New York City’s new pay transparency act had a shaky rollout and met with criticism from many in the business community, but it also touched off a wave of CRE professionals eager to find out how their paychecks stack up and arm themselves for compensation negotiations.
This new access to compensation information is part of a growing movement in the U.S. and reflects a shift away from the old notion that the very subject of pay is taboo, offering a glimpse into how others are paid and potentially contributing to a talent shakeup in CRE and beyond.
“Candidates seem to be on a fact-finding mission to ensure their compensation is in line,” said Building Careers President Carly Glova, who heads a recruiting firm focused on CRE. “They have been reaching out to us in droves, not necessarily with the intent to move positions, but with regards to their market compensation. Many are taking the initiative to have those conversations with their supervisors before getting to the point of a counteroffer.”
With some of the largest markets in the country, including California and Washington, soon to be under such rules, and an effort by advocates to increase pay equity, it’s likely firms nationwide will see this as an evolving part of job posting, recruitment and, especially in early days, retention.
“It’s coming down the pike,” CRE Recruiting founder Allison Weiss said. Her firm has already made all of their positions in New York state compliant to the new standard.
A handful of companies and industry groups with large presences in New York City responded to Bisnow’s inquiries about the pay transparency act: Savills had no comment, REBNY said it wasn’t the best source of information, and CBRE said “we are in compliance with the New York City salary transparency law.” JLL, Rudin Management and Colliers didn’t respond to inquiries by press time.
A review of CBRE postings for jobs in New York City on Nov. 7 found some positions, such as Fund Portfolio Manager, including a salary range of $150K to $170K and an explanation of potential bonus compensation, while others, such as Workplace Experience Coordinator, initially didn’t include any salary or pay information. After being contacted by Bisnow, CBRE has updated its NYC listings.