More than a quarter of Americans, 27%, believe employers should be pay-transparent in their job postings, while 61% say they’re more likely to apply for positions that share a salary in their posting. So says a survey by compensation software provider beqom.
Because of the pandemic, Americans have developed a new mindset about work, beqom said, with increased expectations of transparency and flexibility. For example, 80% now expect employers to allow them to work remotely multiple days a week, and 82% expect flexible work hours.
beqom’s Employee Expectations in Hiring Report looks at how Covid-19 has impacted employees’ views of compensation, benefits and salary transparency, and what they expect from their future employers in today’s candidate-driven market.
More than three-quarters, 76%, of Americans feel a company’s response to the pandemic is a factor in applying for and accepting a job. Meanwhile, two-thirds now do more research into a company’s corporate social responsibility efforts than they did before the pandemic.
Pay’s Still the Priority
The report also found that Americans prioritize pay in their decision-making, but are willing to work for less in return for flexibility.
- Some 52% expect their salary will be higher in a new role because of the pandemic. This is particularly true for Gen Xers (58%) and Millennials (56%), compared to Gen Z (43%) and Baby Boomers (30%).
- Some benefits for which workers might take a reduced salary include flexible working hours (77%), remote work options (71%) and a higher number of PTO days (70%).
Also, meeting market salary rates Isn’t everything when employers offer the right benefits.
- Nearly two-thirds (63%) are aware of the current industry benchmark for their desired role.
- The majority (77%) would take a salary lower than the market average if they had flexibility in their hours.
- Nearly two-thirds (65%) are willing to take a pay cut in order to work remotely.
And, employees want compensation transparency in their next role.
- More than half (55%) have been pressured by an employer not to disclose their pay to coworkers.
- More than two-thirds (67%) think companies should disclose their CEO-to-employee pay ratios, while 70% believe companies should disclose their overall pay gaps.
“With millions of open jobs available, and labor shortages creating a candidate’s market, it’s critical for employers to understand employee needs when it comes to compensation and benefits,” said beqom co-founder Tanya Jansen. “As employers navigate through this shift, it’s crucial for companies to utilize data and employee input to implement a flexible rewards policy that ensures relevant benefits for each individual.”
By Mark Feffer
Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.
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