That’s How Much They Pay?!
California is requiring employers to begin to include the salary for various job listings. Furthermore, the law will also mandate that all California-based companies with more than 100 employees will show their median gender and racial pay gaps. This is the first state in the US to actually do that. The next step is that the bill would be handed to their Governor, Gavin Newsome, to be passed or not and he has yet to make a statement on his position. If it is passed, it would influence some major companies such as Alphabet, Meta, and Walt Disney. According to the US Census Bureau, women who work earn 83% of what their male counterparts do. Minorities, such as Blacks and Hispanics earn even less. Along with California, other places such as Colorado, New York City, and the state of Washington are trying to close the gender and racial pay gaps. Colorado’s law is currently in effect. New York City’s policies will begin Nov. 1st while the state is waiting for their governor’s signature. If the law is passed in California and New York, then almost a quarter of the population in the United States will live in states with salary disclosure requirements. Along with posting salaries on job postings, other states have been trying to combat the gap using different strategies. For example, Connecticut, Nevada, and Rhode Island require employers to disclose the pay during the hiring process and Maryland disclosed job postings upon request.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.