November 1, 2022 was a monumental day for talent acquisition teams at companies headquartered in New York City. As you may have guessed, that was the day the city ushered in its new pay transparency law.
If you’re unfamiliar with the law, here’s the TL;DR. In November 2022, New York City passed a pay transparency amendment to the NYC Human Rights Law, requiring employers to disclose a ”good faith salary range” in job descriptions and postings. Not abiding by the law could land your company in hot water – to the tune of up to $250,000 in fines.
New York City’s new law has left many talent acquisition teams scrambling to create and incorporate pay bands into their hiring process. According to a LinkedIn poll from Shelby Wolpa, Advisor at PeopleTech Partners, 21% of respondents said they don’t even have pay bands yet, while 40% have pay bands but have not shared them with candidates.
Now that the law has been active for a month and some change, is it actually working? Have employers risen to meet this moment, or are they just doing the bare minimum to avoid getting fined?
We took to LinkedIn to see what talent leaders