As a new wage transparency law takes effect in New York, workers have an opportunity to weigh their earnings against colleagues and plan for the future.
The new measure kicked in Tuesday and requires nearly all employers in New York to list pay on job postings.
Companies hiring for remote positions that could conceivably be filled by those living in New York must also comply with the new transparency laws, which makes things interesting in other parts of the country as well.
And what the new measures have already revealed is well-revealing.
For instance, take Amazon, Inc.: there are multiple jobs with a maximum pay of more than $200K a year, according to listings. A listing for a product manager in the company’s Amazon Music division lists the salary range of $197,900 to $267,800 in New York. And if you’re the head of leadership and organizational development, you can make a salary of as much as $321,700.
Susan Schroeder, a partner at Compensation Advisory Partners LLC and a longtime compensation consultant, told The Wall Street Journal that pay “is going to be all over the map. All of this has been done behind the scenes for years.”
Employers are required to post “good faith” ranges, which leaves some room for interpretation.
On the bottom of the income spectrum, ranges tend to be smaller and more informative.
But for jobs like the assistant vice president at CVS, a posted range of $189,400 to $416,700 doesn’t tell you much about what you’ll actually be making.
It may start some office fights as companies start to eye each other and compete for workers.