Studies show that 98% of workers think employers should disclose salary ranges in job postings, but employers rarely offer this information unless required by law. Without this information, workers and employers have misaligned expectations about what they should be paid, contributing to pay inequities and overall dissatisfaction. To deliver more transparency to workers in observance of Equal Pay Day 2023, OpenComp, the leading end-to-end compensation software provider, today released PayChecked — an additional tool in its Adaptive Pay Transparency Suite to give employees and candidates access to the same pay data used by employers.
Workers have traditionally relied on salary sharing sites like Glassdoor or Salary.com to understand what they should be earning, but the data on these sites is self-reported, not always recent, or specific to an industry or company size. Because companies of different industries and sizes compensate very differently, employees often engage in conversations about pay at a significant disadvantage compared to employers.
OpenComp’s PayChecked ️ is a free salary calculator that equips employees and candidates with the same verified compensation data that companies use to evaluate pay, so they can have more informed conversations about total compensation. PayChecked empowers anyone to compare their salary and bonuses against market-validated compensation data, specific to job role, location, industry and more. Users can unlock personalized results, view salary trends over time, and sign up for future alerts.
“Salary negotiations have always been a broken system, and information asymmetry between employer and employee has been one of the biggest causes,” said Thanh Nguyen, CEO and co-founder, OpenComp. “With PayChecked , employees and candidates have the same accurate and up-to-date market data, so they can understand their worth and engage in conversations with employers about pay from the same starting line.”
This solution expands OpenComp’s Adaptive Pay Transparency Suite, a holistic set of tools that employers use to deliver the right information to the right people at the right time across their organization.
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