Are we entering the age of pay transparency?

While organizations may bristle at this new regulation, it should make the interview process more efficient, according to one expert.

“One of the things will be really beneficial is that people who apply, they’ll apply if they’re interested in that pay range; they won’t apply if they’re not so for both the candidate and the employer, they’ll save some time and some disappointment too. When somebody applies for this great job title, because a lot of times people just say titles don’t matter, but they do when it comes to compensation,” said Wendy MacIntyre, of resolveHR in Stratford P.E.I., and the chair of the board for CPHR PEI.

But what are the biggest benefits generally for pay transparency?

“Apparently, it’s been researched to show that when there’s pay transparency in the workplace, that increases people’s productivity because they don’t feel when they can see what people or what positions make, they don’t feel as much like they’re losing on something or that they’re being paid less than others. They can see, we’re about the same, so they pitch-in together,” said MacIntyre.

With the ‘great resignation’ continuing to plague businesses, pay transparency may offer a way for them to successfully attract new people into the organization, said a benefits expert.