Salary secrecy costing companies new talent

The reluctance of many companies in the UK to provide salary information as part of job listings is costing them the ability to attract talent, according to the latest study to be released.

This study was produced by Jack & Grace, a communications agency. The company surveyed more than 2,000 people for it, with 64% of them stating that they would not apply for a job where there was no salary information. The report also discovered that 58% would be happy to reveal information about their salaries in the cause of eliminating pay inequality.

One thing that is clear from the report is that younger generations feel particularly strongly about transparency and inequality. The number of 16-34-year-olds that would be prepared to reveal salary information is 62%. That age group came down most consistently on the side of salary transparency.

There is an existing campaign fighting for this called Say the Pay, but employers in the UK are not legally obliged to do so. Speaking to Personnel Today, Laura Chambers from Jack & Grace said that:

“Today’s workforce expects transparency – and employers that don’t get on board are missing out on talent, particularly among younger candidates. Pay clarity isn’t just a fairness issue; it’s a recruitment and retention strategy.”

This will be handled most effectively as part of a wider shift towards a more transparent company culture. An outsourced HR consultancy can help internal HR teams to manage that process.

Pay transparency will become the law for countries in the EU from next year.