Welcome to the first in a series of blogs, discussing our latest research and insights (Ultimate Insights) on the topics of hiring into the media industry. Over the past 12 months we’ve been conducting research that helps our clients to understand what is happening in the market both from an employer and employee perspective and make changes to their hiring strategy.
These clients include media agencies, media owners, adtech platforms and publishers across the UK. Our first topic is salary transparency, and why it is the future of jobs in this industry.
Ultimate Insights: Why Salary Transparency is the Future
The media industry thrives on insights, so it’s no surprise that 90% of professionals, according to our recent industry hiring & market research, want salary transparency. This shift reflects a growing desire for fairness, empowered negotiation, and a more equitable workplace. But what exactly is salary transparency, and why is it so important?
Transparency: A Catalyst for Change
Salary transparency is about having open communication of compensation details. This includes salary ranges for positions, breakdowns of benefits packages, and even the willingness to discuss compensation history during interviews. The benefits are far-reaching:
- Empowered Negotiation: With a clear understanding of the market value for their skills, employees can enter salary discussions with confidence. This levels the playing field and ensures everyone is negotiating from a place of knowledge.
- Diversity and Inclusion: Salary obscurity disproportionately impacts underrepresented groups who may undervalue their worth. Transparency empowers them to ask for their fair share and helps close the gender pay gap.
- Trust and Fairness: Openness about compensation fosters trust between employers and employees. It demonstrates a commitment to fairness and creates a more positive work environment.
- Recruitment Efficiency: By listing salary ranges, companies attract qualified candidates whose expectations align with the offered compensation. This reduces wasted time interviewing applicants seeking salaries outside the range.
- Employee Retention: Competitive compensation packages are essential for retaining top talent. Transparency fosters a sense of value and appreciation, reducing employee turnover.
Putting Transparency into Practice
Implementing salary transparency requires a cultural shift, but it’s achievable. Here’s are some steps are current clients are taking:
- Internal Audits: Analyse current compensation structures for fairness and identify any pay gaps.
- Standardised Ranges: Develop clear and well-defined salary ranges for all positions. This should consider factors like experience, skills, location, and market data. Tools like our media industry salary survey or industry reports can inform these ranges.
- Job Description Disclosure: Include salary ranges in all job descriptions. This sets expectations upfront and attracts the right talent.
- Open Communication: Encourage open conversations about compensation with employees. Be prepared to discuss salary structures and answer questions about pay equity.
- Competitive Benchmarking: Regularly research industry benchmarks to ensure your compensation packages remain competitive.
- Manager Training: Equip managers with the skills and knowledge to discuss compensation openly and confidently. Train them on salary ranges, negotiation tactics, and how to answer employee questions about pay equity.
- Normalise Salary Conversations: Encourage open dialogue about compensation with employees. Regularly scheduled compensation reviews can provide a platform for these discussions. Managers should be prepared to answer questions about salary structures and explain how pay decisions are made.
- Transparency Policy: Develop a formal policy outlining your company’s commitment to salary transparency. This policy should be easily accessible to all employees and potential hires.
Salary transparency isn’t just a trend; it’s the foundation for a more equitable and empowered media industry. By embracing this change, companies can attract top talent, foster a culture of trust, and build a future where everyone is valued for their contribution.
Written by: Alex Swain, Managing Director
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