Also, check out more of this week's top financial news.
Knowing if you're being paid fairly for the work you do is a mystery shrouded in a lack of information. That may be changing, though, and pay transparency may be the catalyst. It's a growing trend for companies to reveal what a job opening or current position pays — whether voluntarily, or because governments mandate it.
NAVIGATING SALARY RANGESSo far, about a dozen states and municipalities have mandated access to salary information, including California, Colorado, Washington and New York City. Companies in the jurisdictions are generally required to post salary ranges indicating the minimum and maximum pay. Rules vary: Sometimes only job applicants must be told, while other times current employees can also request information about their pay range. Roberta Matuson, president of Matuson Consulting in Boston, consults with companies looking for top-tier talent. She believes pay transparency"is a step in the right direction." People are also reading… "Knowledge is power. So, you know, if you have no idea that you can possibly earn more money, then you wouldn't even ask for it," Matuson says. IS THIS THE END OF SALARY NEGOTIATION?Pay transparency won't eliminate salary negotiation, says Lexi Clarke, vice president of people at Payscale, a national provider of compensation data and services. Instead, Clarke says it will encourage discussions of current and future pay expectations. It will help employees and candidates"understand what their expectations should be, and where boundaries are and where there might be flexibility. It levels the playing field between employers and candidates to have a more open and transparent conversation," she says. Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio And Lulu Seikaly, a senior corporate attorney with Payscale, notes that as current laws stand, employers aren't prevented from offering pay higher than a range that is posted for a position, as long as the company can provide objective reasoning for the exception. In the past, companies would often base salary offers on what an individual earned in their previous jobs, Seikaly says."A lot of states have banned that now." If a potential employer asks for your salary history, Matuson says,"I wouldn't refuse to answer; I would say, 'Well, tell me what you're offering for this position.' I would just turn the question around." WILL PAY GAPS BE ELIMINATED?Pay transparency reveals salary ranges, but does it narrow gender and ethnicity pay gaps? It may be too early to tell. However, Payscale's Clarke says that organizations that are more open about salaries often have a well-defined compensation structure and are less likely to have pay inequities. She predicts how the gender pay gap might narrow:"Women's salaries will increase to where they should be — some overpaid men's salaries may slightly decrease, to be more in line with where they should be."Home + Life + Health This week's top business and personal finance headlines: Saturday, Jan. 14 Business News alert US inflation eased again, falling to 6.5% over the past 12 months. A look at the numbers. Rising consumer prices in the United States moderated again last month, bolstering hopes that inflation's grip on the economy will continue to ease this year. Smart Change: Personal Finance 5 Tactics to Pay Off Buy Now, Pay Later Debt Chances are that your “buy now, pay later” bill from the holiday season will arrive soon or has already made its debut.If you’re not financially prepared to pay up, late fees or other charges can bury you deeper in debt. Circumstances can change over a matter of weeks through financial setbacks like unemployment, an unexpected... Smart Change: Personal Finance spotlight Sneaky ways inflation could affect your money in 2023 You’re probably familiar with the more obvious ways inflation affects your finances. Your money doesn’t go as far at the grocery store, for example. But other ways inflation helps or hurts have gotten less attention. Business News Small-Business Trends: 6 Predictions for 2023 Since the onset of the COVID-19 pandemic, small-business owners have faced ever-changing regulations, cash flow shortages and general economic uncertainty. And 2022 brought its own challenges: inflation, rising interest rates and staffing shortages, among others.Entrepreneurs, however, remain resilient and optimistic about the year ahead. In fact, 66% of small-business owners expect their revenue to increase... Travel How to Avoid Hotel Resort Fees You know how you book a room that’s initially advertised at under $100 per night and then it has suddenly ballooned to more than $150? That’s partially because of taxes, but another huge chunk is likely from resort fees.Some hotels have more offensive resort fees than others, and — while resort fees tend to run... Smart Change: Personal Finance 6 Ways to Set Financial Boundaries While setting boundaries around money can sometimes be a daunting task, doing so can help put you on the path to financial wellness.If you struggle with setting financial boundaries, there's no better time than the start of a new year to get into the habit.What are financial boundaries? “Money boundaries are limits that... Smart Change: Personal Finance 4 Ways to Improve Your Odds of Meeting New Year’s Money Goals With a new year ahead and the holiday fanfare behind, this is a great time to set money goals, especially if you recently spent a lot on gifts and travel and want to get your finances in shape.Right now, you may be highly motivated to solve every single one of your money issues in the... Smart Change: Personal Finance 5 Ways to Position Your Pocketbook for an Uncertain 2023 Between inflation driving up the cost of living and interest rates rising in response, 2022 was an expensive year. Talk of a recession continues, so 2023 may come with its own money challenges. And consumers are worried: NerdWallet’s annual household debt study found that nearly 7 in 10 Americans have financial concerns about the... National News alert Is it our civic duty to pay taxes? | The Ethical Life podcast 🎧 The hosts discuss why 88% of Americans think it's unacceptable to cheat on their taxes, while just 44% say it's their responsibility to report criminal behavior to the IRS. Subscribe to stay connected to Tucson. A subscription helps you access more of the local stories that keep you connected to the community.
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