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By Robert Pestreich

Salary Disclosure Laws

Salary Disclosure Laws

“How much do you make?” The question that job candidates struggle with … may no longer be asked in many places across the country as states and municipalities are passing laws prohibiting employers from asking prospective employees their salary history.

Last October employers in New York City for the first time could no longer ask job candidates the dreaded question.

Mayor Bill de Blasio signed a bill recently that makes it unlawful for those involved in the hiring process to inquire about what an applicant currently makes — a measure that targets the gender pay gap.

“This is about fixing a broken history. This is about overcoming years and years of discrimination that held people back,” said de Blasio.

In the meantime, businesses that look for talent in one of the country’s largest labor markets will need to reexamine their hiring practices.

This will require employers to change their job applications, employ new practices in terms of hiring, and retool how they engage in the salary discussions with prospective employees, focusing on salary expectations rather than current salary.

Salary Inequity

Advocates behind the new laws believe that because of historical salary inequity between the sexes, demanding a salary history keeps women locked in a cycle of lower pay than men.  According to the Institute for Women’s Policy Research, in 2017 the ratio of women’s to men’s median weekly full-time earnings was 81.8 percent.

But, things are not always what they seem! Last year the Harvard Business Review published a study finding that women who were asked and refused to give information about their salary history were offered less than women who did disclose it. Conversely, men received a higher salary when they refused to answer the question than did the candidates who provided salary history.

When Salary Isn’t The Only Thing

Some human resources and recruiting professionals believe that with the need for employees to continually add new competencies to their skill sets, one’s salary history alone is unfair to candidates and their skills.  These days there are many job seekers, certainly millennials,  who see salary as just one part of the compensation equation. They are willing to sacrifice pay for more flexible schedules, the opportunity to work remotely, an easier commute or other benefits key to job satisfaction.

Of course, job applicants are not prohibited from providing their salary history on their own.  Also, in some jurisdictions, employers still are allowed to ask applicants the salary range they expect for the roles and responsibilities of the position there are seeking.

What We Suggest To Clients

  • Employers may need to alter their mindset about compensation and negotiation.
  • Employers should pay even more attention to the experience, aptitude and skill sets of candidates and assess how relevant they are to the job being filled.
  • Clients may want to opt to ask applicants what their salary expectations are early on in the process. The answer can help screen out candidates whose salary demands are too far outside of the range of what they are willing to offer.
  • Clients with operations in several states and cities should consider not waiting to alter their hiring policies simply because a certain state or city has not outlawed salary history questions.

 

Background Articles

Equal Pay Day

“The most recent annual government data show women who work full-time, year-round still earn 80 cents for every dollar men earn, a level that has hardly budged over the past decade after rising from about 60 cents in 1980.”

If you are looking to hire the talent that will be critical to your future success, please contact Robert Pestreich for a complimentary consultation.

Call Harrison, Stone & Associates at 212.687.3030.
Follow @rpharrisonstone

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Filed Under: Blog, Retained Executive Search

By Robert Pestreich

Executive Search Career Guide

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Connecting with Executive Search – The Ultimate Executive Career Guide

As a senior-level executive, you can use this guide to:
– Learn about executive search and how it differs from other forms of recruiting
– Discover the best ways to connect with executive search professionals
– Understand how the search process works
– Implement strategies that will help you become visible to the search community
– And more

Download The Ultimate Executive Career Guide.

A publication of BlueSteps, an exclusive service of the Association of Executive Search and Leadership Consultants.

Filed Under: Blog, Retained Executive Search

By Robert Pestreich

Executive Search Is More Than Search

executive search financial services new york

Companies may have the best product, well developed marketing strategies and state of the art technology. But if their human resources fail, it becomes difficult to grow and prosper.

The competition for qualified leaders is fierce. The best candidates could be across town or across the globe.

Enter the Executive Search Consultant who knows the terrain and has the know-how to help clients identify, recruit and retain top leaders. [Read more…]

Filed Under: Blog

By Robert Pestreich

Investment Management Outlook 2016

retained executive search new york city

How can today’s investment manager capitalize on emerging technologies, seismic demographic changes and complex risk management pressures?

Who will be successful in this new landscape? Only time will tell, but those who do not embrace change may be left behind.

Deloitte has prepared a current report on investment management industry trends and priorities based on their perspectives, first-hand experience and original research.

Making predictions is an inexact science at best, but we are seeing the emergence of a number of dynamics that have great potential to fundamentally change the investment business over the next three to five years.”

[Read more…]

Filed Under: Blog

By Robert Pestreich

10 Tips for Recruiters in A Changing Workplace

retained executive search nyc

In the 2015 McKinsey Global Growth Model study covering the last 15 years, there were three times as many workers as retirees. By 2025, that ratio of workers to retirees will be 1:1.

It is clear that candidates will soon be in the driver’s seat.

As a Talent Acquisition expert, how are you going to hire, engage and retain Gen Xers and Millennials?

The talent acquisition world is about to get much more competitive and complicated. Those who are prepared will be able to stay ahead of the curve when attracting and retaining the best and the brightest. This raises the question of how to win when recruiting. The answer in part depends on the generation of the employee,” writes Andrea Wolf, Human Resources Practice Leader for Futurestep North America.

[Read more…]

Filed Under: Blog

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