Salary transparency, or the lack of it, is a debated topic in recruitment. For health economists, salary plays a significant role in career decisions, often influencing whether they stay in their current roles or seek new opportunities.
Among 50 job listings reviewed on our health economics job board, only four included a specific salary or range. This raises an important question: why do companies treat salary details as a secret?
Why Companies Avoid Sharing Salaries
There are several possible reasons why organisations shy away from disclosing salaries upfront:
- Negotiation Flexibility: Companies might want to maintain the ability to tailor salary offers based on a candidate’s qualifications or experience.
- Competitive Concerns: Revealing salary ranges could alert competitors to their compensation strategies, potentially impacting talent acquisition.
- Internal Disparities: Salary transparency might expose internal inequalities, which could lead to dissatisfaction among existing employees.
However, does this approach truly benefit companies? Or does it inadvertently deter talented health economists from applying?
The Case for Salary Transparency
Providing salary details can significantly streamline recruitment processes and offer numerous advantages:
- Attracting the Right Candidates: When salary expectations are clear, candidates can self-select, reducing mismatches and ensuring that only serious applicants apply.
- Building Trust: Transparency fosters trust and positions the company as open and fair, qualities that resonate with experienced professionals.
- Increasing Applications: Research suggests that jobs with disclosed salaries often receive more applications, as candidates feel reassured about their value being respected.
- Enhanced Employer Branding: Offering competitive pay and being upfront about it can elevate a company’s reputation, making it an employer of choice in the health economics field.
The Impact on Health Economist Recruitment
In the specialised domain of health economics, where expertise is highly sought after, salary transparency can play a pivotal role in attracting top talent. Given the technical nature of the work, most candidates value clarity and straightforwardness during the hiring process. For employers, this means fewer surprises during negotiations and a faster path to onboarding the right candidate.
A Better Way Forward
It’s worth considering whether the secrecy surrounding salaries is truly beneficial in today’s competitive job market. While there may be valid reasons for withholding specific numbers, the advantages of transparency often outweigh the drawbacks.
At EuropeanHealthEconomics.com, we advocate for practices that support both candidates and employers. Clear salary ranges, when shared, can create a more efficient and mutually beneficial hiring process.
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EuropeanHealthEconomics.com is a specialised job board for health economics – made by health economists.