Despite an increased push for pay transparency across industries, states and cities, companies are still withholding compensation reports. But amid economic uncertainty and a challenging talent market, that may not be serving organizations’ best interests after all.
Seventeen states, including New York and California have passed legislation requiring some level of pay transparency, according to a recent study conducted by employee analytics company Perceptyx. However, some of those regulations only go as far as allowing employees to freely discuss pay with colleagues without risking their jobs. Of the companies surveyed by Perceptyx, seven of 10 make salary ranges known to employees, but nine out of 10 acknowledged that those ranges are published only when required by law.
