Shedding a Light on Salary Ranges with Teal's Compensation Tool
March 15, 2022 marks Equal Pay Day, symbolic of how far into the year women must work to earn what men earned in the previous year.
Although the gender pay gap has narrowed since the introduction of the Equal Pay Act of 1963, it still very much exists, with women earning roughly 82 cents for every dollar a man earns—and studies have found the disparity is even wider for many women of color.
Women consistently earn less than men in nearly all occupations, and the pandemic made matters worse: A combination of layoffs and a lack of child care have forced many women out of the workforce entirely during COVID-19, stalling gains made over recent years. In February 2021, women’s labor force participation rate was 55.8%—the same as April 1987.
There’s still much work to be done to close the gap, and we want to do our part to help. We’re committed to equalizing opportunities for women who are job seeking and equipping them with the resources and information they need to advocate for equal pay. That starts with candid conversations about salary ranges and compensation.
Effective May 15, 2022, employers in New York City will have to disclose salary ranges in all job postings in an effort to further close the gender wage gap—a decision follows in the footsteps of states like Colorado, whose Equal Pay for Equal Work Act went into effect in January 2021.
To help normalize discussions around salary and empower job seekers to make informed decisions, we’re rolling out the Beta version of our Compensation Tool, which pulls salary ranges from the job description (when listed), putting it front and center. The tool, which is integrated into our free Chrome extension, works on any job posting that has salary listed—not just roles in New York City and Colorado.
If you’re interested in learning more when we launch this feature, send us an email. In the meantime, let’s get back to work to level the playing field.