They say money talks and New York is sending a clear message to corporate America on salary transparency.
As of today, New York City will require companies with at least four employees to post salary ranges in job listings. This landmark law will apply to full and part-time employees, interns, and contractors.
Employers with at least one employee in the city will have to include a “good faith salary range” with a minimum and maximum figure whether they advertise jobs online, in a job fair flier, or on an internal bulletin board.
Experts and supports say that transparency will help address gender and race pay disparities.
Companies and employment agencies that violate this new law can face civil penalties of up to $250,000 if they do not correct the violation within 30 days of being notified. First-time offenders will not be fined.
NYC follows in the steps of other jurisdictions that have enacted laws to increase pay transparency. Among them are Colorado, Connecticut, and Nevada, which started mandating salary ranges on job postings last year, and California, Rhode Island, and Washington state will follow suit in 2023.