Demand Is High For Companies To Reveal Compensation Data; Men Especially Eager To Increase Pay Transparency
Do you still feel in the dark when it comes to knowing what the ‘new normal’ is in terms of salary? As we reported earlier this year, 17 percent say they are not comfortable discussing their current compensation with anyone – but they may be paying a high price for their silence. For example, based on recent salary analysis from the Glassdoor analytics team, we found that salaries shifted down approximately 6 percent in the past nine months. So what can be done to help improve discussions around compensation and manage salary expectations? A lot, it seems.
Of those employed, more than half (51%) believe employees¹ and job seekers would be best served if companies made compensation by job title public according to a recent Glassdoor salary survey, conducted by Harris Interactive². Slightly more than half of men (55%) think this is a good idea, compared to 47% of women. This could be a result of the fact that from September 2008 to January 2010, 4.4 million men lost their jobs compared with 2.3 million women, according to Bureau of Labor Statistics figures.
Also in comparison to those who are employed, nearly two out of three (63%) of those unemployed but looking believe employees and job seekers would be best served if companies made compensation by job title public.
So what can job seekers and employees do in the meantime to find out their salary range? Here are a few pointers:
- Pay it Forward: At Glassdoor, we hold more than 800,000 salary reports for more than 80,000 companies in 100 countries. Take a few minutes to share your current or most recent compensation details to help unlock this information and get access to all these reports – for free.
- Talk About It: Schedule some time to speak with your manager or HR person to find out what your compensation road map will look like. We recently found that more employees are likely to open up to a spouse or best friend which is all fine and good but it’s an HR person or your boss who can actually answer your compensation questions.
- Don’t Wait: As Liz Ryan, a Glassdoor career expert, points out don’t wait to broach the salary topic when you are interviewing. Ryan notes “We can’t wait for an employer to bring up this critical topic – they may not do it! In the worst case, we’re presented with an underwhelming offer for a sum we could never countenance. It’s our responsibility to make sure the surprise-lowball-offer scenario doesn’t come to pass, by clearing the air on the salary front before anybody starts thinking about a job offer.”
Last but not least, more than half of employees (57%) expect a raise, bonus or a promotion should the economy return to pre-recession levels as reported in early April, so why wait to get educated on compensation? Both employees and employers need to figure out now how to become more transparent around salary information and manage expectations to avoid disappointment in the future.
1) For the purposes of this study “employees” were defined as U.S, adults 18+ employed full time and/or part time unless otherwise indicated.
2) Harris Interactive® fielded the Q1 Employment Confidence study on behalf of Glassdoor.com from March 19-23, 2010 via the QuickQuerySM online omnibus service among 2,315 adults ages 18 and older of whom 1,225 were employed full time/part-time and 210 were unemployed but looking. Data were weighted using propensity score weighting to be representative of the total U.S. adult population on the basis of region, age within gender, education, household income, race/ethnicity, and propensity to be online. No estimates of theoretical sampling error can be calculated.