Skip to content
Sorryasylumseekers

Sorryasylumseekers

Business always

Primary Menu
  • Business Facebook
  • Business Manager
  • Business Services
  • Business News
  • Business Salary
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • NYC businesses say salary transparency law would make it harder to diversify hiring
  • Business Salary

NYC businesses say salary transparency law would make it harder to diversify hiring

By Bethany N. Bookout 2 months ago

Table of Contents

  • Workers of color at a ‘tremendous premium’ in tight market
  • New York’s pay gap has gotten worse in recent years
  • New York City’s transparency law could change


New York City businesses are pushing back on a law that would require them to publish salary ranges on job ads, intended to close the racial and gender wage gaps, with some citing concerns that it will hinder their diversity efforts in hiring.

Related Posts:

  • KE secures $100 mn to improve city's transmission network

The legislation was approved by New York City Council in December 2021, became a law when Mayor Eric Adams declined to veto it by January 2022 and is set to go into effect May 15.

In a letter to New York City Council, the five borough chambers of commerce and the Partnership for New York City wrote that corporate employers seeking to diversify their executive teams may offer higher compensation for “BIPOC job candidates,” or Black, Indigenous and people of color. But in today’s tough labor market and “in the context of achieving diversity goals, the posted maximum may be significantly higher than the historical salary ranges, creating dissatisfaction in the workforce and demands to adjust existing pay scales that the employer may be unable to afford.”

While business groups say the salary law could hurt their efforts to diversify senior leadership and work toward pay parity, data shows that historical pay practices have led to a widening wage gap across race and gender.

Workers of color at a ‘tremendous premium’ in tight market

Kathryn Wylde, president and CEO of the Partnership for New York City, tells CNBC Make It that at many companies, workers of color and women at the executive level are at a “tremendous premium.”

For example, “if a financial institution has a job that’s available where they’re looking for a diverse candidate, they’ll offer a different salary maximum than they otherwise would” to compete for what hiring managers consider scarce talent.

If the business puts out a salary maximum too low, Wylde says, they could get outbid by a competitor.

Indeed, the city’s top business leaders are overwhelmingly white men. According to New York state labor data as of 2018, the share of people who work as “top executives” is 70% male and 30% female. By race, top executives are 77% white, 8% Hispanic or Latino, 7% Asian, 6% Black, 2% who identify as “other race” and 0.3% American Indian.

Altogether, these top executives comprise just 1% of New York state’s workforce.

New York’s pay gap has gotten worse in recent years

The hiring diversity concerns are “insincere at best,” says Seher Khawaja, senior attorney for economic empowerment at Legal Momentum, an advocacy group. “It’s bold that that the business community has tried to make arguments that pay secrecy allows them to pay Black women more, for example, and that advancing pay transparency would undermine that goal.”

In New York, the average woman makes 86 cents for every dollar a man makes, and data shows the gender wage gap has gotten worse over time (the gap was 89 cents back in 2015).

It widens for women of color. In New York, for every dollar a white man is paid, Asian women are paid 86 cents, white women are paid 83 cents, Black women are paid 65 cents, and Hispanic and American Indian women are paid 57 cents.

“One of the main purposes of this law is to push employers to once and for all try to tackle those internal inequities that have thrived because they’re currently behind closed doors,” Khawaja says.

Highly educated women in leadership still get paid less than their male peers. New York State comptroller data shows the wage gap continues when people have graduate or professional degrees, after many years of experience and through ranks of management.

New York City’s transparency law could change

In late March, New York City Council members Nantasha Williams and Justin Brannan introduced a bill that would change the city’s impending pay transparency law.

Wylde says the business group’s main concern with the original legislation is that it doesn’t give them enough time to become compliant with the law. It was originally intended to take effect May 15, though the amendments propose pushing it to Nov. 1.

Additionally, the proposed amendments would:

  • Exempt employers who say the job can be done remotely (even if in-person work “preferred”)
  • Exempt New York City-based companies hiring for a role at another location
  • Exempt employers who post general hiring announcements but don’t list specific jobs
  • Raises the minimum size of companies that must follow the law to 15 workers from four. Bloomberg reports the change would mean 58,000 companies employing 500,000 people would be exempt from salary disclosure, according to Debipriya Chatterjee, a senior economist for the nonprofit Community Service Society of New York.

Critics of the proposed amendments say they put some of the most marginalized workers at risk of being paid unfairly, including people of color and those who work in nail salons, restaurants, day cares, retail stores and in remote settings.

New York City Council held a hearing April 5 about the amendments, and the bill is currently in committee.

Check out:

6 ways to figure out how much you should be getting paid—before negotiating your salary or a raise

Companies that refuse to be transparent about pay will be ‘under fire,’ says salary expert

This nonprofit is helping companies rebuild their workplaces to meaningfully support Black women

Sign up now: Get smarter about your money and career with our weekly newsletter



Source link

Tags: Amazon Business Credit Card, American Airlines Business Class, At&T Business Login, Austin Business Journal, Best Bank For Small Business, Best Business Bank Accounts, Best Business Schools In Us, Best Business To Start, British Airways Business Class, Business Attire Men, Business Card Ideas, Business Casual Shoes For Women, Business Continuity Planning, Business Entity Search, Business Letter Template, Business Management Degree, Business Manager Facebook, Business Plan Outline, Business School Rankings, Colorado Business Search, Delaware Business Entity Search, Drop Shipping Business, Family Business Bet, Fox Business Live, Georgia Sos Business Search, Google Business Account, Harvest Small Business Finance, How To Build Business Credit, Is Saturday A Business Day, Is Sears Still In Business, Microsoft 365 Business, My Business Google, Name Generator Business, None Of Your Business, Ny Sos Business Search, Open A Business Bank Account, Pa Business Search, Plus Size Business Casual, Pnc Business Banking, Sos Business Search Ca, Sunbiz Business Search, Taking Care Of Business, The Business Of Being Born, Turbotax Home And Business 2020, Tx Sos Business Search, Venmo For Business, Verizon Business Plans, Virtual Address For Business, What Are Business Days, Women Business Casual

Continue Reading

Previous Japanese Esports Team Can Start Receiving Its Pay In Cryptocurrency
Next A sense of pessimism rises as inflation becomes the main concern for small-business owners

Recent Posts

  • What happens if you default on a personal loan?
  • Multi-Cap mutual funds: A Smart idea?
  • Coupon Link Building for Ecommerce: A Step-by-Step Guide
  • Facebook account hacked? Here are some tips
  • Allu Arjun Pushpa Movie Hindi Dubbed: Revealed! Shreyas Talpade is the artist behind dubbing in blockbuster film

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • November 2018
  • January 2017

Categories

  • Business Banking
  • Business Facebook
  • Business Manager
  • Business News
  • Business Salary
  • Business Services
  • General
  • Uncategorized

buybacklinks

Visit Now

World News

BL

LP

TL

Intellifluence Trusted Blogger
sorryasylumseekers.com Copyright © All rights reserved. | Magazine 7 by AF themes.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT