Name: Pay Transparency: What NYC’s New Law Means for Job Seekers and Employers
Uploaded: 2022-03-08T10:30:00Z
Duration: 5 min 34 s
Description: New York is rolling out a new law requiring employers to list salary ranges on job postings. Similar laws in places like Colorado aim to even the playing field for applicants. But not everyone is embracing the changes. Illustration: Adele Morgan

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New York is rolling out a new law requiring employers to list salary ranges on job postings. Similar laws in places like Colorado aim to even the playing field for applicants. But not everyone is embracing the changes. Illustration: Adele Morgan

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Pay Transparency: What NYC’s New Law Means for Job Seekers and Employers

Narrator: If you're looking for a job in New York, starting May 15th, you'll be able to see what positions will pay on a whole lot more job postings. This is thanks to a new law that passed in January requiring nearly all New York City companies to disclose expected salary ranges for all open positions.

This is a big deal because of the size of New York City's economy. Many of the biggest companies have operations in New York.

Narrator: Pay transparency exists to some degree in several places in the US, but New York City would join only Colorado in requiring this information be included in job postings.

I think it'll make a difference in a really positive way for job seekers, especially women and Black people and people of color.

Narrator: But some businesses have voiced concern that it will cause more harm than good. So what does this new law mean for job seekers, employees, and companies? How will it impact the city's labor market? And will it be an effective way to fight pay inequities? New York City's pay transparency law was introduced in 2018, but no action was taken until last December.

It comes at a time when the labor market is really tight and when the power dynamics have already sort of shifted to employees.

Narrator: The law covers nearly every employer hiring in the city, except those with fewer than four employees. And if companies don't comply, they could be fined up to $250,000 or face other civil penalties.

New York City officials have told me that basically at first, they plan to not focus as much on fines, but on just making sure that people comply and understand this rule.

Narrator: While the Commission on Human Rights will do some investigating on its own, most of the time it will act following a complaint. This mandate joins another law in New York that passed in 2017, which banned private employers from pressing job seekers to disclose their salary history. The first group that will benefit from this new law, job seekers. By seeing pay ranges, they can be more prepared going into salary negotiations and only apply for jobs that pay their desired salary. This rule will also enable existing employees to compare their pay with those stated in open roles.

Many employment lawyers and others expect existing employees to go to their bosses and say, "Hey, I see the salary range is posted. Why am I not at the high end of that range?"

Narrator: But this law could be particularly significant for women and people of color, two groups who have been historically underpaid. According to the US Census Bureau's most recent national data, women in the US make 30% less than men, and that gap is wider for most women of color. Pariss Chandler is the founder and CEO of Black Tech Pipeline, an organization that helps Black technologists get jobs at companies across the US. She says pay transparency will help prevent candidates from underselling themselves in the interview process.

When you don't know what to ask for, it brings on a lot of stress, anxiety, and imposter syndrome, because you don't know what to value yourself at, especially as someone who's used to being underserved.

Narrator: One group that's pushing back against this law is the Partnership for New York City, a prominent business group that represents over 300 major companies in New York City. It intends to push for the city to delay implementation of the law to the end of the year. Kathryn Wylde, the group's president and CEO, says the law would be difficult to implement, especially with so many remote jobs, and that in some industries, salary is only one component of an employee's total compensation.

Often, like in the financial services industry, it's a small component of total compensation, but you don't really know what the compensation is going to be like for performance bonuses, or in the case of the tech startup sector, the equity opportunities.

Narrator: And in a competitive labor market like New York City, she says this could put employers at a disadvantage.

The idea that somehow you're putting out there the maximum you will pay cuts you off from talent and gives your competitors an opportunity to outbid you.

Narrator: She added that the law would negatively impact hospitals and small businesses, which are both experiencing staffing shortages. New York City's mandate comes about a year after Colorado's pay transparency law went into effect, and there, companies have handled the law in different ways. Some got around the disclosure requirements by specifying in their listings that the work can't be done in the state. Others posted salaries with ranges of $100,000 or more,

But overall, the results from Colorado have been pretty positive according to job seekers and others. Most jobs now include salary information on them. The state has done a lot to sort of educate companies on how to comply with this. And as a result, you can then look at postings from big companies like Amazon and others and see what a software engineering role in Colorado might pay, for example, or what a pharmacist at Walmart might pay in Colorado. It gives people a sense for sort of what the jobs pay there, even if the pay might be different in someone else's region.

Narrator: A Colorado trade group sought an injunction against the rule in 2021. Though a federal judge denied that request, employment lawyers say they expect similar lawsuits against New York's measure before it goes into effect in May. Over the next few months, experts say more details about the law are expected to come out, like how companies will be expected to comply and what the enforcement mechanism might look like.

I think many people are watching New York City's law just because it could have ripple effects for other economies around the country. Other cities and states may follow New York City here and put in place similar legislation.

News moves fast, and there's not always time to untangle the complex forces driving the day's biggest stories. WSJ Explains breaks down big market moves, business and economic trends, and scientific developments to help you stay ahead of the curve.

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