In an effort to boost transparency for job seekers, employees and employers alike, Glassdoor launched Know Your Worth one year ago – and the response since then has been incredible. Over 1.3 million U.S. employees submitted their current base pay to the Know Your Worth tool between October 18, 2016 and October 6, 2017.
This free tool makes use of Glassdoor’s propriety and patent-pending machine learning algorithms to calculate the estimated market value, or earning potential, of an individual based on characteristics of his or her current job, relevant work experience and the local job market in real time. It’s designed to not only help people determine if they are being paid fairly, but also whether they should attempt to negotiate their current salary and/or explore better paying jobs.
Know Your Worth uses sophisticated data science and machine learning algorithms that leverage millions of salary reports shared by employees on Glassdoor, while analyzing real-time supply and demand trends in local job markets, and typical career transitions of people doing similar work. Each person’s market value, and pay range, is unique to them and private, and will be recalculated weekly and tracked over time.
Know Your Worth Is the Gold Standard for Salary Transparency
A year after the release of Glassdoor’s Know Your Worth tool, it’s clear that transparency is more critical than ever. Glassdoor CEO Robert Hohman says, “Transparency is the ability to be open and honest about what we want, what we expect, and it’s about being pleasantly surprised or challenged about the things we don’t yet know. Transparency is the new normal.” When employers are transparent about salaries, candidates and employees have the right expectations about compensation and benefits, which means they are more likely to self-select for a job that’s right for them.(1)
Transparency Leads to Informed Candidates
At this year’s Glassdoor Recruit event in Chicago, Hohman announced a new Glassdoor survey(2) that revealed that 76% of hiring decision makers say attracting quality candidates is their #1 challenge. The survey also showed that 3 in 4 recruiters report challenges with passive candidates – it seems that the saturation and noise with passive candidates has come to mean they tune recruiters out.
Informed Candidates = Quality Candidates
The survey also shows that 9 in 10 recruiters agree an informed candidate is a quality candidate. The informed candidate is a person who is well-researched and engaged with your company, which means he or she will turn out to be the right fit and, once hired, get onboarded faster and exhibit greater productivity. An informed candidate – like those who do their research on Glassdoor – is also 2X more likely to be hired.(3) In short, informed candidates have the passion to work at YOUR company and toward YOUR mission.
Embrace Know Your Worth Means as an Employer
Welcome questions and conversation. Because your employees have access to a very empowering tool that gives them insight into their median estimated market value, or base pay, they will have questions about their estimates and their salaries. Use those questions as a jumping off point for a conversation about other factors that are considered as part of your company’s overall compensation and rewards program. We’ve created the Know Your Worth Employer Guide to help you tackle some of the challenges
Get Familiar with Know Your Worth. Take some time to explore the tool for yourself. Input your basic details, including current job title, employer, current base salary, location and years of relevant work experience to explore the tool and empower yourself as it pertains to compensation and salary.
Remember, in today’s world of transparency, employees simply want to know that they are being paid fairly. Be empowered to have the tough conversations with your teams and double down on creating a work culture that is rewarding, fulfilling and fair.
For more insight, check out:
- The Glassdoor Guide to Salary Conversation
- The Know Your Worth Employer Guide
- FAQs and Methodology
- How to Leverage New Tools from Glassdoor
- How to Analyze Gender Pay Gap Employer Guide