COMP NEWS – Since implementing a new law requiring employers to publically post salary ranges alongside job postings, wages in colorado grew 11.5% between January 2021 and May 2021.
Bureau of Labor Statistics data shows Colorado’s average hourly wage grew 11.5% between January 2021 (when the wage transparency law started) and May of this year. Other states like California and New York have taken notice, following Colorado’s lead they are two of at least 20 states with some type of pay transparency law on the books now.
Leaders at the Pikes Peak Workforce Center say while some employers were frustrated by having to include salary ranges in job postings, many employers are evolving and reaching out to see what positions should actually pay.
”We have access to national databases that span all different job postings and really give us the industry standards. With businesses who are questioning it and wondering what they should pay, providing the actual data to them really gives them a foot in the door to be able to offer a quality job,” said Executive Director and CEO of the Pikes Peak Workforce Center Traci Marques.
Although most companies are complying with the new law, some are refusing to do so and instead paying fines to avoid revealing their compensation.
The inspiration and ultimate goal for this pay transparency law in Colorado is to try to close the pay gap for women and minorities.
While a majority of companies in our state have complied, some are being fined and still aren’t being transparent with pay scales.
If you come across a job posting by a Colorado employer where you don’t believe the pay transparency requirements are being met, there is a form to report it.
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