As counterintuitive as it may sound, listing pay ranges in a job posting can actually save recruiters money, a recent report found.
Job listings with pay listed in the title cost about 67 cents less per click, a study by Appcast, a job advertising platform, revealed. Those savings were reflected across the U.S. and in different industries. Cost-per-click is the total clicks a posting receives divided by the cost to promote the listing.
“It's one of the easiest ways to tweak your recruiting strategy,” Andrew Flowers, a lead labor economist at Appcast, told HR Dive.
Overall, Appcast noted a 35% lower cost-per-click on average for those postings with pay in the title. In the education sector, cost-per-click was 53% lower, and, in healthcare, it was 52% lower. Appcast analyzed postings for 10.8 million jobs, 1.5 million of which included pay information. Throughout 2022, the gap in cost between posts with pay ranges and those without has been widening, Flowers said.
The tight labor market has forced companies “to compete by being transparent,” Flowers said. And, as more cities and states pass pay transparency laws, joining the ranks of New York City, Colorado, California and Connecticut, he expects to see more companies getting on board.
“You’ll see less of this dodging and bobbing and weaving around the laws,” Flowers said.
After Colorado’s Equal Pay for Equal Work Act went into effect Jan. 1, 2021, which required companies to include salary ranges in job postings, some employers started excluding Colorado from their remote job listings.
Despite increasing pressure to disclose pay, 31% of employers surveyed by WTW say they aren’t ready, and 46% said they were putting off doing so, anticipating possible fallout from existing workers.
