Here is the version published this week Forbes Careers Newsletter, which brings the latest news, commentary and ideas on the workplace, leadership and the future of work straight to your inbox every Wednesday. Click here to subscribe to the list of newsletters!
Llast week, California Governor Gavin Newsom (D) has signed a new law into effect requiring California businesses with 15 or more employees to post job salary ranges, effective Jan. 1 next year. It was no surprise: I wrote in May about the bill after it passed the state Senate, and the far-reaching, even game-changing implications it could have.
Yes, it’s an effort to close the gender pay gap, because Forbes Alonzo Martinez, lead contributor, writes. But as the sixth jurisdiction to pass similar legislation – and by far the most significant – it could also be a tipping point that will prompt employers, even in places where it is not mandatory, to share the numbers. Microsoft said in June it would do just that, and surveys have found that 62% of employers say they plan or are considering adding pay scales to job postings beyond what is mandatory.
This has massive implications for job seekers, as many have noted this week. Once the practice becomes mainstream, you’ll waste less time interviewing for jobs that pay less than you’d accept. You will stress less about when to raise the salary in the interview process, although negotiation will still need to take place. And even if you’re not looking to find a new job, you’ll be able to check out job postings at your company â again, once the practice becomes mainstream â and find out if you’re underpaid.
This is, of course, one of the main reasons why many employers have resisted the practice, and which could cause others to jump through the hoops of having different rules in different states or cities, although it would simply be easier to adopt the practice nationwide. . Others may keep a top lid on increases: Harvard Business School researcher, Los Angeles Times reported, found that pay transparency rules (not associated with job postings) tended to close the gender wage gap, but were linked to lower wages for non-unionized workers. Employers were more likely to say no to requests for raises if they knew the salary would eventually become public, the researcher explained, because they can say they will have to do the same for other workers.
Whatever happens, the next few months will be interesting to watch when it comes to job openings. New York’s law goes into effect November 1, less than a month from now. Whether you’re looking for a job or not, keep an eye out and thanks, as always, to Associate Editor Emmy Lucas for her help in writing this week’s newsletter.
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ON OUR AGENDA
‘Act your salary’: Yes, this is another trend that is taking over TikTok, just like âsilent shutdownâ. It describes when a worker’s performance and effort matches their rate of pay. The logic: if someone earns minimum wage, they should do the bare minimum at their job. However, Forbes Senior contributor Jack Kelly writes that gambling your paycheck is dangerous for career growth over time.
Is the talent shortage slowing growth? With digital transformations high on business agendas, many executives cite talent shortages, high recruiting costs, and skills gaps as challenges to adopting new technologies. That’s according to KPMG’s “2022 Global Tech Report” of more than 2,200 executives. Forbes CIO Network contributor Noah Barsky offers three tips for leaders to solve this problem.
Today’s economy: August job postings unexpectedly fell to the lowest level in more than a year, Forbes’ reports Jonathan Ponciano. According to an economist, this is the first official indicator to point âunambiguouslyâ to a marked slowdown in the demand for labour. And with plummeting job openings, rising interest rates and uncertain economic conditions, a report from real estate brokerage Redfin found US homebuyers are getting 9% less space than the year. latest as mortgage rates soared, Forbes’ reports Derek Saul.
In the meeting room: The National Association of Corporate Directors recently released new guidelines to help boards navigate a turbulent economic climate. NACD predicts a more robust role for board governance and corporate sustainability, which may lead to management tensions, writes Forbes lead contributor Michael Peregrine.
Stanford’s d.school has created a series of 12 books on the methods and mindsets behind creativity and design. This month, three more were released. In Creative scramble, Olatunde Sobomehin and Sam Seidel advise you on launching your creative career. by Scott Withhoft This is a prototype advocates for prototyping and its benefits for successfully testing a new product or idea. And in You need a manifesto, The d.school’s Community Director, Charlotte Burgess-Auburn, stresses the importance of having your own personal manifesto to anchor yourself in your values ââand orient yourself in everyday life.