From today Employers in New York City will have to include the minimum and maximum starting salary for any “advertised job, promotion or transfer opportunity.”
The bill states that employers who fail to list minimum and maximum salary ranges for New York City-based roles are engaging in discriminatory practices!
Back to Cyprus, where market characteristics have created:
Pay disparities, for example a software house in Nicosia is unable to compete with the salaries offered at a forex firm in Limassol.
Where salary is still king, no amount of mental health workshops or free lunches are enough if you fail to retain or attract employees due to uncompetitive salaries.
Where the candidate experience of the hiring process can be a complete waste of time and energy for everyone involved if the salary range is not transparent, plus this #candidateexperience may reflect badly on the company.
What do you think to the New York City law that now makes it mandatory for companies to disclose salary ranges on job advertisements?
“That’s a good practice to be followed Donna Stephenson ! And it’s already being applied in many countries including UAE.
The problem is that in Cyprus, due to the aggressive compensation/incentives nature of the Forex businesses, the salaries do not play a significant role in relocation decisions but rather the lucrative “incentives” packages the FX companies are offering, which cannot be disclosed from the beginning (including commissions, high bonuses, accommodation, allowances – some brokers provide even expensive cars, etc.).
It would be very helpful to create a market analysis report on salaries plus incentives for employers to follow (especially newcomers in Cyprus) and employees to review.”
“The salary range should always be displayed when advertising a job. Saves everyone time, know what to expect.”
“Before entering a job, while everything matters, the salary is the single most important aspect to take into consideration. In case you are financially free and you want to do what you love you can go freelance or get a job that clicks all the boxes equally including the salary.”
Read the full article at the link below
Emerald Zebra – Tech & Finance Jobs, Cyprus
#jobpostings #salary #compensation #hiring #transparency #candidateexperience #competitivepay #benefitspackage #cyprus