Pay transparency and salary details have increased significantly with job postings in India in recent months to attract the best talent.
About 46 per cent of all India job postings on Indeed website now include employer-provided salary information, an increase of 64 per cent in the last one year and 11 per cent in the last three years, the job portal said.
Cities like Delhi (208 per cent), Mumbai (71 per cent), Bangalore (63 per cent) saw the highest increase in jobs that offered salary data to potential job seekers.
Other cities like Ahmedabad, Vadodara, and Mohali saw only a marginal increase of 2 per cent, 15 per cent and 18 per cent, respectively, on pay transparency.
What is Pay Transparency?
Pay transparency is also known as salary transparency or wage transparency. This is the practice of openly communicating information about compensation with employees and candidates.
Indeed report said sharing salary details trend has grown the fastest in high-wage occupations like finance, engineering, and mathematics. However, In India, there is no legislation that mandates pay transparency.
However, the workplace has experienced a shift since the pandemic with GenZ coming into work, who are embracing pay transparency, he added.
Sashi Kumar, Head of Sales, Indeed India said, “Employers in India are adapting to changing demographics by adopting new strategies to attract the latest generation of talent.”
“High attrition rates and intense competition for skilled workers necessitate a shift towards pay transparency,” Sashi Kumar added.
The reports have suggested the following findings:
- The highest increase in jobs that offered salary data to potential job seekers is in cities like Delhi (208 percent), Mumbai (71 percent), and Bangalore (63 percent).
- Other cities like Ahmedabad, Vadodara, and Mohali saw only a marginal increase of 2 per cent, 15 per cent and 18 per cent, respectively, in transparency.
- However, tier 2 and 3 cities are a long way away from pay transparency, and cities like Nashik and Surat are seeing a de-growth in job postings with Pay details.
- The remote job postings also saw 76 percent increase in pay information.
It is also reported that going forward it will be seen that the market is more conducive to salary transparency.
