By Michael Fine
Imagine you’re looking for a job and you come upon two identical advertisements. One lists a salary range, the other does not. Which ad will more likely elicit a response from you? The ad that mentions the money will most likely attract a larger response — that’s what the research shows.
A recent study by LinkedIn revealed that 70% of professionals “want to hear about salary in the first message from a recruiter.” Researchers at Glassdoor.com had similar findings. They reported that “money is the number one motivator for 67% of job seekers.”
So why wouldn’t employers want to include salary information in an ad? Often, they are reluctant to hint at salary because they may feel they are undercutting their bargaining power. Yet, it’s statistically proven that including salary information increases response rates to job advertisements–which may dramatically grow the candidate pools from which to choose.
Here are five reasons why it may be advantageous to include salary information:
- Money and compensation are key. In describing employment positions to clients at the JCS Career Center, the first question that is frequently asked is, “What’s the salary?” Earning potential is often the determining factor as to whether a client will have interest and apply for a position. Many people know the amount of money they want to earn, and most know the amount of money they need to earn.
- Listing salary can make an organization’s open position stand out from the crowd. Because employers are split on the topic, not everyone is doing it, so the ads that mention salary definitely get noticed. In the current market – where talented employees are in high demand – a job advertisement that mentions compensation will stimulate more excitement and greater response rates. Not only will more candidates apply, but they will pursue with more vigor – which may help the employer fill the position more quickly and do so with the most qualified individual.
- Posting salaries means less time wasted for everyone. Most job candidates have an idea of what they are worth, so they have thought about their salary requirements. The employer could save time, energy, and resources by avoiding candidates who won’t ultimately be interested.
- Salary estimates are often listed online. Job seekers have become more sophisticated in determining their value and worth in the marketplace and can easily determine the salary levels that their skillsets demand by doing a little research. Technology enables candidates to investigate salaries not just in their field and area of expertise, but sometimes within the specific company for which they wish to apply. So the numbers are already out there anyway.
- High salaries can turn heads. Be mindful that job positions are not necessarily filled by individuals who are out of work. Sometimes you can attract the attention of passive job seekers, those who aren’t necessarily looking for work, but would be open to the possibility if the right opportunity came along. Posted salaries could increase an organization candidate pool by tapping into a pool of employed talent seeking greater compensation for their work.
The bottom line is that posting job salary information can provide better and more qualified candidates. A more transparent culture can expedite the hiring process and enable more candidates with higher qualifications and skill levels to want to come aboard.
Michael Fine is an Account Representative for the JCS Career Center.
The JCS Career Center offers comprehensive employment assistance that helps job seekers of all abilities and skill levels find and maintain employment. Services include career coaching, career assessments, resume and cover letter services, interview preparation, job readiness training, vocational rehabilitation and job placement assistance. For more information, call 410-466-9200 or visit jcsbaltimore.org.