The new pay transparency law in New York has come into effect and companies must now ask themselves, are we stepping up our presentation to potential jobseekers? As an employer, how can we push past pay transparency and showcase full comprehensibility into all our benefits and reasons to work at our company?
Here are 5 measures to consider implementing to ensure your showcasing your firm’s complete compensation package and attracting top talent:
- Conduct a full compensation and benefits analysis to showcase all your firms’ assets, including average employee retention
- Conduct a competitive analysis benchmarking against your competitors
- Create an easy to interpret visual outline, showcasing all your benefits, and send them as part of your initial interview screening process
- Use your social credentials and rating (NPS score) to measure your management and company culture
- Build a growth model to show your company’s growth strategy and investment in people. Include opportunities for mentorship, training and development.
- Emphasize that you are a company eager to groom, grow, and promote your internal employees.
With the labor market facing such challenging times, is this what is best for companies looking for talent? And does pay transparency give jobseekers a false impression? I’m all for fair pay, but companies must now work even harder to step up their engagement and presentation on total compensation offered to potential job seekers. Salary is not the only thing to be measured here; there is so much more to offer. Companies need to create a full compensation & benefits analysis, showing them everything tangible and intangible that they would be receiving if they joined the team!