The Importance of Salary Transparency in Healthcare

Salary transparency in healthcare is important. Sharing a realistic salary range for each job opening increases trust and encourages candidates to apply for healthcare roles within your organization.

Many cities and states have or are creating salary transparency laws. Even if your city or state does not yet have these laws, you should consider including salary transparency in your healthcare job postings.

Interpretations of Salary Transparency

Many state governments interpret salary transparency differently. For instance, New York requires employers to include a good faith salary range in job postings and information about promotions and transfers.

Employers must provide adequate salary information for job seekers to determine whether the income range fits their goals and needs. For instance, a range of $50,000-$55,000 provides adequate information and allows for flexibility in the job offer.

City, county, and state laws often change. As a result, you must stay current on relevant laws to maintain compliance.

Benefits of Salary Transparency in Healthcare

Including salary transparency in your hiring process provides many benefits:

Closing wage gaps

Full-time female employees earn significantly less money performing the same jobs as full-time male employees. The top reasons include implicit bias and disparate access to employment opportunities.

Fortunately, salary transparency in job postings supports accountability for compensation included in job offers. Making salary information public helps candidates receive competitive compensation.

Building trust

Job seekers who see salary transparency in job postings are likely to trust the company. Being upfront about the salary range implies the organization is upfront about other important issues. As a result, more job seekers are likely to apply for the roles.

Saving time

Including salary transparency in job postings lets job seekers determine whether the salary range fits their goals and needs. Therefore, job seekers can apply for the roles that fit their income expectations. As a result, you save time by interviewing qualified candidates who fit the salary expectations.

Details to Consider for Salary Transparency

Consider the following details to create salary transparency:

Your hiring budget

Ensure the salary range fits your hiring budget. For instance, connect with other company leaders to stay updated on hiring spend. Also, if you use a pay grid, ensure you know the benefits offered with the job.

Posting a salary range outside your budget breaks candidate trust. Also, candidates whose salary expectations are outside your budget are likely to drop out during the hiring process. As a result, you likely will need additional time to fill the role.

Consistency in your hiring process

Schedule weekly or monthly meetings with other company leaders to stay current on your hiring process. Also, read memos to learn about any hiring process changes. These activities help you share accurate salary ranges in your job postings.

Your competition

Ensure your salary ranges are similar to your competitors’ salary ranges. If you lack the budget your competitors have, consider offering additional benefits and perks to make up the difference. Otherwise, you could lose candidates due to substantial salary differences.

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