Rhode Island Governor Daniel McKee recently signed significant pay equity legislation into law that could be both a game changer to the corporate world and have serious unintended consequences.
Past standard practices would entail that a business would offer a certain premium over what a candidate currently earns to entice them to leave their firm and join the company. The problem for many people was that they were underpaid. If you started at a low salary and received a measly 2% yearly raise, it would take decades to bolster your compensation. Even with a bump up in salary, they’d still be below market wages.
The law prohibits an employer from paying any employee less money because of “race, or color, or religion, sex, sexual orientation, gender identity or expression, disability, age or country of ancestral origin” for doing the same job. Once again, at face value, this seems obvious, reasonable and fair. There will be tough penalties if businesses don’t adhere to this rule.
This could be both great and potentially set a dangerous precedent. A lot of people will benefit from seeing higher salaries. They’ll be more comfortable and successful interviewing with the new openness and transparency. It will level the playing field.
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