How Will the New D.C. Pay Transparency Law Affect You?
As of June 30th, DC, a law will go into effect mandating that employers disclose salary ranges for all job postings. This law applies to employers with just one employee in DC—so you can imagine it will affect most of the Policy or Trade Association employers—even if the workforce isn't predominantly DC-based.
Sometimes, this information hasn't proven to be that helpful. Many employers will respond with big ranges. Posting in other states and municipalities with similar laws has seen employers respond with CYA job ranges of $90k-$900k. Which proves of little help to the employer or to the job seeker.
So, as a job seeker, what do you do with this newfound information?
Know your worth—Know your market value. Just like your House, you have a fair market value. This is the price a willing buyer (your employer) will pay the seller (in this case you). There are a number of ways to assess that. You can review salary ranges on similar jobs, test the job market by interviewing elsewhere, ask peers, or use online resources like glassdoor.com.
There is also an emerging trend of salary surveys in specific industries, but I would encourage you to take them with a grain of salt. Surveys usually aren't specific enough for your position and I have often found have the salary ranges listed to be higher than they actually are in reality. Want to know your fair market value? Send your resume to recruitbigfish.com and we can help you determine it.
Don't always ask for the maximum salary. There is a false belief that if you don't ask for the very top of the range, you are leaving money on the table—I would assert this is not true. Asking for too much, even if in range, may result in you not getting a potential job offer at all.
What asking for the very top of the range ensures is your resume will only be looked at by the other most experienced candidates, some of whom may be making lateral moves or even taking pay cuts. Suppose you are making much less than the range's bottom end but feel qualified. Job—apply at the lower side of the salary range.
Ask the right questions about the range. Some employers have tough pay bands, meaning if you come in at the top of the range, you will need to get promoted to make more—some larger orgs will have rigid barriers on who can get promoted-requiring everything from education, management experience, time at the employer, etc.—smaller orgs you might just have the challenge of few promotion slots to move into---on the employer side, they sometimes view candidates that are very top of the salary range as unlikely to stick around long-because.
Tell them what you want. I always recommend to candidates they lead with their salary expectations. The new DC law prevents employers from asking about your salary history, but it doesn't stop you from telling them what you are making. Sharing what you are currently making may go beyond just your job title and experience to help them understand what they need to offer you to come and work for them.
Put yourself in the employer’s shoes- hiring managers have budgets.
What do you think about this new law? How do you plan to leverage salary range postings in your job search?
