navigate the evolving job market with confidence, especially in light of upcoming regulations.

Takeaways

• Salary transparency involves openly sharing compensation information.
• Internal equity looks at pay fairness within an organization.
• External equity compares salaries across the job market.
• Employers must prepare for new salary transparency regulations.
• Candidates should know their worth and how to negotiate.
• Transparency can disrupt job satisfaction if not managed well.
• Recruiters can reduce inefficiencies in the hiring process.
• Understanding pay decisions is crucial for employee retention.
• Job descriptions should reflect the actual work needed, not the last employee in the role.
• Empathy for candidates is essential in the recruiting process.

Chapters

00:00Opening Remarks

00:34Introduction to Salary Transparency

04:41Ready or not....

07:32The Cat is already out of the bag.....

11:04Hiring Managers - Internal Equity

12:59Hiring Managers - Job Postings and Requirements

16:29Recruiters: Embracing Salary Transparency

19:34Candidates: Knowing Your Worth

27:24Empowering Employment Relationships

References:

State by State: Salary History Bans and Pay Transparency Laws

Pay Transparency Resources | ADP

Minnesota: Sec. 181.172 MN Statutes

Here’s how to prepare your managers for a new wave of pay transparency laws

The Money with Katie Show