SANTA CLARA, CALIFORNIA – MARCH 10: People line up outside the closed headquarters of Silicon Valley Bank (SVB) on March 10, 2023 in Santa Clara, California. (Photo by Justin Sullivan/Getty Images)
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MThe inbox has been full in recent weeks with ways to cover Tuesday’s Equal Pay Day, the day that marks how far into the next year women must work to earn what men have done. last year. But it’s been a hard topic to miss over the past year, as Hollywood stars have made it a hot topic, female athletes strike deals that help level the playing field, and more and more states and local governments pass pay transparency laws.
The impact of the latter – laws that try to take some guesswork out of wage negotiations by providing pay scales in job postings and hopefully encouraging greater pay equality – may end up happening. faster than we think. As I reported on Tuesday, new analysis by job site Indeed found that these mandates, which have been passed in just four states and five local jurisdictions, are having an outsized impact. Over the past three years, the number of job postings that share pay scales across industries has more than doubled and is approaching half of all job offers — almost 44%, up from just 18% three years earlier.
The growing share of job postings that include salary scales is likely due to several reasons. Employers who have at least some workers in jurisdictions with laws mandating pay scales are sometimes required to post them as well for jobs that allow remote hiring, spreading the practice. Additionally, there are bills pending this year that would require pay scales in job postings in at least 11 other states or jurisdictions, including Connecticut, Hawaii and Massachusetts.
It’s no surprise, then, that the metropolitan areas that have seen the fastest growth in the practice include cities like Honolulu and Boston. “It looks like employers are starting to adapt even before the law comes into effect,” Cory Stahle, an economist at Indeed’s Hiring Lab, told me.
My article also explores how high-paying jobs tend to be less transparent than low-paying job categories like childcare or home health aides. (A long history of wage sharing for low-wage jobs probably has something to do with it, but I suspect it may also have to do with the vagueness that ultimately saved employers from higher-cost workers.) Check it out, along with our other recent pay equity and diversity coverage, with research showing that women of color often set lower pay scales than white men at Target earning a perfect score on the dashboard. racial and gender of Arjuna Capital how high the pay gap can be over a lifetime of earnings. (Hint: that’s a lot.)
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ON OUR AGENDA
News from the world of work
The bust of Silicon Valley Bank: The disappearance of the Silicon Valley bank is a financial story, but it has an impact on the careers of workers and lessons for leaders. Contributor Edward Segal describes how communications efforts to avert a crisis and shore up its balance sheet ended up causing a crisis instead. Ahead of the FDIC saying it would protect SVB depositors, fintech firm Brex said it was helping startups borrow more than $1 billion to deal with the payroll crisis. bank. And what’s it like working at the bankrupt bank right now? Contributor Jack Kelly describes how workers are being offered 45 days of work at 1.5 times their wages.
A troubled labor market: Meta took another ax on Tuesday, announcing it was cutting 10,000 more jobs, as Google said it was pressuring workers to improve their performance, venture capitalists claimed employees in tech were doing “fake work” and that layoffs continued to rise, especially in tech. Meanwhile, General Motors has taken another approach, offering the “majority” of its employees voluntary buyouts. The news comes on the heels of a robust labor market report, which well beat estimates adding 311,000 jobs in February, particularly in sectors like hospitality and healthcare, but the jobless rate rose sharply. unexpected.
A decision for gig workers: A state appeals court ruled March 13 that companies such as Uber and Lyft can continue to treat their California-based drivers as independent contractors, largely upholding a ballot measure that ruled out exceptions for the transportation and delivery services of a California labor law of 2019. Forbes‘Siladitya Ray reports on the decision here.
The mandate in Texas is no more? Amid the growing politicization of education issues and the increasingly popular cause among Republican lawmakers over tenure of professors and the teaching of “critical race theory,” a new bill tabled in the The Texas Senate would ban public institutions of higher education in the state from offering tenure or other types of “permanent employment status” beginning Sept. 1.
A new version of ChatGPT is coming: A leap made by GPT-4, the new version of the OpenAI chatbot announced on Tuesday, is its ability to analyze images, writes Forbes‘Siladitya Ray. In one example, the language model sees an image of cooking ingredients and responds with several options of what can be made from them. It also improves the ability to contextualize and summarize large bodies of text.
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