The Varying Degrees of Pay Transparency
Pay transparency can come in many different shapes and forms. At the very least, it can simply be including a salary range for potential candidates in a job posting. While at the other end of the spectrum, it could be full and complete transparency on what everyone employee in an organization is being paid that is visible to both internal and external individuals (such as what is done in government
Then, there are many different options in between. For example, internal employees could be given a full and clear understanding of what metrics are taken into account and used to determine compensation, and what exactly needs to be met in order to reach certain compensation levels. In other words, a full understanding of how the sausage is made when determining employee compensation.
Employees could also be given transparency into what their peers are making within the organization so as to help those employees better advocate for themselves and their careers. This transparency can either include the names of their peers, or it could be anonymous.
There may be many more creative options as well that will help move the needle towards more transparency for all. These are simply a few of the many ways that organizations can increase pay transparency for their candidates and employees. What level of transparency, if any, is your organization implementing?