Why New Pay Transparency Laws Are Good For Recruiting

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Discussions about money — specifically salaries — are moving out into the open. Recent studies show pay transparency attracts more job candidates, particularly Gen Z jobseekers, who are more comfortable talking about salaries than previous generations were.

New York City this month joined seven states and several cities across the U.S. that have enacted legislation requiring employers to disclose salary ranges — either in job postings, after an initial interview or if an applicant requests that information. California, the nation’s largest state, is expanding its 5-year-old pay transparency law to require published salary ranges starting Jan. 1. Similar legislation is pending in New York State.

From where I sit, pay transparency is good for employees and employers — and not just because it’s another step toward pay equity.

Potential employees can use transparent pay to decide if a posted salary is financially viable for them. Employers can take the opportunity to reassess their pay structures to ensure that pay is fair for their workers with similar skills and in similar roles. Posted pay ranges provide a starting point for negotiations — something that’s especially valuable for new college graduates just entering the job market.

Pay transparency should be a key strategy for any company looking to build a stronger early talent pipeline. Here are three reasons companies could be proactive about disclosing salary ranges.

Pay transparency can help companies attract more applicants.

Pay transparency laws are already starting to have an effect: A recent survey found that nearly one in six companies that disclosed pay data attracted more job candidates. Generation Z — today’s early talent — tell us they’re more likely to apply for a job if they see a salary range. They’re much more comfortable discussing salaries than previous generations. Our own data shows that salary is far and away the No. 1 reason why Gen Z chooses a particular employer and sticks with a job.

In fact, when asked to rank their top factors related to gender diversity that might compel college students to apply to a company, Gen Z put pay equity above seeing women in leadership roles, having dedicated programs to support women and employing a chief diversity officer.

Companies that keep salary information close to the vest risk losing applicants and draining their talent pool. A recent survey of adults who have looked for work within the past five years found that a third of them would not go to a job interview unless they knew the pay.

It can enhance equity and diversity efforts.

Salary disclosure laws are intended to promote fairness as we continue to learn more about chronic wage gaps between men and women and disparities rooted in race and ethnicity. Handshake data shows that companies get 13% more applications from Black students when they include salary information in job postings.

Public salary disclosures won’t rectify all of these long-standing pay equity issues, but they let early talent know that companies are serious about working to fix them.

It can improve company morale.

It’s clear that not every company is thrilled by this trend toward greater pay disparity. A survey of North American employers found that nearly a third say they are not ready to take this step.

Companies that delay might undermine efforts to attract and retain employees. When job applicants don’t see salary information on a posting, they’re likely to think a company is hiding something or might underpay them. It further suggests that a company might be untrustworthy.

Yet another survey found that 60% of employees — especially Gen Z and Millennials — would consider switching jobs to gain more pay transparency than they have at their current company. Indeed, studies suggest pay transparency has positive effects on job satisfaction, job performance and workers’ perceptions of their employer.

If trends continue, pay transparency could be the law of the land. Before that happens, it makes good business sense for companies that want to attract early talent to adopt pay transparency policies.

I am the Chief Education Strategy Officer at Handshake, the largest career platform for Gen Z talent — a community that includes 18 million students

Source: Why New Pay Transparency Laws Are Good For Recruiting

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Apple Pay Fees Vex Credit-Card Issuers

Banks are nudging Visa to change the way it processes some Apple Pay transactions, according to people familiar with the matter.

According to people familiar with the matter, banks are pressing Visa to change the way some Apple Pay transactions are processed. Some banks are pushing back, weakening the card network Visa Inc.

To change the way some Apple Pay transactions are processed, according to some. This change will reduce the fees that banks pay to Apple.

According to people familiar with the matter and a document seen by Businesshala, Visa plans to implement the change next year. Apple executives have told Visa officials they oppose the change, the people said. The two companies are in discussion and it is possible that the planned change will not start.

Currently, banks pay the fee to Apple when their cardholders use Apple Pay. Under the new process planned, the fee will not apply to automatic recurring payments such as gym memberships and streaming services.

The dispute reflects a long-running tension between the tech and finance giants. Companies like Apple and Amazon.com Inc.

Consumer payments have been expanding over the years. Banks often bargain with them for fear of being left behind. But deals don’t always work out: Alphabet Inc. NS

For example, Google is dropping plans to introduce bank accounts to users. Apple said in a statement that “our banking partners are an important part of the growth of Apple Pay.”

The company said, “Our bank partners continue to see the benefits of providing Apple Pay and invest in new ways to implement and promote Apple Pay for our customers for secure and private in-store and online purchases. “

Major networks including Visa and MasterCard Inc.

There are effective gateways between banks and Apple Pay, as they help to load banks’ cards into mobile wallets. The change will apply to Visa-branded cards, though other networks may follow suit.

Mobile wallets are smartphone apps on which people can load their debit or credit-card credentials and use their phones instead of tangible cards to make payments. The transaction fee is charged to the buyer’s card.

When Apple introduced Apple Pay in 2014, the iPhone had already discontinued the music player, camera, and GPS system. Banks and card networks are worried it will displace card payments as well.

Banks agreed to pay 0.15% to Apple for every purchase made by their credit cardholders. (They pay a separate fee on debit-card transactions.) Those charges account for most of the revenue Apple makes from its digital wallet, according to people familiar with the matter.

The terms had the potential to be uniquely attractive to Apple. Banks do not charge Google for its Wallet.

Visa and MasterCard also agreed to make an unusual concession to Apple: Apple will be able to choose which issuers it will allow on Apple Pay and which issuers will accept cards, according to people familiar with the matter. Visa and MasterCard generally require that all entities that accept their credit cards must accept them. Apple agreed not to develop the card network to compete against Visa and MasterCard, the people said.

But since then, customers have been slower to adopt Apple Pay than bank and card network executives expected. And some bank executives were outraged when Apple launched its own credit card with Goldman Sachs Group in 2019 Inc.,

People familiar with the matter said, because it made Apple a direct competitor.

Apple said in a statement that it “works closely with approximately 9,000 banking partners to offer Apple Pay to customers in approximately 60 countries and territories.”

Visa has shared its planned technological change with at least a few banks in recent months. A document reviewed by the Journal explains the new process that doesn’t mention fees, but details a change to so-called tokens issued by Visa for mobile-wallet payments.

When consumers load their credit cards on Apple Pay, Visa issues a special token that replaces the card number. This allows the card to work on Apple Pay and also helps protect the card in a potential data breach, among other benefits.

Visa is planning to start using a separate token on recurring automatic payments. This effectively means that after making the first payment on the subscription, Apple will not receive a fee on the following transactions.

According to people familiar with the matter, some of the larger banks first tried to lower their Apple Pay fees around 2017, but were not successful.

By: AnnaMaria Andriotis

AnnaMaria Andriotis reports on credit cards for The Wall Street Journal. She covers Visa, Mastercard, American Express and Discover as well as the big banks’ credit-card divisions. She also writes about consumer credit broadly, with a focus on issues that have a big impact on U.S. borrowers. She has been a reporter with The Wall Street Journal since 2014 and got her start at Dow Jones more than 10 years ago. You can email AnnaMaria at annamaria.andriotis@wsj.com and follow her on Twitter @AAndriotis.

Source: Businesshala News Exclusive | Apple Pay Fees Vex Credit-Card Issuers

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