By Braulio Giron, Jr. on September 5, 2019
While the answer may not be a resounding yes, there are still significant reasons why you should greatly consider including compensation in your job advertisements
Salaries are an inevitable discussion within the recruitment process, often begging the question of why not include it at the earliest possible stage– say, as soon as you create posts or advertisements for the jobs you’re hiring for?
With that said, there are also reasons why some employers choose not to include salaries, or give salary ranges, in their job posts. Some see it as a way of tipping off competitors as to what the company’s rates are, making it easier for the former to make counter offers to potential candidates.
For others, disclosing salary information also means losing the ability to offer higher salaries to highly desired candidates and, conversely, to offer lower rates to those a little less qualifies. Then there’s the matter of current employees, who when getting wind of the salary ranges in their employer’s job post, may feel somewhat disgruntled, particularly when what they earn is nowhere near that range.
As substantial as the aforementioned cons are, there are also plenty of pros. Today, we detail five good reasons why you should include consider including salary information in your job posts.
Salary information on job posts attract more candidates
There’s little benefit to withholding salary information, especially when what you offer is considerably competitive. Simply put, everyone wants a job that pays well, and if your post shows exactly that, it will not only be applied to, but also be forwarded and shared with others. Generally speaking, the more applications you receive, the better the chances that you will find qualified candidates.
Granted, you may also receive applications from people who are not close to being qualified for the job. However, the bigger concern should be that the best possible candidates may also move past the job post altogether when they don’t see a number that makes applying worth it. Frankly, having too many applicants to choose from is a good problem to have, and is easier to deal with when hiring via an easy-to-use, Artificial Intelligence-based job matching platform like Kalibrr.
Non-disclosure is simply a waste of time
You surely already know that hiring can be a long winding process. Granted, you may appreciate the time candidates spend to reach out to you and apply, but when you fail to disclose a salary range early, you eventually end up faced with unnecessary questions that could have been answered in the job post — namely those pertaining to salary.
You may also find yourself with job candidates who later lose interest in the role because the offer does not match what they want. Worse, they can become frustrated with your company because they had to go through an entire hiring process, to only end up not taking the job. Similarly, your company will have spent time and resources on assessing candidate information and scheduling and conducting interviews, only to find out that those candidates will not agree to your terms.
And disclosure obviously helps make it worth the applicants’ time
In a study conducted in 2017 by professional-networking site LinkedIn, 59% of candidates stated that salary was the leading factor that contributed to feeling fulfilled in their career, indicative that pay and benefits is clearly top of mind during job searches. Similarly, in a report by salary, benefits, and compensation information website Payscale, it was found that the number one reason why employees leave companies is to ‘seek higher pay elsewhere.’
While the top candidates are likely selective in which jobs they apply for – proceeding with an actual application takes time, after all. Listing salary information makes it clear to them what you have to offer, and if attractive enough, it will give those top candidates a reason to spend some of their time applying to fill your vacancy.
You can further appeal to job seekers with other benefits, but only following salary
Even if you feel that the salary your company offers is not all that attractive, you can still engage top candidates by highlighting the other benefits that come with working in your company. This can range from things such as flexible working schedules and locations, comprehensive health benefits, and even office events and employee discounts.
Anything and everything else you offer can be used to better market your company. Keep in mind however to first still disclose salary information in your job post. Apart from coming across as a company with a transparent work environment, doing this better sets the stage for discussing the aforementioned non-cash benefits of the job.
Most of the workforce wants to know, and talks about, salary anyway
According to the highly regarded 2016 book What Millennials Want from Work by Wall Street Journal Experts panel contributor Jennifer Deal: “millennials are most likely to discuss their compensation with their parents (71%) or their friends (47%). In comparison, older staff are substantially less likely to discuss their compensation with co-workers (19%), friends (24%) or parents (31%).”
While the age range of Millennials vary depending on who you ask, what most demographic researchers agree on is that an estimated 75% of the global workforce will be comprised of Millennials and the generations that follow. Given the importance of salary and finances to them, and their being open to talk about it, listing salary ranges in the job posts meant for them isn’t so much an innovative way to attract them as it is a no-brainer.
Now, don’t get us wrong. It is unrealistic that every employer disclose salary information. Some companies or industries have strict confidentiality guidelines, and the decision to include salary information in job posts still depends on employers’ individual needs and preferences.
However, it is worth bearing in mind that the trend to disclose salary information continues to gain traction, especially since the workforce continues to get younger, and more professionals are open to discussing compensation.
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Kalibrr is a technology company that aims to transform how candidates find jobs and how companies hire talent. Placing the candidate experience at the center of everything it does, the company continues to attract the best talent from all over, with over 2.3 million professionals and counting. Kalibrr ultimately connects these talents to companies in search of their next generation of leaders.
The only end-to-end recruitment solutions provider in Southeast Asia, Kalibrr is headquartered in Makati, Philippines, with offices in San Francisco, California and Jakarta, Indonesia. Established in 2012, it has served over 18,000 clients and is backed by some of the world’s most powerful start-up incubators and venture capitalists. These include Y Combinator, Omidyar Network, Patamar Capital, Wavemaker Partners, and Kickstart Ventures.